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otherwise
TSX: GMIN
OTCQX: GMINF
BROSSARD, QC, Jan. 30,
2024 /PRNewswire/ - G Mining Ventures
Corp. ("GMIN" or the "Corporation") (TSX:
GMIN) (OTCQX: GMINF) is pleased to announce that it has drawn
approximately $42 million on its
$75 million senior secured term loan
with an affiliate of Franco-Nevada Corporation
("Franco-Nevada"), as
previously announced in July 2022.
The $250 million gold stream, also
announced in July 2022 has been fully
drawn. The proceeds of the term loan will be used to continue the
development and construction of GMIN's 100% owned Tocantinzinho
Gold Project ("TZ" or the "Project"), currently under
construction in the State of Pará, Brazil. The Project remains on track and on
budget for commercial production in H2-2024.
In connection with the draw on the term loan, GMIN provided
evidence to Franco-Nevada that it has sufficient funding to fully
satisfy the remaining Project costs required to achieve commercial
production and Project completion.
Louis-Pierre Gignac, President
& Chief Executive Officer, commented: "This is yet
another significant milestone which demonstrates that the GMIN team
has systematically de-risked the development and construction of
Tocantinzinho, and has met the extensive list of obligations to
access this funding from Franco-Nevada. We hope that our follow
shareholders also take comfort that TZ remains on track and on
budget for commercial production in H2-2024."
Virtual Site Tour and Feasibility
Study Presentation
Updated satellite imagery and 360 photography showing the site
progress is available through the corporate presentation at:
https://vrify.com/decks/14338. A 3D presentation of the
Project Feasibility Study is available at: Feasibility Study 3D
VRIFY Presentation. Both presentations can be accessed by
visiting GMIN's website at https://www.gminingventures.com.
About G Mining Ventures
Corp.
G Mining Ventures Corp. (TSX: GMIN) (OTCQX: GMINF) is a mining
company engaged in the acquisition, exploration and development of
precious metal projects, to capitalize on the value uplift from
successful mine development. GMIN is well-positioned to grow into
the next mid-tier precious metals producer by leveraging strong
access to capital and proven development expertise. GMIN is
currently anchored by its flagship Tocantinzinho Gold Project in
mining friendly and prospective State of Pará, Brazil.
Additional Information
For further information on GMIN, please visit the website at
www.gminingventures.com
Cautionary Statement on
Forward-Looking Information
All statements, other than statements of historical fact,
contained in this press release constitute "forward-looking
information" and "forward-looking statements" within the meaning of
certain securities laws and are based on expectations and
projections as of the date of this press release. Forward-looking
statements contained in this press release include, without
limitation, those related to (i) the Project being on track and on
budget for commercial production in H2-2024; (ii) GMIN having
sufficient funding to fully satisfy the remaining Project costs;
and (iii) more generally, the section entitled "About
G Mining Ventures Corp." as well as the Chief Executive Officer's
comments, as quoted.
Forward-looking statements are based on expectations,
estimates and projections as of the time of this press release.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by the
Corporation as of the time of such statements, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. These estimates and assumptions
may prove to be incorrect. Such assumptions include,
without limitation, those relating to the price of gold and
currency exchange rates and those underlying the statements in the
"About G Mining Ventures Corp." section.
Many of these uncertainties and contingencies can directly or
indirectly affect, and could cause, actual results to differ
materially from those expressed or implied in any forward-looking
statements. There can be no assurance that, notably but without
limitation, the Corporation will (i) keep its expenditures and
schedule in line to bring the Project into commercial production
within budget in the second half of 2024, or at any time
thereafter, or (ii) grow into the next intermediate producer, as
future events could differ materially from what is currently
anticipated by the Corporation.
By their very nature, forward-looking statements involve
inherent risks and uncertainties, both general and specific, and
risks exist that estimates, forecasts, projections and other
forward-looking statements will not be achieved or that assumptions
do not reflect future experience. Forward-looking statements are
provided for the purpose of providing information about
management's expectations and plans relating to the future. Readers
are cautioned not to place undue reliance on these forward-looking
statements as a number of important risk factors and future events
could cause the actual outcomes to differ materially from the
beliefs, plans, objectives, expectations, anticipations, estimates,
assumptions and intentions expressed in such forward-looking
statements. All of the forward-looking statements made in this
press release are qualified by these cautionary statements and
those made in the Corporation's other filings with the securities
regulators of Canada including,
but not limited to, the cautionary statements made in the relevant
sections of the Corporation's (i) Annual Information Form dated
April 28, 2023, for the financial
year ended December 31, 2022, and
(ii) Management Discussion & Analysis. The Corporation cautions
that the foregoing list of factors that may affect future results
is not exhaustive, and new, unforeseeable risks may arise from time
to time. The Corporation disclaims any intention or obligation to
update or revise any forward-looking statements or to explain any
material difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law.
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SOURCE G Mining Ventures Corp