G Mining Ventures Completes First Draw on $250 Million Gold Stream from Franco-Nevada
TSXV: GMIN
OTCQX: GMINF
All amounts are in USD unless stated otherwise
BROSSARD, QC, April 3, 2023 /CNW/ - G Mining Ventures Corp. ("GMIN" or the "Corporation") (TSXV: GMIN) (OTC: GMINF) is pleased to announce that it has drawn approximately $91 million on its $250 million gold stream with Franco-Nevada (Barbados) Corporation ("Franco-Nevada"), as previously announced in July 2022. The proceeds of the stream 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 gold stream, 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.
In addition, GMIN has also closed, satisfied the conditions precedent, and commenced drawing on the previously announced $40 million Equipment Financing Facility with Caterpillar Financial Services.
Louis-Pierre Gignac, President & Chief Executive Officer, commented: "This significant milestone demonstrates that the GMIN team has made substantial progress on the development and construction of Tocantinzinho to the satisfaction of its financial partners. Our ability to systematically de-risk the development and meet the extensive list of obligations to access this funding should provide all our stakeholders with comfort in the quality work taking place at TZ. The Project remains on track and on budget for commercial production in H2-2024."
To view a 3D VRIFY presentation of the Study please click on the following link: Feasibility Study 3D VRIFY Presentation, or visit the Corporation's website at www.gminingventures.com.
G Mining Ventures Corp. (TSXV: 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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 June 3, 2022, for the financial year ended December 31, 2021, 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.
SOURCE G Mining Ventures Corp
Please visit the website at www.gminingventures.com or contact: Jessie Liu-Ernsting, Vice President, Investor Relations and Communications, 647.728.4176, [email protected]
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