G Mining Ventures Corp. (“GMIN” or the “Corporation”) (TSX: GMIN) (OTCQX: GMINF) is pleased to announce that it has drawn the remaining approximately $33 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 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, as was the case for the first draw of approximately $42 million previously announced on January 30, 2024.
Louis-Pierre Gignac, President & Chief Executive Officer, commented: “As our supportive financial partner, Franco-Nevada, is satisfied that we have met the conditions to access this funding, I hope this gives comfort to our shareholders that TZ construction is nearing the finish line, and remains on track and on budget for commercial production in H2-2024.”
