G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) announced that it has achieved commercial production at its Tocantinzinho (TZ) Gold Mine in Brazil.
The milestone comes just under two years since the construction decision, G Mining Ventures noted.
The Tocantinzinho mine, expected to have a 10.5-year lifespan, is engineered to produce an average of 174,700 ounces of gold annually, with the first five full years projected to average 196,200 ounces.
The mine’s nameplate throughput is anticipated by the first quarter of 2025, according to the company.
During August 2024, the mill operated at 76% of its nameplate capacity, processing 304,312 tonnes of ore with an 88% recovery rate, exceeding the commercial production benchmark of 60% throughput for 30 consecutive days.
Louis-Pierre Gignac, CEO of G Mining Ventures, hailed the achievement as a "momentous milestone" for the company.
"We have delivered TZ on time and on budget, with an industry-leading safety record," Gignac said, adding that the ramp-up process will continue as the company works to meet its production and cost targets.
The company plans to provide annual production guidance for the Tocantinzinho mine in January 2025.