- G Mining Ventures (TSX:GMIN) is gearing up to acquire the CentroGold Project in Brazil from BHP Group (NYSE:BHP)
- The project includes nearly 50 tenements spanning 1,900 square kilometres and multiple gold targets
- As part of the transaction, G Mining Ventures will grant BHP a 1 per cent net smelter revenue royalty on the first 1 million ounces of gold produced at the tenements
- Shares of G Mining Ventures are up 11.14 per cent to C$8.78 as of 1:26 p.m. ET
G Mining Ventures (TSX:GMIN) is gearing up to acquire the CentroGold Project in Brazil from BHP Group (NYSE:BHP).
In a news release, the company stated that as part of the transaction, it will grant BHP a 1 per cent NSR royalty on the first 1 million ounces of gold produced at the tenements and a 1.5 per cent NSR royalty on gold production thereafter.
The project is made up of 1.7 million ounces of indicated and 0.6 million ounces of inferred JORC-compliant gold resources that are open for expansion in all directions and at depth. Additionally, CentroGold includes nearly 50 tenements encompassing 1,900 square kilometres and multiple gold targets.
“We are excited to acquire another prospective project and begin to grow into the multi-asset growth company we always envisioned to become,” Louis-Pierre Gignac, CEO of G Mining Ventures, said in a statement. “This acquisition rounds out a high-quality portfolio of gold assets, which includes a producing mine in Tocantinzinho, a development project in Oko West, and a high-potential exploration project in CentroGold.”
Additionally, a pre-feasibility study has outlined a 10-year mine life with 190,000 to 210,000 ounces of gold a year in the first two years of production, averaging out to more than 100,000 to 120,000 ounces a year over its lifetime.
G Mining Ventures is a mining company engaged in the acquisition, exploration and development of precious metal projects and is focused on the Tocantinzinho Gold Project in Brazil and Oko West Project in Guyana.
Shares of G Mining Ventures are up 11.14 per cent to C$8.78 as of 1:26 pm ET.
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