G Mining To Acquire CentroGold Project In Brazil's Gurupi Gold Belt From BHP

(RTTNews) - G Mining Ventures Corp. (GMINF.PK, GMIN.TO) announced Monday that it has entered into a purchase and sale agreement to acquire tenements in the Gurupi Gold Belt, including the CentroGold Project, from wholly-owned subsidiaries of BHP Group Limited (BHP, BHP.L).

In consideration for the acquisition, GMIN will grant BHP a 1.0% NSR royalty on the first 1 million ounces of gold produced at the tenements and a 1.5% NSR royalty on gold production thereafter.

CentroGold is in the state of Maranhao, located in northern Brazil, and comprises 47 tenements encompassing about 1,900 square kilometers.

GMIN views the project as an advanced-stage exploration asset with extensive exploration and engineering work completed to date, which includes over 135,000 meters of exploration core drilling.

GMIN intends to build on CentroGold's existing geologic model and redesign the project from first principles to better fit today's new permitting requirements and economic environment.

Shortly after the transaction's closing, GMIN plans to update the JORC-compliant gold resource to meet National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

The current corporate priorities that will take precedence are ramping up the Tocantinzinho Gold Mine in Brazil to nameplate capacity and advancing the Oko West Gold Project in Guyana toward a construction decision in H2-25.

GMIN has agreed to purchase the CentroGold Project from BHP in exchange for a 1.0% NSR royalty on the first 1 million ounces of gold produced at the Project and 1.5% NSR on gold production thereafter.

The transaction is expected to close in the first quarter of 2025 and is subject to customary closing conditions, including BHP receiving the appropriate approvals from the Vietnamese and Brazilian Competition bodies.