G Mining Ventures Announces Formal Construction Decision for the Oko West Gold Project and Provides Project Development Update

Core Viewpoint - G Mining Ventures Corp. has officially approved the full construction of its 100%-owned Oko West Gold Project in Guyana, marking a significant milestone in its transition to an intermediate gold producer, with first gold production targeted for the second half of 2027 [1][2]. Project Overview - The initial capital cost for the Oko West Gold Project is estimated at $973 million, with detailed engineering currently 36% complete [5][11]. - As of now, $334 million has been committed to the project, representing 33% of the total initial capital budget [6][11]. - The project has seen total expenditures of $156 million, including $110 million spent and $46 million in prepayments [6]. Workforce and Safety - The project has a total workforce of 710, with 520 employees and 190 contractors, over 80% of whom are Guyanese nationals [6]. - The project has recorded 596,551 hours worked with only one recordable incident, resulting in a Total Recordable Incident Rate (TRIFR) of 0.33 [6]. Permitting and Environmental Management - The project is fully permitted under Environmental Permit No. 20230912-RGIGM, valid for five years, allowing both construction and operational activities [6]. - A comprehensive Environmental and Social Management System (ESMS) is being implemented to address various environmental concerns [6]. Engineering and Procurement - Long-lead items have been ordered from reputable suppliers, including power plants and mining equipment, with the first mining shovel expected to be commissioned in Q4 2025 [11]. - The camp facility is being expanded to accommodate 425 beds, with the first two permanent dorms expected in October [11]. Construction Progress - Early works construction activities are advancing on schedule, with significant progress in site clearing and mass excavation [11]. - The project has completed 100% of mass excavation at the permanent camp and 93% at the barge landing [11].