Latest news with #GovernmentofGuyana
India Gazette
26-05-2025
- Politics
- India Gazette
"Like to thank Guyana for their stand with India in war against terrorism": Shiv Sena MP Milind Deora
Berbice [Guyana], May 26 (ANI): Highlighting the deep ties between New Delhi and Georgetown, Shiv Sena MP Milind Deora, who is a part of the multi-party delegation led by Shashi Tharoor, thanked Guyana's people and government for standing with India in its fight against terrorism. 'Today, after America, we have come to Guyana, under the leadership of Shashi Tharoor. There is a very deep relationship between Guyana and India. In a way, the people of Guyana have a very deep affection for India. And on the day when Guyana is celebrating its 59th Independence Day, we are celebrating this with the people of Guyana,' Deora told ANI. 'On behalf of all the citizens of India, I would like to thank the people of Guyana and the Government of Guyana, especially its Vice President, President and Prime Minister, for their stand with India in the war against terrorism and terrorists,' the Shiv Sena MP added. Congress MP Shashi Tharoor, leading the all-party delegation, attended the 59th Independence Day celebrations of Guyana at the Albion Sports Complex in Berbice. Following a meeting with Prime Minister Brigadier Mark Anthony Phillips (Retd), Tharoor spoke about the larger scope of cooperation between the two nations. Tharoor said, 'With Guyana, it always goes beyond the main purpose of our visit because there is a much larger scope of cooperation between our countries. The Prime Minister's wife had come to Ahmedabad as part of the Technical Cooperation programme we offer, in which about 100 officials every year from Guyana tend to come, and these officials are trained in India for 3-6 months, depending on the project. She had come and studied Entrepreneurial and NGO management...' Expressing his gratitude, Tharoor also acknowledged the hospitality extended by the Prime Minister, who hosted a dinner attended by several cabinet members. During the dinner, discussions included key issues like terrorism. He further said, 'I am extremely grateful for the warm welcome extended by the Prime Minister, who hosted us for dinner. Guyana's 59th Independence Day is coming up. We were very touched when the Prime Minister insisted we come for dinner. Many members of the cabinet were also present. We had some very good conversations. We mentioned the issues of terrorism.' The all-party delegation led by Tharoor comprises Shambhavi Chaudhary (Lok Janshakti Party), Sarfaraz Ahmed (Jharkhand Mukti Morcha), G M Harish Balayagi (Telugu Desam Party), Shashank Mani Tripathi, Tejaswi Surya, Bhubaneswar K Lata (all from BJP), Mallikarjun Devda (Shiv Sena), and Former Indian Ambassador to the US, Taranjit Singh Sandhu. The members of the Indian community and the Indian diaspora in Guyana welcomed the all-party delegation with resounding applause and enthusiasm. Hailing India's response against acts of terror perpetrated by Pakistan, the members of the Indian community expressed their heartfelt support. The all-party delegation aims to brief international partners on India's response to the April 22 Pahalgam terror attack and its broader fight against cross-border terrorism. Operation Sindoor was launched on May 7 as a decisive military response to the April 22 Pahalgam terror attack by Pak-sponsored terrorists in which 26 people were killed. The Indian Armed Forces targeted terror infrastructure in Pakistan and Pakistan-occupied Jammu and Kashmir, leading to the death of over 100 terrorists affiliated with terror outfits like the Jaish-e-Mohammed, Lashkar-e-Taiba and Hizbul Mujahideen. (ANI)
India Gazette
25-05-2025
- Politics
- India Gazette
All-party delegation from India to viti Guyana to strengthen ties, address terrorism
Georgetown [Guyana], May 25 (ANI): An all-party Parliamentary Delegation from India, led by MP Shashi Tharoor, will be visiting Guyana from May 25-27 to convey India's strong message of zero-tolerance for terrorism in all its forms and manifestations. The delegation includes Sarfraz Ahmad, Ganti Harish Madhur, Shashank Mani Tripathi, Bhubaneswar Kalita, Milind Murli Deora, Tejasvi Lakya Suryanaryana, and Ambassador Taranjit Singh Sandhu. During the visit, the delegation will interact with Guyanese leadership, key interlocutors from the media, the Indian community and diaspora, and friends of India in Guyana. Their engagements aim to underline India's strong message of unity and brotherhood, as well as the nation's collective resolve to fight against the scourge of terrorism. The delegation will also join the 59th Independence Day celebrations hosted by the Government of Guyana in Berbice on May 25. While one section of the All-Party Parliamentary Delegation led by Tharoor visited the 9/11 Memorial in New York, Sarfaraz Ahmad and Tejasvi Surya arrived in Georgetown, Guyana, after a 30-hour journey. Tejasvi Surya's team shared, 'Guyana holds a special place in India's foreign relations, with nearly 40 per cent of its population being of Indian origin. Under the leadership of PM Shri NarendraModi Ji, our longstanding ties have only strengthened over the past decade.' The Indian Embassy in Guayana posted on X: 'High Commissioner Dr. Amit Telang welcomed Hon'ble Members of Parliament, Dr. Sarfraz Ahmad and Shri Tejasvi Suryanarayana Lakya, on their arrival in Guyana as part of an All-Party Indian Parliamentary Delegation.' Reflecting the broader diplomatic objective of the visit, Surya's team added, 'This visit by the All-Party delegation carries with it India's earnest appeal for global solidarity against Pakistan-backed terrorism. We look forward to meaningful dialogue and deeper cooperation.' 'It is also a privilege to participate in Guyana's Independence Day celebrations and stand with our friends on this significant occasion. Let us walk together in the pursuit of peace, progress, and shared prosperity,' the statement said. The visit highlights the enduring ties between India and Guyana and reinforces India's message of peace, unity, and cooperation in the global fight against terrorism. (ANI)
India Gazette
25-05-2025
- Politics
- India Gazette
All-party delegation from India visits Guyana to strengthen ties, address terrorism
Georgetown [Guyana], May 25 (ANI): An all-party Parliamentary Delegation from India, led by MP Shashi Tharoor, is visiting the Cooperative Republic of Guyana from May 25-27 to convey India's strong message of zero-tolerance for terrorism in all its forms and manifestations. The delegation includes Sarfraz Ahmad, Ganti Harish Madhur, Shashank Mani Tripathi, Bhubaneswar Kalita, Milind Murli Deora, Tejasvi Lakya Suryanaryana, and Ambassador Taranjit Singh Sandhu. During the visit, the delegation will interact with Guyanese leadership, key interlocutors from the media, the Indian community and diaspora, and friends of India in Guyana. Their engagements aim to underline India's strong message of unity and brotherhood, as well as the nation's collective resolve to fight against the scourge of terrorism. The delegation will also join the 59th Independence Day celebrations hosted by the Government of Guyana in Berbice on May 25. While one section of the All-Party Parliamentary Delegation led by Tharoor visited the 9/11 Memorial in New York, Sarfaraz Ahmad and Tejasvi Surya arrived in Georgetown, Guyana, after a 30-hour journey. Tejasvi Surya's team shared, 'Guyana holds a special place in India's foreign relations, with nearly 40 per cent of its population being of Indian origin. Under the leadership of PM Shri NarendraModi Ji, our longstanding ties have only strengthened over the past decade.' The Indian Embassy in Guayana posted on X: 'High Commissioner Dr. Amit Telang welcomed Hon'ble Members of Parliament, Dr. Sarfraz Ahmad and Shri Tejasvi Suryanarayana Lakya, on their arrival in Guyana as part of an All-Party Indian Parliamentary Delegation.' Reflecting the broader diplomatic objective of the visit, Surya's team added, 'This visit by the All-Party delegation carries with it India's earnest appeal for global solidarity against Pakistan-backed terrorism. We look forward to meaningful dialogue and deeper cooperation.' 'It is also a privilege to participate in Guyana's Independence Day celebrations and stand with our friends on this significant occasion. Let us walk together in the pursuit of peace, progress, and shared prosperity,' the statement said. The visit highlights the enduring ties between India and Guyana and reinforces India's message of peace, unity, and cooperation in the global fight against terrorism. (ANI)
Cision Canada
28-04-2025
- Business
- Cision Canada
G Mining Ventures Delivers Robust Feasibility Study For High-Grade Oko West Gold Project in Guyana
The FS confirms robust economics for a low-cost, large-scale, conventional open pit (" OP") and underground (" UG") mining and milling operation, with industry-leading operating costs and high rate of return. The Study outlines total gold production of 4.3 million gold ounces (" Au oz") over 12.3 years, resulting in an average annual gold production profile of 350,000 ounces with an All-In-Sustaining Cost (" AISC") per ounce of $1,123. The Project after-tax net present value (" NPV") (5% discount rate) is $2.2 billion with an after-tax internal rate of return (" IRR") of 27% at a gold price of $2,500 per ounce. Final environmental permits are expected in Q2-25, with a targeted construction decision in H2-25. The Project is ideally sequenced to leverage the strong macroeconomic conditions including a strong gold price, lower inflation, and Guyana's rapidly developing economy. " The Oko West Feasibility Study marks a major milestone in realizing the value of what we consider one of the world's most exciting undeveloped gold projects. It confirms a long-life, high-margin operation with strong economics, supported by a proven resource and solid infrastructure," commented Louis-Pierre Gignac, President & Chief Executive Officer. " With Tocantinzinho nearing nameplate capacity and generating meaningful free cash flow, GMIN is well positioned to advance Oko West using the same experienced team and disciplined execution that delivered our first mine ahead of schedule and on budget. We remain committed to responsible development and look forward to deepening our partnership with the Government of Guyana and local communities as we advance Oko West as our second cornerstone asset." Table 1: Oko West Feasibility Study Highlights Description Units FS PEA Δ (%) Production Data OP Mill Feed Tonnage Mt 62 61 +2 % UG Mill Feed Tonnage Mt 14 15 (5 %) Total Mineralized Material Mined Mt 77 75 +2 % Total Waste Mined (OP and UG) Mt 429 367 +17 % Total Tonnage Mined (OP and UG) Mt 506 443 +14 % Strip Ratio waste: ore 6.8 6.0 +14 % Average Milling Throughput Mtpa 6.2 6.0 +3 % Average Milling Throughput tpd 16,911 16,110 Gold Head Grade g/t 1.89 2.00 (6 %) OP Head Grade g/t 1.57 1.72 (9 %) UG Head Grade g/t 3.26 3.19 +2 % Contained Gold koz 4,642 4,848 (4 %) Average Recovery % 93.5 % 92.8 % +1 % Total Gold Production koz 4,340 4,500 (4 %) Mine Life years 12.3 12.7 (3 %) Average Annual Gold Production oz 350,000 353,000 (1 %) Operating Costs (Average LOM) Total Site Costs USD/oz $798 $728 +10 % Government Royalties (6.4%)* USD/oz $160 $126 +27 % Total Operating Cost* USD/oz $958 $853 +12 % All-In Sustaining Costs* USD/oz $1,123 $986 +14 % Capital Costs Total Upfront Capital Cost USD M $972 $936 +4 % Initial UG Capital Costs (Sustaining Capital) USD M $68 $124 (45 %) OP and UG Sustaining Capital USD M $582 $413 +41 % Life of Mine Sustaining Capital USD M $650 $537 +21 % Closure Costs USD M $39 $37 +5 % Total Capital Costs USD M $1,661 $1,510 +10 % Financial Evaluation Gold Price Assumption USD/oz $2,500 $1,950 After-Tax NPV 5% USD M $2,163 $1,367 After-Tax IRR % 27 % 21 % Payback Years 2.9 3.8 *Note: Assumes $2,500 per ounce base case gold price for calculating Government Royalty ($160 per ounce), which impacts Total Operating Costs and AISC in FS evaluation. PEA assumed a $1,950 base case gold price for the calculation ($126 per ounce). Government Royalty rate has not changed. Table 2: Sensitivity Analysis Downside Base Upside Scenario Case Case Case Gold Price USD/oz $2,000 $2,500 $3,000 After Tax NPV 5% USD M $1,155 $2,163 $3,169 Payback Years 4.4 Years 2.9 Years 2.1 Years After-Tax IRR % 18 % 27 % 35 % Average Annual EBITDA USD M $375 $538 $702 Average Annual Free Cash Flow USD M $265 $388 $511 LOM EBITDA USD M $4,606 $6,622 $8,638 LOM Free Cash Flow USD M $3,253 $4,767 $6,281 Note: Average annual figures represent the 12.3-year operating period. Table 3: Sensitivity Analysis cont'd Note: Average annual figures represent the 12.3-year operating period. FS Summary The Corporation retained G Mining Services Inc. (" GMS") as lead consultants, along with other engineering consultants, to complete the Study and prepare a technical report in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101"). The Study is derived using the Corporation's mineral resource estimate effective as at September 15, 2024 (the " MRE"). The effective date of the FS is April 28, 2025, and a NI 43-101 compliant technical report will be filed on the Corporation's website and under its SEDAR+ profile within 45 days of this news release. Property Description, Location and Access Guyana is a mining friendly country with active gold and bauxite mines. Oko West is an advanced-stage gold development project, which straddles the Cuyuni-Mazaruni Mining Districts (administrative Region 7) in north central Guyana, South America. The Project is located approximately 120 kilometres ("km") southwest of Georgetown, the capital city of Guyana and approximately 50 km west of Bartica, the capital city of Region 7 (Figure 2). Bartica is a small town with approximately 17,000 people and is known as the gateway to the country's interior and its gold mining regions. The Project can be accessed via numerous methods: helicopter direct from Ogle airport to the site, fixed-wing plane from Ogle airport to Bartica airstrip, by car and then speedboat, or by four-wheel drive vehicle. An air strip on site will be built to service the Project. From the town of Itaballi at the confluence of the Cuyuni and Mazaruni rivers, one can use the Puruni or the Aremu laterite roads, using four-wheel drive vehicles. Bartica is accessible by a 20-minute direct flight from the Ogle airport in Georgetown or by road and boat from Parika on the Essequibo River. There are regular boat services between Bartica and Parika. The climate is equatorial and humid. The Project operated throughout the year without any interruptions related to the weather. The total surface area of the property is 71 km 2. Updated Mineral Resource Estimate Indicated mineral resources total 80.3 million tonnes ("Mt") at an average gold grade of 2.10 grams per tonne ("g/t Au") for 5.4 million contained ounces of gold ("Moz Au"). Gold contained in the indicated category represents 93% of the global resource. Inferred resources total 5.1 Mt at an average gold grade of 2.36 g/t Au, for 0.4 Moz Au. The MRE considers 544 diamond drill holes (including 39 wedged holes), 366 reverse circulation holes, and 59 trenches completed between December 2020 and September 2024. A total of 45,700m has been drilled since the PEA for conversion of inferred mineral resources. Approximately 90% of the inferred resources have been converted into indicated resources within the pit and about 70% of the underground inferred mineral resources. The remaining underground material will be drilled from underground. This high conversion rate increases confidence in the resource estimation. Table 4: Mineral Resource Estimate Category Tonnes (Mt) Gold Grade (g/t Au) Contained Gold (koz) Open Pit Resource Indicated 73.0 2.00 4,689 Inferred 1.5 1.06 52 Underground Resource Indicated 7.2 3.09 718 Inferred 3.6 2.93 337 Total Resource Indicated 80.3 2.10 5,407 Inferred 5.1 2.36 390 These Mineral Resources are not Mineral Reserves as they have not demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimates. The Mineral Resources described above have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards (2014) and follow Best Practices outlined by the CIM (2019). The qualified person for the estimate is Christian Beaulieu, P. Geo. (OGQ#1072), Consulting geologist for GMS. The estimate has an effective date of September 15, 2024. The lower cut-offs used to report open pit Mineral Resources, constrained by an open pit optimization shell, are 0.30 g/t Au in saprolite and alluvium/colluvium, 0.34 g/t Au in transition, and 0.38 g/t Au in rock. Underground Mineral Resources are reported inside potentially mineable volume and include below cut-off material (stope optimization cut-off grade of 1.35 g/t Au). The cut-off grades are based on a gold price of US$1,950 per troy ounce and show , 94.5%, 93.3% and 93.9% processing recoveries for saprolite and alluvium/colluvium, transition and rock, respectively. Initial Mineral Reserve Estimate The Project mine plan is based on Probable Mineral Reserves of 76.6 Mt at an average gold grade of 1.89 g/t Au for 4.64 Moz Au. Table 5: Mineral Reserve Estimate Category Tonnes (Mt) Gold Grade (g/t Au) Contained Gold (koz) Open Pit Reserves Probable 62.4 1.57 3,156 Underground Reserves Probable 14.2 3.26 1,486 Total Reserves Probable 76.6 1.89 4,642 The Mineral Reserves were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (Nov 29th, 2019) and CIM Definition Standards for Mineral Resources and Reserves, (May 10th, 2014). The mine design and Mineral Reserve estimate have been completed to a level appropriate for feasibility studies. As such, the Mineral Reserves are based on the Measured and Indicated Mineral Resources and do not include any Inferred Mineral Resources. The Inferred Mineral Resources contained within the mine design are classified as waste. Mineral Reserves are estimated using a long-term gold price of 1,800 $/oz USD. The qualified person for the estimate is Alexandre Burelle, P. Eng. (OIQ#5019855), Mine planning and financial analysis consultant. The estimate has an effective date of April 2, 2025. Mineral Reserves for Open Pit are estimated at a cut-off grade of 0.41, 0.37, and 0.33 g/t Au for Rock, Transition, and Saprolite respectively. The Open Pit Strip Ratio is 6.83:1 and Dilution factor is 14 %. Mineral Reserves for Underground Mine are estimated at a cut-off grade of 1.70 g/t Au. The underground mine dilution factor is 10% including 4% for the backfill. For the underground a minimum mining width of 5 m was used. The numbers may not sum due to rounding; rounding followed the recommendations in NI 43-101. The mine design and Mineral Reserve estimate have been completed to a level appropriate for feasibility studies. The Mineral Reserve estimate stated herein is consistent with the CIM definitions and is suitable for public reporting. Production Profile The FS outlined an average annual gold production profile of 350,000 oz Au over the 12.3-year mine life. Total gold production is 4.34 Moz Au with an average gold grade milled of 1.89 g/t Au, and an average metallurgical recovery of 93.5%. During the initial three years of commercial production, the processing feed will solely be supplied by the open pit. Starting in the fourth year of production, underground mining begins to contribute to processing feed, and the UG operation is expected to achieve targeted production rates of 4,500 tonnes per day (" tpd") by the sixth year. Over the LOM, UG ore represents 32% of total gold recovered. LOM open pit average annual gold production totals 238,000 oz Au with an average grade of 1.57g/t Au, while LOM underground average annual gold production totals 112,000 oz Au with an average grade of 3.26 g/t Au. Table 6: Gold Production by Mill Feed Type Mining The Project is planned as a mining operation that integrates both conventional open pit mining and mechanized long hole open stoping for the underground mine. Combined, a total of 76.6 Mt of ore will be mined at an average diluted gold grade of 1.89 g/t Au. The main OP is centered on Block 4 with one smaller sub-pit positioned on a southern extension to the main pit. A total of 62.4 Mt of ore will be mined from the OP at an average diluted gold grade of 1.57 g/t Au, representing 81% of total mill feed. Approximately 0.6 Mt of this material will be milled during the pre-production period. A total of 426.2 Mt of combined waste and overburden will be extracted, resulting in a strip ratio of 6.8. The OP operation will be executed with an owner-operated mining fleet using four mining phases over a period of 15 years, which includes just over two years of pre-production. Open pit mining will utilize a fleet of 22 m³ hydraulic excavators paired with 139-tonne haul trucks as the primary production equipment. The UG operation will take place in two zones: the main zone, located directly under the main open pit, and one satellite zone, both accessible from a surface mine portal through the same decline ramp. To enhance operational flexibility and meet the targeted production levels, the zones will be segmented into multiple mining horizons, enabling concurrent development and production activities across several horizons. The long hole open stoping mining method will be used, including transverse stoping and longitudinal stoping variations. The average UG production rate is expected to be 4,500 tpd of ore, with 4,000 tpd and 500 tpd from stope production and lateral development, respectively. A total of 14.2 Mt of ore is expected to be mined at an average diluted gold grade of 3.26 g/t Au, representing 19% of total mill feed. The UG mine is expected to be in production for 12 years, including a two-year development period. The initial 2 years of construction and development will use owner-operated mining supported by contract mining initially. The primary production equipment for UG mining will include a fleet of 21-tonne load-haul-dump (LHD) units and 63-tonne haul trucks. Processing and Recovery The proposed process plant design for Oko West is based on a standard metallurgical flowsheet to treat gold bearing material and produce doré. The process plant is designed to nominally treat 6.0 million tonnes per annum (" Mtpa") of rock and will consist of comminution, gravity concentration, cyanide leach and adsorption via CIP, carbon elution and gold recovery circuits. CIP tailings will be treated in a cyanide destruction circuit and pumped to a tailings storage facility. The nominal milling rate will be initially set at 7.0 Mtpa to treat a blend of hard rock, saprolite and transition ores during the open pit operational period. The ramp-up period is five months, and the mill will operate for 12.3 years. Table 7: Metallurgical Recoveries Power Plant site activities, including the process plant, UG mine, OP mine, and balance of plant infrastructure, will require an average of 46 megawatts (" MW") at full operation. The Project's base case scenario considers installing a dedicated Heavy Fuel Oil (" HFO") fired power plant. The power plant is anticipated to comprise six 9.3 MW engine generating sets (" genset"), totaling 55.8 MW installed capacity and 46.5 MW running capacity. This assumes that one of the generators would be on standby. One additional genset is planned in sustaining capital to allow for major maintenance activities. Environmental and Permitting The Environmental Impact Assessment (" EIA") was formally submitted to Guyana's Environmental Protection Agency (" EPA") in late December 2024 and remains under review. The necessary permits covering the construction of the mine, processing plant, port, HFO power generation, and access road, will be issued after the EPA's review. In mid-December 2024, GMIN received an Interim Environmental Permit from the EPA authorizing the commencement of early works construction activities. The Corporation is advancing key supporting infrastructures to support full construction, including the installation of water and sewage treatment systems, camp, access roads and wharf area for logistics. Public consultation meetings were held in January and February 2025 in local communities, providing critical input for the development of environmental and social programs aligned with regional sustainability priorities. GMIN is currently finalizing responses to all requests for clarification and supplementary information, which are expected to be submitted to the EPA by the end of April. Final environmental approval and the construction permit are expected in Q2 2025. In parallel, GMIN has initiated applications for other key regulatory authorizations required for the Project's implementation, including the Mining License, port operation, permits for fuel use and storage, and approvals for the installation of transmission and telecommunications towers. These complementary permits will support full-scale construction and operational readiness. All permitting efforts are guided by proactive stakeholder engagement and adherence to international environmental and social performance standards. Operating Costs LOM operating costs are estimated at $798 per ounce of gold produced, excluding royalty costs, as summarized below. The LOM AISC is estimated to be $1,123 per ounce of gold produced based on average annual gold production of 350,000 ounces over the 12.3-year LOM. Table 8: Operating Cost and AISC Summary Operating Costs Unit Cost Unit Cost (USD/t milled) (USD/oz) Mining Costs - OP $13.81 $243 Mining Costs - UG $10.34 $182 Processing Costs $7.24 $128 Power Costs $7.95 $140 G&A Costs $5.49 $97 Transport & Refining $0.45 $8 Total Site Cost $45.29 $798 Royalty Costs (6.4%) $9.05 $160 Total Operating Costs $54.34 $958 Sustaining Capex $8.56 $151 Closure Costs $0.51 $9 Land Payments $0.29 $5 AISC $63.70 $1,123 Note: Total Cash Costs and AISC are non-GAAP measures and include royalties payable. Project Royalties The FS considers two federal government royalties: Underground Royalty: 3.0% of net smelter return of the mineral product. Open Pit Royalty: 8.0% of net smelter return of the mineral product. The production profile results in a weighted average royalty rate of 6.4%. Capital Cost Estimates The initial capital cost (" capex") is estimated to be $972 million after accounting for $69 million in pre-production credits. A 9% contingency totaling $85 million is included in the estimate. Underground-related capex is captured in sustaining capex, with ramp development to be initiated in the first year of operations. The total construction period, including the early works program, is forecast to be 34 months with commissioning scheduled for the last quarter of 2027. Table 9: Capital Cost Summary (1) Treatment charges/Refining charges The sustaining capex is estimated to be $650 million, before including $39 million of closure and rehabilitation costs, split between open pit and underground operations. Open pit sustaining capex is earmarked for additional equipment, replacement units, and major repairs. Other sustaining capex captures tailings storage facility raises, process plant, power plant expansion, and General Services. Table 10: Sustaining Cost Summary UG sustaining capex totals $291 million and includes lateral and vertical development of the mine, mobile equipment, fixed equipment, construction, and pre-production. The initial two years of construction and development total $68 million (23% of total UG sustaining capex). The table below sets out more details on the underground portion of the sustaining capex. Table 11: Underground Sustaining Cost Summary Underground Sustaining Capex USD M USD/oz Lateral Development $101 $23 Mobile Equipment $23 $5 Construction $21 $5 Pre-Production $82 $19 Vertical Development $9 $2 Fixed Equipment $36 $8 Mobile Equipment Rebuild $1 $0 Other Equipment $18 $4 Total Underground Sustaining Capex $291 $67 Project Timetable and Next Steps Corporate Timetable and Next Steps Upcoming key milestones include: First Quarter 2025 Results Conference Call and Webcast GMIN will release its first quarter 2025 results on Wednesday, May 14, 2025, before market open. GMIN's senior management will host a conference call on the same day, at 9:00 AM (Eastern Time) to discuss the Corporation's financial and operating results, which will be followed by a Q&A session. Participants may join the conference call using the following call-in details: Conference ID: 4077930 Participant Toll-Free Dial-In Number: 1-800-715-9871 Participant International Dial-In Number: 1-646-307-1963 Participants can also access a live webcast of the conference call via or via the GMIN website at: A replay of this conference call – via phone and webcast – will be available until June 14, 2025. Replay details will be provided on the GMIN website 24 hours after the call at: To view a 3D VRIFY presentation of the Study please click on the following link: or visit the Corporation's website at Updated corporate presentation is available at: The Study has an effective date of April 28, 2025. It was authored by independent Qualified Persons and is in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. GMS was responsible for the overall report and FS coordination, property description and location, accessibility, history, mineral processing and metallurgical testing, mineral resource estimation, mining methods, recovery methods, project infrastructures, operating costs, capex, economic analysis and project execution plan. For readers to fully understand the information in this news release, they should read the technical report in its entirety, including all qualifications, assumptions, exclusions and risks. The technical report is intended to be read as a whole and sections should not be read or relied upon out of context. The Qualified Persons (" QPs") are Paul Murphy, P. Eng. having overall responsibility for the Report including capital and operating costs. Neil Lincoln, P. Eng. having responsibility for metallurgy, recovery methods and process plant operating costs. Christian Beaulieu, MSc, of Minéralis Consulting Services is responsible for property description, geology, drilling, sampling and the mineral resource estimate. Alexandre Burelle, P. Eng. is responsible for the mining method and capital and operating costs related to the mine and the economic analysis. Kevin Leahy, of ERM Ltd., is responsible for the environment and permitting aspects. The technical content of this press release has been reviewed and approved by the QPs who were involved with preparation of the Study. In addition, Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, a QP as defined in NI 43-101, has reviewed the Study on behalf of the Corporation and has approved the technical disclosure contained in this news release. The FS is summarized into a technical report that is filed on the Corporation's website at and on SEDAR+ at in accordance with NI 43-101. About G Mining Ventures Corp. G Mining Ventures Corp. (TSX: GMIN) (OTCQX: GMINF) is a mining company engaged in the acquisition, exploration and development of precious metal projects to capitalize on the value uplift from successful mine development. GMIN is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by the Tocantinzinho Gold Mine in Brazil, followed by the Oko West Project in Guyana, and the Gurupi Project in Brazil — all with significant exploration upside and located in mining-friendly jurisdictions. Cautionary Statement on Forward-Looking Information All statements, other than statements of historical fact, contained in this press release constitute "forward-looking information" and "forward-looking statements" within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those related to t he FS results (as such results are not only found in the narrative of this press release, but are also set out in the various charts, figures, graphs, schedules and tables featured hereinabove), such as the Project's production and cost profiles, LOM, construction and payback periods, NPV, IRR (direct/indirect, before/after tax), initial capital cost, contingency, operating costs, AISC, sustaining capital costs, free cash flows, indicated resources, OP and UG mining phases, mill feed, milling process, recovery and output (for hard rock as well as saprolite), power supply arrangements and power consumption, and closure costs. Forward-looking statements also include, without limitation, those related to (i) the job creation, (ii) the targeted EIA submission (iii) the EPA authorization and permitting process in general, (iv) the early works construction progress, (v) the details about the contemplated OP and UG mining operations (e.g., mining methods and planned equipment) as well as the milling operations (e.g., proposed process plant design), (vi) the quoted comments of GMIN's President & CEO and, more generally, the contents of the above sections entitled "Project Timetable and Next Steps", "Corporate Timetable and Next Steps" and "About G Mining Ventures Corp.". Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, those underlying the items listed in the above section entitled "About G Mining Ventures Corp." and: base case (long-term consensus) gold price at $2,500 per ounce; the sensitivity of the Project economics (e.g., NPV, IRR, payback) to the price of gold; the USD:CAD foreign exchange rate; the MRE and the mineral reserve estimate; the expected gold grades and metallurgical recoveries; low inflation environment and Guyana's developing economy; the various tax assumptions; the capital cost estimates being supported by budgetary quotes; and the Project's permitting expectations, notably obtaining the EPA authorization and the final environmental permit. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that, notably but without limitation: all permits necessary to build and bring Oko West into commercial production will be obtained or, as applicable, reinstated; the Project economics will prove robust; the price of gold environment and the inflationary context will remain conducive to bringing Oko West into commercial production; the Project will end up at the bottom quartile of the global cost curve; the business conditions in Guyana will remain favorable for developing mining projects such as Oko West; and the Corporation will bring Oko West into commercial production and that it will acquire any other significant gold assets. In addition, there can be no assurance that, notably but without limitation, (i) the Corporation will grow GMIN into the next mid-tier precious metals producer, (ii) the exploration potential at Tocantinzinho, Oko West and Gurupi will translate into mineral resources that will meet management's expectations, and (iii) Brazil and Guyana will remain mining friendly and prospective jurisdictions, as future events could differ materially from what is currently anticipated by the Corporation. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation's other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant sections of the Corporation's (i) Annual Information Form dated March 27, 2025, for the financial year ended December 31, 2024, and (ii) Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. SOURCE G Mining Ventures Corp
Miami Herald
07-03-2025
- Politics
- Miami Herald
Likening him to Zelensky, Maduro accuses Guyana president of seeking war with Venezuela
Venezuelan strongman Nicolas Maduro is accusing Guyanese President Irfaan Ali of seeking to provoke an armed conflict, likening him to Ukrainian President Volodymyr Zelensky, whom Maduro claims caused the war with Russia. Maduro's comments followed the incursion last week of a Venezuelan patrol vessel into waters that Guyana claims are part of its territory, threatening ExxonMobil's offshore operations in the area and triggering a response from the U.S. government. 'The Government of Guyana has adopted a war plan against Venezuela. They believe that they will do well' in an armed conflict, Maduro said Thursday afternoon on state television. 'That is why it is correct to call the president of Guyana the 'Zelensky of the Caribbean'. He is a true Zelensky.' The reference to the Ukrainian president was previously used this week by Maduro's Foreign Ministry, which in a strongly worded statement accused Ali of spreading 'baseless' and 'blatant lies,' concerning the incursion of the Venezuelan vessel near the ExxonMobil offshore operations. 'Venezuela categorically repudiates the unsubstantiated statements of the President of the Cooperative Republic of Guyana, Irfaan Ali, who blatantly lies in asserting that units of the Bolivarian Navy of Venezuela are violating the maritime territory of Guyana,' the Foreign Ministry said in a press release. 'In the face of the threats of conflict launched by the Caribbean Zelensky... Venezuela denounces this aggression and ratifies that it will deploy its Bolivarian diplomacy firmly in defense of peace, the sovereignty and dignity of its people,' it added. Guyana said Saturday that a Venezuelan coast guard patrol entered its waters and approached an ExxonMobil vessel in an offshore oil block. This incident heightened tensions between the two countries, which are involved in a century-old dispute over the Essequibo region, a Florida-sized area that comprises more than two-thirds of Guyana. The naval incursion triggered a stern response from the U.S. State Department's Bureau of Western Hemisphere Affairs, which warned that 'further provocation will result in consequences for the Maduro regime.' The Zelensky reference appears to have been aimed at the United States, following the tense meeting between the Ukrainian President and President Donald Trump last week at the White House, as experts suspect that the Caracas regime deliberately moved towards escalating tensions with Guyana to trigger a shift in U.S. policy towards Venezuela. In an analysis published this week by the Center for Strategic and International Studies, the Washington think-tank said several indicators suggest Maduro has focused on the Essequibo dispute both to consolidate support internally and to test the geopolitical waters externally as the Trump administration moves towards hardening Washington's stance on the regime. The new administration shift towards readopting a policy of maximum pressure against Maduro became evident last week, when President Trump suddenly announced that his administration would suspend the license that allows Chevron to produce and sell oil out of Venezuela, in what experts agree provides a substantial financial blow to the regime's finances. 'Maduro's return to the Essequibo dispute comes at a particular crossroads in the evolution of the United States' approach to Venezuela, and it is an effort to show Washington that it too can threaten U.S. interests in the region,' the center's report said. 'Maduro's assertiveness might be intended to demonstrate that should there be a shift in U.S. policy to a harder stance, that he can sow regional instability that impacts the United States.' The conflict between the two South American countries over the resource-rich Essequibo region has been going for over a century. Tensions escalated after a December 2023 referendum, in which Maduro sought authorization to use military force against the neighboring nation and seize the Essequibo if necessary. Maduro claimed to have received approval from 98% of voters, despite clear evidence that the regime had tampered with the election results. Throughout the following year, Maduro repeatedly asserted on TV that the regime would not yield Venezuela's claim over the Essequibo region, which has been under Guyanese control since 1899, thereby keeping the issue alive in Venezuela. Maduro also issued laws declaring the region as the country's newest state, boosted Venezuela's military presence near the border and has announced plans to include the Essequibo in the upcoming regional elections to chose its first governor. Guyana requested on Thursday that the International Court of Justice order Venezuela to cancel the election.
