07:48 AM EDT, 10/23/2025 (MT Newswires) -- G Mining Ventures ( GMINF ) Thursday said its board has approved the start of construction at the Oko West gold project in Guyana.

The project will have an initial capital cost of US$973 million, and detailed engineering is 36% complete. Procurement and commitments for long-lead items amount to $334 million to date, representing 33% of the initial capital budget.

A total expenditure of $156 million so far includes spending of $110 million and an additional $46 million in prepayments.

The project is fully permitted by the Environmental Protection Agency. The permit is valid for five years and authorizes both construction and operational activities.

An application for a mining license has been submitted to the Guyana Geology and Mines Commission, and a license is expected to be issued in the fourth quarter.

"The official launch of construction at Oko West marks a major milestone in GMIN's evolution into an intermediate gold producer," G Mining ( GMINF ) President and CEO Louis-Pierre Gignac said. "Oko West will build on that success as the next cornerstone of our growth strategy, with first gold targeted for the second half of 2027."