07:27 AM EDT, 09/03/2024 (MT Newswires) -- G Mining Ventures ( GMINF ) on Tuesday said it reached commercial production on time and on budget at its Tocantinzinho Gold Mine (TZ) in Para, Brazil.

The mill operated at 76% of nameplate throughput in August, processing 304,312 ore tonnes (9,817 tpd) at a recovery rate of 88%. G Mining ( GMINF ) plans to ramp up production through the second half of 2024, targeting nameplate throughput by the first quarter of next year.

TZ is engineered to have a 10.5-year mine life with an average annual gold production of 174,700 ounces and 196,200 ounces for the first five full years. G Mining ( GMINF ) plans to provide annual guidance for TZ next January.

"We have delivered TZ on time and on budget, with an industry-leading safety record. This achievement is the culmination of 5.8 million person-hours focused on building, testing and ramping up production at Brazil's newest major gold mine," said CEO Louis-Pierre Gignac.

Commercial production is defined as a period of 30 consecutive days of operations during which the mill operated at a minimum of 60% of nameplate throughput of 12,890 tonnes per day (tpd), the company said.