11:10 AM EDT, 08/14/2024 (MT Newswires) -- G Mining Ventures ( GMINF ) on Wednesday said it completed its first exports of dore bars from its Tocantinzinho Gold Project (TZ) in Para, Brazil.

"Our first shipments of gold mark another milestone for TZ, and the State of Para in particular, as this shipment represents the first export from a large-scale, modern gold mining operation in the State," said Chief Executive Officer Louis-Pierre Gignac. "I am excited as TZ progresses smoothly toward commercial production in the second half of 2024."

The start of production coincides with record high gold prices, where every ounce sold by G Mining ( GMINF ) was in excess of $2,400 per ounce, significantly above budget.

The commissioning of all areas of the process plant is complete, with plant feed reaching a peak of 10,000 tonnes per day during the second half of July. Gold production for July was 4,232 ounces with an average gold recovery of 85.1%.

Focus now is on continued ramp up of the process plant to full production and target recoveries, forecast to be reached by year end.

National Bank of Canada maintained its outperform rating and $14.00 price target on the company following the news.

The bank expects the G Mining's ( GMINF ) premium to be earned and maintained upon the completion of TZ in coming months, while the acquisition of the Oko West project in Guyana would add one of the largest resource discoveries in recent years to the company's portfolio.

The company's shares were last seen down $0.02 to $8.83 on the Toronto Stock Exchange.

Price: 8.89, Change: +0.04, Percent Change: +0.45