Canadian firm sitting on 44 sq. km with 5.4M ounces ‘buys out’ surrounding properties, now controls 71 sq. km
Jun 12, 2025
…Guyanese titleholders to get US$5 per ounce when gold production commence
Oko West Prospecting Licence
Kaieteur News – G Mining Ventures (GMIN), a Canadian mining company operating in Guyana, has expanded its land holdings in Region Seven (Cuyuni-Mazaruni) to 71 square kilometers, according to its recently released feasibility study, NI 43-101 Technical Report for the Oko West Gold Project.
GMIN is the 100% owner of the Oko West Gold Project, which falls under its main prospecting licence (PL) covering 44 square kilometers (10,890 acres), containing an estimated 5.4 million ounces of gold.
The initial PL was issued to GMIN Ventures Guyana Inc. (formerly Reunion Gold Inc., now GMIN Guyana) on September 23, 2022, valid for three years with two possible one-year renewals. Under the Mining Act of 1989, the Guyana Geology and Mines Commission (GGMC) administers such licences which grant exclusive exploration rights over the licenced area.
In 2024, GMIN expanded its project area through the acquisition of medium-scale permits (MPMS), which will eventually be converted into a Mining Licence. The additional lands are being transferred by the GGMC to GMIN Guyana.
The Mining Act specifies that small and medium-scale permits can only be issued to Guyanese citizens or entities beneficially owned by them, but foreign firms like GMIN can access these areas via joint ventures or property purchase agreements. Large-scale prospecting licences such as GMIN’s PL, however, can be granted directly to foreign companies and cover between 500 to 12,800 acres.
Under its PL, GMIN Guyana is required to make rental payments starting at US$0.50 per acre, submit annual work plans and financial reports, and meet a US$240,000 first-year work commitment, secured by a 10% performance bond.
It was disclosed that GMIN Guyana had secured an option agreement with a Guyanese citizen (the Optionor) in 2018, covering nine MPMS (9,425 acres) representing about 86.5% of the total Oko West Project area. GMIN fully exercised this option in February 2023, giving it 100% mineral rights to the Optioned Area. The Guyanese citizen retains rights to contingent payments of US$5 per ounce of gold produced from this area, with a first payment due 30 days after commercial production starts.
In October 2020, GMIN also purchased two MPMS (1,465 acres) from another Guyanese titleholder, which were incorporated into the main PL. The purchase price has been fully paid.
In March 2024, GMIN Guyana entered into another option agreement for the Northwest extension, adding three MPMS adjacent to its PL. This agreement mirrors the previous terms, including contingent production payments of US$5 per ounce above the feasibility plan.
Further, in December 2024, GMIN acquired five additional MPMS from a private Guyanese group for $4.3 million. The company explained that these parcels will allow for a more efficient project layout for waste rock and tailings storage rather than direct gold production. In addition, the sellers are entitled to US$40 per ounce of gold recovered from this area.
GMIN confirmed that with these transactions, the combined area of PL, the Northwest extension, and the additional MPMS total 71 square kilometers, aligning with its development plans outlined in the technical report.
Kaieteur News had reported that the 44 square-kilometer PL area is currently considered an “advanced-stage exploration project”, and is expected to produce 350,000 ounces of gold annually from both open pit and underground mining over 12.3 years at an all-in sustaining cost (AISC) of US$1,123/oz. A recently published feasibility study shows that the project is poised to deliver strong financial returns, thanks to low production costs. The Oko West project stands out for its scale and high-grade resource. The latest Mineral Resource Estimate includes 5.4 million ounces (Indicated) and 0.4 million ounces (Inferred).
In October 2022, GMIN also secured environmental clearance from Guyana’s Environmental Protection Agency (EPA) to proceed with exploration activities on its PL. Under Guyanese law, GMIN may apply for a Mining Licence at any time during its PL’s term, subject to submitting a feasibility study, mine plan, Environmental Impact Statement, and Environmental Management Plan. Such licences are usually valid for 20 years or the life of the mine, with renewals possible.
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