Latest update September 18th, 2026 10:25 AM
Feasibility study confirms Oko West gold project’s superb potential – Canadian mining firm CEO
Kaieteur News- Canadian firm, G Mining Ventures Corp. (GMIN) said the recently published feasibility study confirms the Tier-1 production potential of its flagship Oko West gold project, located in Region Seven (Cuyuni-Mazaruni) Guyana which, is set to deliver strong returns, and low production costs.
During the company’s Q1 2025 earnings call on May 15, president and chief executive officer (CEO) Louis-Pierre Gignac, stressed the strength of G Mining’s performance and project pipeline, especially with the addition of the Oko West project which is estimated to yield 4.3 million ounces of gold.
President and Chief Executive Officer (CEO) Louis-Pierre Gignac
Gignac noted that the feasibility study confirms Oko West’s Tier 1 potential. The study outlined a production outlook of 350,000 ounces annually over 12.3 years. The Oko West Project is currently considered an “advanced-stage exploration project” and is expected to produce gold from both open pit and underground mining.
According to the company, the project’s all-in sustaining cost (AISC) is estimated at US$1,123 per ounce.
At a gold price of US$2,500 per ounce, the project’s after-tax net present value (NPV) stands at $2.2 billion, with an internal rate of return (IRR) of 27 per cent and a payback period of 2.9 years. That value rises to US$3.2 billion and a 35 per cent IRR if gold prices reach US$3,000 per ounce, according to G Mining. This places the Oko West project among the lowest-cost gold projects in the region.
Moreover, Senior Vice President of Corporate Strategy Dušan Petković said the feasibility study results closely matched those of the preliminary economic assessment released seven months earlier, reinforcing confidence in the deposit and development strategy.
“The April feasibility study confirmed Tier 1 production potential and was closely aligned with the PEA (Preliminary Economic Assessment) released just seven months prior, which is a strong validation of the quality and thoughts we put into our technical work,” said Petković.
He also highlighted the project’s sensitivity to gold prices and the company’s conservative approach to valuation.
Petković added, “Oko West is one of the few development-stage projects in the Americas with a production profile exceeding 300,000 ounces per year and one of even fewer that has reached the Feasibility Study stage. It is truly a rare American asset, whose closest comparison in our view is Kinross’ Great Bear project, another large-scale, open-pit and underground operation.”
Senior Vice President of Corporate Strategy Dušan Petković
G Mining expects to receive its full environmental permit by the end of Q2 of 2025, paving the way for a formal construction decision. First gold production is targeted for late 2027, with the company projecting a transition to intermediate producer status by 2028, exceeding 500,000 ounces annually with the help of the Oko West project.
The project’s initial capital cost is pegged at US$972 million, with US$650 million in sustaining capital required over the life of the mine.
GMIN has been advancing works with a focus on extending the mine life and assessing underground mining potential for the project. Notably, the Environmental Impact Assessment and Environmental Impact Statement (ESIA) for Oko West were submitted to the Guyana Environmental Protection Agency (EPA) in November 2024.
Earlier this year, GMIN received an Interim Environmental Permit for the project, paving the way for early construction activities and the company has advanced permitting efforts toward securing the full Environmental Licence from the EPA. In March, GMIN initiated early works at Oko West, including site preparation for a barge landing on the Cuyuni River and the construction of a permanent camp to support future development. The company is also expected to execute works on main access and internal roads, airstrip, permanent camp facility, water and sewage treatment plants and power generation and communication tower.
The Oko West project
Notably, GMIN has officially started the process to secure a mining licence for its Oko West gold. Alongside the mining licence application, GMIN has also begun seeking other critical permits needed to bring the project to full-scale operation. These include approvals for port operations, fuel use and storage, as well as the installation of transmission and telecommunications towers.
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