G3 to earn US$25M for every 500,000 new ounces of gold at Oko

(Kaieteur News) – G3 Goldfields Inc. Chief Executive Officer, Dan Noone has disclosed that the company stands to receive US$25 million for every additional 500,000 ounces of gold identified in updated mineral resource estimates for the Oko-Ghanie project in Region Seven (Cuyuni-Mazaruni), under an agreement with G Mining Ventures Corp. (GMIN).

G3 Goldfields was formed as a spin-out of G2 Goldfields Inc.’s remaining properties following its acquisition by fellow Canadian firm GMIN in July. GMIN acquired the Oko-Ghanie project through a US$2.2 billion (C$3 billion) transaction, bringing together G2’s Oko-Ghanie project and GMIN’s fully permitted and financed Oko West project.

The consolidation is intended to create a major gold mining project in Region Seven (Cuyuni-Mazaruni), while G3 Goldfields retained G2’s remaining properties that were not included in the acquisition.