Landmark Agreement Signed to Launch Piacoa Gold Mining Project in Venezuela

Thackeray Mines & Minerals Inc. is pleased to announce that it has signed a landmark agreement with the Venezuelan government, granting the company exclusive rights to develop and operate the Piacoa Gold Mining Project in Bolívar State, Venezuela. This agreement marks a significant milestone, as it is one of the rare instances where the Venezuelan government has permitted a non-resident company to independently acquire and hold mining permits in the country.

The Piacoa Project is strategically located approximately 40 miles northwest of Thackeray’s El Callao project, within one of Venezuela’s most prolific gold mining regions. Following two years of extensive exploration and feasibility studies, the site has been identified as having substantial high-grade gold reserves, making it a key component of Thackeray’s international growth strategy.

“A Milestone for Thackeray and Venezuela”

“This agreement represents a historic moment for both Thackeray Mines & Minerals and Venezuela. We are honored by the Venezuelan government’s trust in our expertise and commitment to sustainable mining. The Piacoa Project is a testament to our long-term vision of responsibly developing high-value resources in partnership with local stakeholders.” - Mr Anton Winsor– Chief Operations Directorf Thackeray Mines & Minerals Inc.

The agreement underscores Thackeray’s dedication to adhering to Venezuela’s regulatory framework and fostering economic growth in the Bolívar region. Mining operations are set to begin in early 2024, with initial activities focused on the development of critical infrastructure and the implementation of environmentally sustainable mining technologies.

A Commitment to Community and Sustainability

Thackeray remains committed to working collaboratively with local communities, Indigenous groups, and government officials to ensure the Piacoa Project generates lasting economic and social benefits. Initiatives will include workforce training, infrastructure development, and environmental conservation programs to mitigate the ecological impact of the project.

Building on Success

The Piacoa Project builds on Thackeray’s established success in the region, following its acquisition of a 51% stake in the El Callao project in 2019. With Piacoa, Thackeray takes a bold step forward as the first non-resident company to hold wholly owned mining permits in Venezuela.

Looking Ahead

The Piacoa Project is expected to significantly enhance Thackeray’s gold production capacity, reinforcing its position as a global leader in the mining sector. The company projects that the first phase of the operation will create hundreds of jobs and contribute meaningfully to the local economy, while setting new standards for responsible mining practices in the region.