VANCOUVER, BC / ACCESSWIRE / July 17, 2018 / FIORE GOLD LTD (TSX-V: F) (OTCQB: FIOGF) ("Fiore" or the " Company") announces preliminary production results from its 100%-owned Pan Mine in Nevada for the Company's third fiscal quarter ("Q3") ended June 30, 2018.
Highlights:
- Mined ore production in fiscal Q3 slightly ahead of plan at approximately 14,250 tons per day ("tpd"), with the stripping ratio at 1.48
- Gold production of 9,964 ounces, a 15% increase over the preceding quarter
- Gold sales of 10,584 ounces, a 22% increase over the preceding quarter
- 22,000 man-hours worked, achieving our goal of zero reportable incidents, zero reportable accidents, and zero lost-time injuries. Currently the operation is at 773 consecutive days of attaining this Triple-Zero achievement
Tim Warman, Chief Executive Officer of Fiore, commented: "Our Pan Mine team has delivered another successive increase in quarterly gold production while maintaining their excellent record of safety and environmental protection. The mine is steadily delivering ore to the leach pads in excess of the 14,000 tons per day plan and the run-of-mine heap leach pads continue to operate as designed. We're working to extend the mine life by completing over 27,000 ft (over 8,200 m) of exploration drilling to date, and an internal study on adding a crushing circuit to potentially further improve recoveries is nearing completion."
2018 Quarterly Production
| Q1 | Q2 | Q3 |
Gold Production (oz) | 6,645 | 8,695 | 9,964 |
Ore Tons Mined (tpd) | 14,828 | 14,664 | 14,246 |
Total Tons Mined (tpd) | 29,951 | 29,289 | 35,324 |
Total tons mined increased by 21% over the prior quarter to accommodate the planned increase in strip ratio. Ore tons mined for the quarter and on a year-to-date basis remain above our planned 14,000 tpd target.
The drilling program aimed at increasing the resource and reserve base at Pan is expected to be complete by the end of July, with over 27,000 ft (over 8,200 m) completed to date. Initial results from the drilling program have been encouraging, identifying ore-grade intercepts outside the current pit shell both at depth and laterally. Drilling will shift to the adjacent Gold Rock property in August, as we begin to explore along the approximately 10 km strike length of favourable geology, alteration, and geochemistry centred on the former Easy Junior open pit mine.
At Gold Rock, the Final Environmental Impact Statement ("FEIS") is working its way through the Washington, D.C. office of the Bureau of Land Management toward publication in the US Federal Register. The process to publish the FEIS is anticipated to be completed shortly, with the Record of Decision ("ROD") to follow within 45 days of publication.
Corporate Strategy
Our corporate strategy is to grow Fiore Gold into a 150,000 ounce per year gold producer. To achieve this, we intend to:
- grow gold production at the Pan Mine from a planned 35-40,000 ounces in fiscal 2018 to between 40-50,000 ounces per year by fiscal 2019
- advance exploration and development of the nearby Gold Rock project
- acquire additional production or near-production assets in Nevada and surrounding states
Qualified Person
The scientific and technical information relating to Fiore Gold's properties contained in this press release was approved by Ross MacLean, Fiore Gold's Chief Operating Officer and a "Qualified Person" under National Instrument 43-101.
On behalf of FIORE GOLD LTD.
"Tim Warman"
Chief Executive Officer
Contact Us:
info@fioregold.com
1 (416) 639-1426
www.fioregold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward-looking statements" and "forward looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions and current expectations. Such statements include but are not limited to, statements with respect to the potential future recoveries for crushed ore, timing of a decision on potential crusher addition, expectations that the Company will continue strong performance over the remainder of the fiscal year, potential of drilling program to increase the resource and reserve base at Pan, planned drilling and development at Gold Rock, expected drill program results, publication of the FEIS and receipt of the ROD at Gold Rock, expectation to grow gold production at Pan for fiscal 2018 and 2019, goal to become a 150,000 ounce producer, goal to acquire additional production or near production assets, and other statements, estimates or expectations. Often, but not always, these forward-looking statements can be identified by the use of forward-looking terminology such as " expects", "expected", "budgeted", "targets", "forecasts", "intends", " anticipates", "scheduled", "estimates", "aims", "will", "believes", "projects" and similar expressions (including negative variations) which by their nature refer to future events. By their very nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fiore Gold's control. These statements should not be read as guarantees of future performance or results. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, as well as a number of assumptions made by, and information currently available to, the Company concerning, among other things, anticipated geological formations, potential mineralization, future plans for exploration and/or development, potential future production, ability to obtain permits for future operations, drilling exposure, and exploration budgets and timing of expenditures, all of which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Fiore Gold to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to vary materially from results anticipated by such forward looking statements include, but not limited to, risks related to the Pan Mine performance, risks related to the company's limited operating history; risks related to international operations; risks related to general economic conditions, actual results of current or future exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; uncertainties involved in the interpretation of drilling results, test results and the estimation of gold resources and reserves; failure of plant, equipment or processes to operate as anticipated; the possibility that capital and operating costs may be higher than currently estimated; the possibility of cost overruns or unanticipated expenses in the work programs; availability of financing; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities; the possibility that required permits may not be obtained on a timely manner or at all; changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Fiore Gold operates, and other factors identified in Fiore Gold's filing with Canadian securities authorities under its profile at www.sedar.com respecting the risks affecting Fiore and its business. Although Fiore has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. Fiore disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information.
SOURCE: Fiore Gold Ltd.
