2020-07-08 07:53 ET – News Release
Mr. Tim Warman reports
FIORE GOLD REPORTS RECORD GOLD PRODUCTION OF 12,792 OUNCES AND CASH GENERATED OF US$8.2 MILLION IN FISCAL Q3
Fiore Gold Ltd. has released preliminary production results for the company’s fiscal third quarter of 2020 from its Pan open-pit mine in White Pine county, Nevada. All dollar figures are in United States dollars unless otherwise noted.
Highlights:Q3 gold production of 12,792 ounces, a second successive quarter of record gold productionGold sales of 12,761 ounces at an average realized price of $1,720 per ounceMined ore production in Q3 of 14,877 tons per day with the stripping ratio reducing as guided to 1.3:1.0 and grade of 0.016 ounces/tonClosing cash balance of $17.3 million, a significant increase of $8.2 million relative to our last reported cash at March 31, 202072,555 man-hours worked in Q3 with no lost time injuries and no reportable environmental incidentsCompleted a Pan exploration drilling program of 71,505 feet with a resource update and new life of mine plan to be issued in calendar H2 2020Results of the Gold Rock Preliminary Economic Assessment released on April 9th demonstrating positive economics for the project with considerable opportunities to further enhance valueMining declared an essential business in Nevada and the Pan Mine continues to operate with strict protocols in place focused on protecting the health and safety of our employees. No reported cases of COVID-19 for our employees or contractors during the quarter.
Tim Warman, Fiore's CEO commented, "With another record quarter for gold production, and completely unhedged sales, Pan is demonstrating its true cash flow generation potential and providing our investors with full exposure to the strong gold price. Our cash balance increased by $8.2 million in the quarter while at the same time we continued investing in exploration and study work at both Pan and Gold Rock. Our cash and net working capital position, combined with no corporate debt, put us in a strong position to advance the resource expansion drilling and metallurgical work required to support the Gold Rock Feasibility Study. We are also pleased to have concluded an extensive drill program at Pan during the quarter. The 71,505 feet of drilling will support an updated Resource & Reserve estimate and related Life of Mine plan in H2 2020. We continue to work aggressively toward our goal of operating Pan and Gold Rock in unison, providing organic growth to annual gold production of more than 100,000 ounces in Nevada."
We continue to recognize the inherent risk posed by COVID-19. The health and safety of our employees comes first, and we have put a range of operating protocols in place to best mitigate the risk to them. We are fortunate that we have no reported cases at site and continue to operate.
The scientific and technical information relating to Fiore Gold's properties contained in this news release was approved by J. Ross MacLean (MMSA), Fiore Gold's Chief Operating Officer and a "Qualified Person" under National Instrument 43-101.
Our corporate strategy is to grow Fiore Gold into a 150,000 ounce per year gold producer. To achieve this, we intend to:continue to grow gold production at the Pan Mine, while increasing the resource and reserve baseadvance the development of the nearby Gold Rock projectacquire additional production or near-production assets to complement our existing operations
We seek Safe Harbor.
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