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Fiore Gold reports on production

20 October 2020


VANCOUVER – Fiore Gold Ltd. announced production for the fiscal year ending Sept. 30 of 46,031 ounces of gold from its Pan Mine in White Pine County, up 11 percent over 2019, and gold production for the quarter of 12,432 ounces.


“In light of the challenges posed by COVID-19, the Pan Mine’s achievements are particularly remarkable. While keeping employee safety at the forefront, Pan successfully set a new annual gold production record as the benefits of transitioning to crushing became evident,” Fiore Chief Executive Officer Tim Warman said on Oct. 20.Fiore now crushes the ore for placement on the Pan leach pad, rather than placing run-of-mine ore.Fiore also reported gold sales in the quarter ending Sept. 30 of 12,455 ounces at an average realized price of $1,920 per ounce and a closing cash balance of $23.2 million, up from a closing balance of $15.9 million in the same time period last year.


The company additionally stated that it continues to pursue completion of a feasibility study for mining the nearby Gold Rock deposit, including metallurgical, geotechnical and condemnation drilling, while also completing exploration drilling of 71,330 feet at Pan. Gold Rock is eight miles southeast of Pan.


Warman said with a preliminary economic assessment in place for Gold Rock, the company is looking forward to advancing the feasibility study through 2021.He said Fiore remains focused on corporate growth goals that include advancing Gold Rock, increasing production at Pan and acquiring additional production or near-production assets.


Fiore also continues interest in the Golden Eagle exploration project near Republic, Wash., and the Kettle River Mine that shut down in 2017.


“At Golden Eagle, we issued a positive resource update and hope to advance this overlooked asset with other partners in the area, and with our successful drill program at Pan, we continue to take tangible steps to achieving our goal of operating Pan and Gold Rock in unison, creating the only multi-asset, 100% domestic gold producer,” Warman said in the Oct. 20 release.


The company reported there were 297,672 man-hours worked in the fiscal 2020 year with zero lost-time injuries, and that it received the Nevada Mining Association’s Small Mine Safety Award for the fifth consecutive year.Fiore also stated that there had been no reported cases of COVID-19 among employees and contractors to date.