FIORE GOLD'S PAN MINE PRODUCES 2,760 OUNCES OF GOLD IN NOVEMBER, PHASE II LEACH PAD NOW OPERATIONAL
January 09 2018 - 6:56AM
InvestorsHub NewsWire
Vancouver, British Columbia --
January 8, 2018 -- InvestorsHub NewsWire -- FIORE GOLD LTD.
(TSXV: F)
(OTCQB:
FIOGF) (“Fiore” or the “Company”) is pleased to provide an
operational update on its Pan Mine in White Pine County, Nevada.
Mine production in November totaled 436,290 tons of ore and 484,771
tons of waste, with the mine now consistently mining in excess of
14,000 tons per day (tpd) of ore. Gold production for November was
2,760 ounces, a significant increase over the 1,809 ounces produced
in October.
The new Phase II leach pad is now in
operation, with the first ore placed on the pad in late December
[image
1, image
2.]. As the existing
Phase I leach pad approaches its final design height, operating
space on the pad has become constrained which reduced the leach
cycle times. As a result, December gold production is expected to
come in below forecast, however, with the new Phase II pad now in
operation, production will improve as ore is placed on the new pad.
Fiore is projecting gold production of 35-40,000 ounces in fiscal
2018 (October 2017 through September 2018), with gold production
weighted towards the second half of FY2018 as higher-grade ore is
mined.
Tim Warman, Chief Executive Officer
of Fiore, commented: “November was our best month yet for gold
production, and we’re looking forward to continued strong
performance over the remainder of the fiscal year. With the new
Phase II leach pad now operational, we can begin loading the test
cells that will confirm the viability of adding a crushing and
agglomeration circuit to the mine later in 2018. The successful
completion and permitting of the new leach pad is a testament to
the highly skilled operating and development team we’ve built at
Fiore Gold, and the first-rate work done by our
contractors.”
Exploration work aimed at increasing
the resource and reserve base at Pan is also ongoing, with a number
of drill targets identified proximal to the existing operations.
Drilling is expected to commence in early 2018.
At our nearby Gold Rock project, the
Nevada State Office of the Bureau of Land Management has completed
its review of the Final Environmental Impact Statement (“FEIS”) and
advanced it to the Washington DC office for final review and
publication. The process to publish the FEIS is anticipated
to be completed in the first quarter of 2018, with the Record of
Decision (“ROD”) to follow within 45 days of publication. We
believe actions by the US government to expedite this review
process provides optimism that the process to issue the ROD will
proceed in a timely manner.
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, with a resource update planned for late
2018
- 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 Ken Brunk (MMSA) Fiore Gold’s
Technical Advisor 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 Ext. 1
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 operation of the leach pad, gold
production projections for fiscal 2018 and 2019, exploration
drilling at Pan, FEIS and ROD for the Gold Rock project, Gold Rock
resource update, goal to become a 150,000 ounce producer, goal to
acquire additional production or near production assests, 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 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.