Fiore Gold Ltd. Reports Commissioning of the Primary Crushing Circuit at Its Pan Mine, Nevada
VANCOUVER, June 28, 2019 - Fiore Gold Ltd. (TSXV: F) (OTCQB: FIOGF) ("Fiore" or the "Company") is pleased to announce that commissioning of the primary crushing circuit at its 100% owned Pan Mine in Nevada has commenced, with all equipment installed and operational and the first ore put through the circuit on June 25th, 2019.
Tim Warman, Fiore's CEO commented, "The team at our Pan Mine has done a great job with the design and installation of the primary crushing circuit, and it's great to see the first ore running through the plant this week. We don't anticipate a lengthy commissioning process, and with the circuit operating we should see higher gold production through increased gold recoveries as well as improved mining efficiency as we mine to stockpiles rather than having to blend rock and clay ore directly on the leach pad."
Up until now, Pan has been a Run of Mine ("ROM") operation where blasted ore is hauled from the pit and placed directly on the leach pad. Blending rocky ore with more clay-rich ore ensures adequate permeability and stability of the leach pad. Metallurgical testing has shown that primary crushing will increase both the overall gold recovery and the rate of gold recovery. At the present ore mining rate of 14,000 tons per day, the crushing circuit will produce an estimated 6,000-7,000 additional gold ounces per year.
The scientific and technical information relating to Fiore Gold Ltd.'s properties contained in this press release was approved by J. Ross MacLean, Fiore Gold Ltd.'s Chief Operating Officer and a "Qualified Person" under National Instrument 43-101.
Our corporate strategy is to grow Fiore Gold Ltd. 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 base
- advance exploration and development of the nearby Gold Rock project
- acquire additional production or near-production assets to complement our existing operations
On behalf of Fiore Gold Ltd.
Chief Executive Officer
1 (416) 639-1426 Ext. 1
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, expectations regarding the primary crushing circuit, estimates and expectation that the crushing circuit will produce additional gold ounces and increase gold recoveries, commissioning of the crusher system the crushing circuit will improve the efficiency and productivity of mining operations, expectations regarding the Pan Mine's future performance, potential to extend the mine life at the Pan Mine, , expectations for production at the Pan Mine, advancing exploration and development of the Gold Rock project, 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 Ltd.'s control. There can be no assurances that the finance lease transaction with First National Capital will be closed and, even if all final documentation is executed, there can be no assurance that we will meet all the requirements to access the funds under the finance lease transaction. The purchase of the crusher system is subject to the availability of the equipment and performance of suppliers. 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 Ltd. 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; possibility that the Gold Rock Record of Decision will be appealed and that such an appeal may be successful; 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 Ltd. operates, and other factors identified in Fiore Gold Ltd.'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.
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