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Fiore Gold Ltd. (fka FIOGF) RSS Feed

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Fiore Gold Reports Record Fiscal Q2 Gold Production and Operating Cash Flow
 

VANCOUVER, BC / ACCESSWIRE / May 21, 2020 / FIORE GOLD LTD. (TSXV:F)(OTCQB:FIOGF)(FSE:2FO) ("Fiore" or the "Company") is pleased to announce that its financial statements and management's discussion and analysis for the second fiscal quarter ("Q2 2020") ended March 31, 2020, have been filed with the securities regulatory authorities and are available at www.sedar.com and on the Company's website at www.fioregold.com.

Fiscal Q2 2020 Highlights

(all figures in U.S. dollars unless otherwise indicated)

Operating & Financial

  • Q2 gold production of 12,085 ounces representing a production record for the Pan Mine and a 38% increase compared to Q1 2020
    Gold sales of 12,026 ounces at an average realized price of $1,576 per ounce, all sales unhedged
    Recorded quarterly revenues of $19.0 million with mine operating income of $5.3 million
    Net income of $2.9 million
    Generated Pan operating cash flow1 of $6.0 million and consolidated operating cash flow of $3.9 million, both records for Fiore Gold
    Closing cash balance of $9.1 million, an increase of $2.6 million relative to our last reported cash balance as of December 31, 2019
    Strengthened balance sheet with net working capital of $28.7 million as of March 31, 2020
    Mined ore production in Q2 of 14,177 tons per day with a stripping ratio of 1.8:1.0 and grade of 0.016 ounces/ton
    Q2 2020 Pan Mine AISC1 per ounce sold of $1,099 and cash costs per ounce sold1 of $983
    Q2 2020 Fiore consolidated AISC1 of $1,196 per ounce sold
    Mining costs of $2.01 per ton mined demonstrate continued operational efficiencies
    73,555 total site man-hours worked in Q2 with one reportable incident and zero lost-time injuries
    Mining 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
    We are pleased to reiterate our 2020 production and cost guidance

Organic Growth

  • Pan drill results released May 12, 2020 continue to expand oxide gold mineralization, with a resource and mine plan update expected in the second half of 2020
    Results of a Preliminary Economic Assessment ("PEA") released on April 9th demonstrating positive economics for the Gold Rock project with opportunities to further enhance value. On May 13, 2020, Fiore Gold filed the related technical report.
    Completed construction of the Pan to Gold Rock access road
    On May 19, 2020, Fiore Gold announced a 2.0 million ounce measured and indicated resource at its Golden Eagle Project in Washington State, USA

Tim Warman, Fiore's CEO commented, "Fiore's achievements in Q2 continue to advance our goal of becoming a multi-asset US gold producer. The Pan Mine set multiple records in profitability and cash flow with production increasing and costs declining quarter on quarter. Pan continues to be our cornerstone asset allowing us to advance the adjacent Gold Rock property without diluting our shareholders. With a strengthened balance sheet, a positive PEA, and the access road constructed, we are now taking the next steps to move Gold Rock toward feasibility. And with the subsequently announced 2 million ounce resource at Golden Eagle, we hope to drive even further shareholder value. We continue to recognize the inherent risk posed by COVID-19. The health and safety of our employees comes first as they are the foundation of our success in Nevada. 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 with minimal disruption."

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

 

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 while also growing the reserve and resource base;
    advance exploration and development of the nearby Gold Rock project; and
    acquire additional production or near-production assets to complement our existing operations



Latest interview:    https://youtu.be/xh6ckVEkOd0


Fiore Gold  Investor Presentation
https://fioregold.com/wp-content/uploads/2020/02/2020-01-29-FG-Investor-Presentation-February-2020-Update.pdf
MARKET CAPITALIZATION 1NET WORKING CAPITAL 2CASH 2

FIORE GOLD CAPITAL        98,047,378
OPTIONS & WARRANTS     31,107,784
FULLY DILUTED                 129,155,162


*******************************************************
New message board for Gold Producer FIOGF


see full report TONS OF INFO in this report

 https://fioregold.com/wp-content/uploads/2020/05/2020-05-19-FG-Investor-Presentation.pdf
 
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