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Fiore Gold Achieves Annual Production Guidance for Third Consecutive Year and Reports Record Gold Production for Fiscal Q4 2021

VANCOUVER, BC / ACCESSWIRE / October 12, 2021 / FIORE GOLD LTD. (TSXV:F)(OTCQB:FIOGF) ("Fiore" or the "Company") is pleased to announce preliminary production results for the Company's fourth fiscal quarter ("Q4") and the full fiscal year 2021 which …

VANCOUVER, BC / ACCESSWIRE / October 12, 2021 / FIORE GOLD LTD. (TSXV:F)(OTCQB:FIOGF) ("Fiore" or the "Company") is pleased to announce preliminary production results for the Company's fourth fiscal quarter ("Q4") and the full fiscal year 2021 which ended September 30th, 2021, for its Pan open pit mine in White Pine County, Nevada.

Full Year and Q4 Operating Highlights

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

  • Full-year gold production of 45,397 ounces, achieving the midpoint of our 44,000-47,000 ounces guidance range
  • Record Q4 gold production of 13,527 ounces
  • Full-year gold sales of 45,341 gold ounces at an average realized price of $1,807 per ounce
  • Record Q4 sales of 13,506 gold ounces at an average realized price of $1,790 per ounce
  • Closing cash balance of $22.9 million, an increase of $4.4 million from June 30, 2021, and zero corporate debt
  • Full-year mined ore production of 14,047 tons per day at a stripping ratio of 1.5 and grade of 0.45 grams per tonne, or 0.013 ounces per ton; ore tons mined and grade within guidance, strip ratio below the guided 1.8:1
  • Q4 mined ore production of 16,639 tons per day at a stripping ratio 1.5 and grade of 0.41 grams per tonne, or 0.012 ounces per ton
  • 388,461 hours worked in the fiscal year 2021 at a Total Recordable Injury Frequency Rate ("TRIFR") of 3.1
  • Pan Mine achieved one million hours worked without a lost time injury in January 2021

Full Year Organic Growth Highlights

  • At Pan, reported a two year mine life extension, continuing our history of replacing mine depletion through successful exploration
  • Additionally at Pan, constructed the Phase 3 heap leach pad with first ore placed in July 2021, providing substantial capacity for the added mine life
  • Acquired the past-producing Illipah project, extending our Nevada land holdings to a total of 222 square kilometers or 55,000 acres
  • At Gold Rock, we continued our resource expansion and metallurgical drilling program in support of a Feasibility Study. Given our drill success to date, we recently approved an expanded resource drilling program aimed at continued expansion of the Gold Rock mineral resource. We expect to issue the Feasibility Study during calendar Q4 2022 with production at Gold Rock expected in the second half of 2024.

Tim Warman, Fiore's CEO commented, "Backed by our consistently strong operating performance, we continue to put capital back into our Nevada assets. We have invested in Pan's future, adding two years of mine life and substantial heap leach capacity, and are planning a significant investment in resource expansion drilling at Pan over the next year. At the same time, we have meaningfully advanced Gold Rock with extensive drilling to progress the Feasibility Study. Given our exploration success, we have elected to add approximately 130,000 feet of drilling aimed at continued expansion of the Gold Rock mineral resource. We believe the modest extension to the Feasibility timeline is well justified given the opportunity to grow the resource. Further, we have added a valuable third Nevada asset to our portfolio, the Illipah project. Despite the ongoing investment, our cash balance and share count have remained steady, our working capital has improved, and we remain debt free. Our financial flexibility is allowing us to advance our goal of having Pan and Gold Rock operate in unison."

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Fiore Gold Achieves Annual Production Guidance for Third Consecutive Year and Reports Record Gold Production for Fiscal Q4 2021 VANCOUVER, BC / ACCESSWIRE / October 12, 2021 / FIORE GOLD LTD. (TSXV:F)(OTCQB:FIOGF) ("Fiore" or the "Company") is pleased to announce preliminary production results for the Company's fourth fiscal quarter ("Q4") and the full fiscal year 2021 which …

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