With a further increase in production, the Canadian gold producer active in the USA lies Fiore Gold (ISIN: CA31810L1085 / TSX-V: F) with his open pit mine ‘Pan’ in White Pine County, Nevada, right on schedule, which however increased the cash balance more clearly than expected!
According to published preliminary production results for the fourth quarter and fiscal year 2020, which ended September 30, 2020, Canadians produced 46,031 ounces of gold during the year, 11% more than last year. The result clearly corresponds to our own forecast, which was issued with 45,000 – 48,000 ounces of gold. Year-round gold sales totaled 46,334 ounces of gold, which were sold at an average realized price of USD 1,681 per ounce.
Gold production for the fourth quarter was 12,432 ounces, with sales for that period being 12,455 gold ounces. The average gold price achieved was already 1,920 USD per ounce.
Cash on hand increased by $ 5.9 million in this quarter alone to now $ 23.2 million. Compared to the previous year in particular (as of September 30, 2019), cash on hand increased by USD 15.9 million!
Annual production of 14,961 tons of ore per day, a stripping ratio of 1.5 and a grade of 0.015 ounces per ton is even above our own forecast. Ore production reached 15,489 tonnes per day in the fourth quarter with the stripping ratio lowered to 1.1 and grade lowered to 0.015 ounces per ton as intended.
Tim Warman, CEO of Fiore emphasized once again, also in view of the challenges that COVID-19 brought with it, that the achievements of the ‘Pan’ mine were particularly remarkable this year and added:
“While the safety of our employees was our top priority, our ‘Pan’ mine still set a new annual record! At the same time, we have continued to focus on our business growth goals and take meaningful steps to move all three assets forward. With a robust ‘PEA’ and the systems that have already started up on ‘Gold Rock’, we are looking forward to driving the feasibility study forward and presenting it in the coming year. We have also issued a positive resource update for ‘Golden Eagle’, for which further steps are now being planned. “
In addition, the operating team of the ‘Pan’ mine was awarded the ‘Small Mine Safety Award’ by the Nevada Mining Association for the fifth time in a row for their 297,672 accident-free working hours.
Fiore Gold is once again completely convincing with its performance! With its additional successful drilling program on ‘Pan’, Fiore Gold is taking further steps to operate ‘Pan’ and ‘Gold Rock’ holistically and is well on the way to becoming the only 100% US gold producer to date with multiple facilities to become.
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