Pan Mine Assessment For Increasing Mining Rate And Adding Secondary Crushing Circuit

VANCOUVER, BC - Fiore Gold Ltd. announced the fifth anniversary of the restart of the Pan Mine, and its transformation from a bankrupt asset to a safe and profitable operation that provides good paying jobs to over 150 people in rural Nevada. In May of 2016, Fiore Gold purchased the Pan Mine, the adjacent Gold Rock development project and the Golden Eagle project in Washington State for $5 million in a bankruptcy auction. Although construction at Pan had begun only two years previously under Midway Gold, other miners and investors who reviewed the project believed that Pan was fatally flawed and beyond saving. The Fiore team believed otherwise and were confident in their ability to turn the mine around. Over the past five years, the Fiore Gold team has: Mined almost 50 million tons of rock, including over 20 million tons of ore processed and stacked on the leach pads; Successfully switched from run of mine to almost 100% crushed ore placement; Produced over 150,000 ounces of gold; Through exploration, replaced almost every ton of ore and ounce of gold mined to date; Generated $47 million in wages and paid $5 million in taxes in Nevada; Surpassed 1 million hours worked without a lost time incident in January 2021, and an equally impressive record of environmental stewardship; Completed the Federal environmental permitting and a Preliminary Economic Assessment for developing our next mine at Gold Rock, located just 8 miles from Pan; and Reported a 2.0 million ounce Measured and Indicated gold resource at the Golden Eagle project

Tim Warman, CEO, said, “While we are proud of our achievements to date, we are equally excited about the on-going prospects to optimize Pan and continue investing in Nevada. Over the next few months, we will be assessing potential optimizations at Pan including increasing the mining rate to the permitted 17,000 tons per day from the current 14,000 tons per day, as well as adding a secondary crushing circuit to improve gold recoveries. Our team recently began mining the Black Stallion satellite pit and has encountered oxide ore at the surface at slightly higher grades than the overall reserve average. We are nearing completion of the Phase 3 leach pad expansion, which will accommodate three years of additional production and most of the new reserves added in late 2020. With fresh ore planned to be placed on the new leach pad at the end of this quarter, fiscal Q4 should see the benefit of faster leach kinetics. Planning is currently underway for the next phase of resource and reserve expansion drilling at Pan as we look to test some of the many previously identified targets around the mine, particularly the Mustang target, and continue to grow the resource and reserve base.

The five-year mark is a good opportunity to reflect on what we've accomplished at Pan, Gold Rock and Golden Eagle. Fiore has built a well-deserved reputation as one of the best operating teams in the business. I firmly believe we can take that culture of excellence we've developed at Pan and apply it to other mines that we either build or acquire, to create a leading, multi-asset gold producer."