Mr. Tim Warman reports

FIORE GOLD'S PAN MINE PRODUCES 9,964 GOLD OUNCES IN Q3 2018, A 15% INCREASE OVER THE PREVIOUS QUARTER

Fiore Gold Ltd. has provided preliminary production results from its 100-per-cent-owned Pan mine in Nevada for the company's third fiscal quarter (Q3) ended June 30, 2018.

Highlights:

• Mined ore production in fiscal Q3 slightly ahead of plan at approximately 14,250 tons per day (tpd), with the stripping ratio at 1.48;
• Gold production of 9,964 ounces, a 15-per-cent increase over the preceding quarter;
• Gold sales of 10,584 ounces, a 22-per-cent increase over the preceding quarter;
• 22,000 man-hours worked, achieving the company's goal of zero reportable incidents, zero reportable accidents and zero lost-time injuries. Currently the operation is at 773 consecutive days of attaining this triple-zero achievement.

Tim Warman, chief executive officer of Fiore, commented: "Our Pan mine team has delivered another successive increase in quarterly gold production while maintaining their excellent record of safety and environmental protection. The mine is steadily delivering ore to the leach pads in excess of the 14,000 tons per day plan and the run-of-mine heap leach pads continue to operate as designed. We're working to extend the mine life by completing over 27,000 feet (over 8,200 metres) of exploration drilling to date, and an internal study on adding a crushing circuit to potentially further improve recoveries is nearing completion."

2018 quarterly production
  

                           Q1     Q2     Q3    

Gold production (oz)    6,645  8,695  9,964 
Ore tons mined (tpd)   14,828 14,664 14,246
Total tons mined (tpd) 29,951 29,289 35,324

Total tons mined increased by 21 per cent over the prior quarter to accommodate the planned increase in strip ratio. Ore tons mined for the quarter and on a year-to-date basis remain above the company's planned 14,000 tpd target.

The drilling program aimed at increasing the resource and reserve base at Pan is expected to be complete by the end of July, with over 27,000 feet (over 8,200 m) completed to date. Initial results from the drilling program have been encouraging, identifying ore-grade intercepts outside the current pit shell both at depth and laterally. Drilling will shift to the adjacent Gold Rock property in August, as the company begins to explore along the approximately 10-kilometre strike length of favourable geology, alteration and geochemistry centred on the former Easy Junior open-pit mine.

At Gold Rock, the final environmental impact statement (FEIS) is working its way through the Washington, D.C., office of the Bureau of Land Management toward publication in the U.S. Federal Register. The process to publish the FEIS is anticipated to be completed shortly, with the record of decision (ROD) to follow within 45 days of publication.

Corporate strategy

The company corporate strategy is to grow Fiore Gold into a 150,000-ounce-per-year gold producer. To achieve this, the company intends to:

• Grow gold production at the Pan mine from a planned 35,000 to 40,000 ounces in fiscal 2018 to between 40,000 to 50,000 ounces per year by fiscal 2019;
• Advance exploration and development of the nearby Gold Rock project;
• Acquire additional production or near-production assets in Nevada and surrounding states.

Qualified person

The scientific and technical information relating to Fiore Gold's properties contained in this press release was approved by Ross MacLean, Fiore Gold's chief operating officer and a qualified person under National Instrument 43-101.

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