Fiore Gold (F-V) May 24, '19 Second Quarter Delivers 68% Increase in Operating Cash Flow over Prior Year Quarter web.tmxmoney.com
Fiore Gold is looking to a new primary crushing circuit and the nearby Gold Rock deposit to boost gold production from its new Pan gold mine in Nevada. The word that it produced a record 10,759 ounces of gold at Pan in its latest quarter, says that the new crusher circuit should be running by the end of June. Still, it does not expect a "real impact" on gold production until next fiscal year, which starts in October. This is the Howe Street version of "impact," as the new circuit is expected to add no more than 7,000 ounces per year to Pan's production total.
Mr. Warman, CEO, cheered the production record, although the mine has only been running for a few years. He pointed to the crusher as a source of additional production, but it is the nearby Gold Rock deposit that Fiore hopes will deliver a more substantial increase. Gold Rock currently hosts nine million tonnes indicated at 0.82 gram per tonne and 7.8 million tonnes inferred at 0.72 gram per tonne, for a total of nearly 420,000 ounces. (Pan currently has 27.6 million tonnes measured and indicated at 0.49 gram per tonne and 7.6 million tonnes inferred at 0.45 gram per tonne, or just over 540,000 ounces.)
Mr. Warman says that Fiore is now "finalizing the development plan" for Gold Rock, which is just eight kilometres southeast of Pan. Metallurgical work is under way and further drilling is planned this summer to "advance Gold Rock toward a production decision." The development plan is expected shortly; the decision will come later.
The Toronto-based Mr. Warman, now in his mid 50s, replaced Kenneth Brunk as CEO in the fall of 2017. He collected just over $215,000 (U.S.) in salary last year. The company paid its chief operating officer, Ross MacLean, even more last year: just over $221,000 (U.S.). Gold producers pay producers salaries, it appears, regardless of how much gold is produced.
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