FIORE GOLD APPOINTS BARRY O’SHEA AS CHIEF FINANCIAL OFFICER
May 7, 2018
Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company”) is pleased to announce that it has appointed Mr. Barry O’Shea as the Company’s Chief Financial Officer, effective May 7th, 2018. Mr. O’Shea replaces Mr. Fritz Schaudies, who is retiring after a long and varied career in the mining industry.
Mr. O’Shea has spent the past eight years at New Gold initially as Vice President, Finance where he oversaw financial reporting, financial planning, internal audit and tax. More recently, he was Vice President, Business Development with responsibility for corporate development, investor relations and strategic capital allocation. Prior to New Gold, Mr. O’Shea worked in progressively senior finance roles at Lincoln Electric, after which he was the Chief Financial Officer for Gate Gourmet North America. Mr. O’Shea brings Fiore Gold a balanced mix of skills in financial stewardship, capital markets, operational planning and mine construction. Mr. O’Shea has an Honours Business Administration degree from the Ivey Business School and is a Chartered Management Accountant.
The Company wishes to thank its retiring CFO, Mr. Fritz Schaudies, for his many contributions as a key member of the team that purchased and restarted the Pan Mine, turning it into the successful and profitable operation it is today.
“We are extremely pleased to welcome Barry as our new CFO,” commented Tim Warman, Fiore’s CEO. “Barry’s expertise with financial reporting, capital allocation and new business developments will serve the Company well as we grow the Company through our own projects as well as strategic acquisitions.”
In conjunction with his appointment, Mr. O’Shea will be granted 300,000 stock options in accordance with the Company’s Stock Option Plan. The options are exercisable into common shares of Fiore at a price equal to the closing price on the TSX Venture Exchange (“TSXV”) on the date of grant, May 7, 2018, for a period of 10 years, subject to TSXV approval.
Our corporate strategy is to grow Fiore Gold into a 150,000 ounce per year gold producer. To achieve this, we intend to:
- grow gold production at the Pan Mine from a planned 35-40,000 ounces in fiscal 2018 to between 40-50,000 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
On behalf of FIORE GOLD LTD.
Chief Executive Officer
1 (416) 639-1426 Ext. 1
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
This news release contains “forward-looking statements” and “forward looking information” (as defined under applicable securities laws), based on management’s best estimates, assumptions and current expectations. Such statements include but are not limited to, statements with respect to expectations that the Company will continue strong performance over the remainder of the fiscal year, growing our projects, expectation to grow gold production at Pan for fiscal 2018 and 2019,goal to become a 150,000 ounce producer, goal to acquire additional production or near production assets, and other statements, estimates or expectations. Often, but not always, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “expected”, “budgeted”, “targets”, “forecasts”, “intends”, “anticipates”, “scheduled”, “estimates”, “aims”, “will”, “believes”, “projects” and similar expressions (including negative variations) which by their nature refer to future events. By their very nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fiore Gold’s control. These statements should not be read as guarantees of future performance or results. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, as well as a number of assumptions made by, and information currently available to, the Company concerning, among other things, anticipated geological formations, potential mineralization, future plans for exploration and/or development, potential future production, ability to obtain permits for future operations, drilling exposure, and exploration budgets and timing of expenditures, all of which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Fiore Gold to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to vary materially from results anticipated by such forward looking statements include, but not limited to, risks related to the Pan Mine performance, risks related to the company’s limited operating history; risks related to international operations; risks related to general economic conditions, actual results of current or future exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; uncertainties involved in the interpretation of drilling results, test results and the estimation of gold resources and reserves; failure of plant, equipment or processes to operate as anticipated; the possibility that capital and operating costs may be higher than currently estimated; the possibility of cost overruns or unanticipated expenses in the work programs; availability of financing; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities; the possibility that required permits may not be obtained on a timely manner or at all; changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Fiore Gold operates, and other factors identified in Fiore Gold’s filing with Canadian securities authorities under its profile at www.sedar.com respecting the risks affecting Fiore and its business. Although Fiore has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. Fiore disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information.