Fiore Gold Announces Financial Results for Year Ending September 30, 2017

Vancouver, British Columbia (FSCwire) - Fiore Gold Ltd. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company”) is pleased to announce that its financial statements and management’s discussion and analysis for financial year ended September 30, 2017 (“FY2017”) have been filed with the securities regulatory authorities and are available at www.sedar.com and on the Company’s website.

2017 Production and Financial Highlights

(all figures in US dollars unless otherwise indicated)

The 2017 financial year saw a number of important milestones for Fiore Gold, including:

• The successful restart of the Pan Mine in Nevada in March 2017.

• The rehabilitation of the existing Phase I leach pad, and the implementation of a carefully-controlled ore blending program coupled with rigorous heap operating practices and controls to achieve and maintain the design percolation rates for leach solutions.

• An increase in the mining rate from the North and South pits to a sustained 14,000 tons per day (tpd) of ore in September 2017.

• The successful negotiation of a two-year contract mining contract at Pan.

• Construction of the Phase II heap leach pad at the Pan mine with construction substantially completed on December 22, 2017, adding an additional 2.2 million square feet of leach pad.

• Completion of the Plan of Arrangement with Fiore Exploration Ltd. on September 26, 2017, to create Fiore Gold Ltd. with shares trading on the TSX Venture Exchange under the symbol “F” and on the OTCQB under the symbol “FIOGF”.

• Cash proceeds of $5.24 million raised through the issuance of Special warrants.

• Cash proceeds of $13.72 million raised under the Financing terms of the Arrangement with Fiore Exploration Ltd.

• Issued 28,676,883 common shares and 22,214,910 common share warrants under the Arrangement with Fiore Exploration Ltd.

• Financial highlights for FY2017 include:

ï¿® Revenues of $10.70 million from the sale of 8,452 gold ounces.

ï¿® An additional 1,237 gold ounces were sold prior to the commencement of commercial production from October 1, 2016 through March 1, 2017.

ï¿® Inventory of 7,126 estimated recoverable ounces placed on the leach pad at Pan as of September 30, 2017.

ï¿® Working capital of $19.78 million as of September 30, 2017, with a cash balance of $15.12 million.

At our nearby Gold Rock project, the Nevada State Office of the Bureau of Land Management has completed its review of the Final Environmental Impact Statement (“FEIS”) and advanced it to the Washington DC office for final review and publication.  The process to publish the FEIS is anticipated to be completed in the first quarter of 2018, with the Record of Decision (“ROD”) to follow within 45 days of publication.  We believe actions by the US government to expedite this review process provides optimism that the process to issue the ROD will proceed in a timely manner.

Tim Warman, Chief Executive Officer of Fiore, commented: “2017 was a transformative year for Fiore Gold, with the successful restart and ramp-up of the Pan Mine in Nevada. Having achieved steady-state production at the end of FY2017, and completed the Phase II leach pad expansion, the Pan Mine is now performing as expected and generating positive cash-flow. With the start-up year behind us, and the company debt-free, Fiore Management will be focused on executing our growth strategy through advancement of our Gold Rock project and strategic acquisitions of producing or near-production assets.”

FY2017 Results

¹Total consideration paid for Fiore Exploration Ltd. was $41.68 million, the net fair value of assets received was $28.33 million. As discussed in further detail in the Company’s Management’s Discussion & Analysis for the year ended September 30, 2017, the $13.35 million difference has been recorded as a “non-cash” listing expense which is not capitalizable per IFRS; however, the Company feels other factors were valuable attributes of the transaction, including access to public markets, immediate cash to expand the leach pad at Pan, bringing together a team of investors and seasoned advisors to help lead the Company forward with its strategic plans, acquisition of four exploration properties in Chile, including one which is a large land package adjacent to and on strike with an existing, silver-rich mine.

FY2018 Guidance

Mining production is expected to range between 4.75 and 5.25 million tons of ore at a strip ratio of between 1.47 and 1.53. Gold production is anticipated to range from 35,000 to 40,000 ounces during fiscal year 2018 at an expected total cash cost of approximately $742 per gold ounce sold. Fiscal year 2018 guidance is summarized below.

¹All-in sustaining costs are presented as defined by the World Gold Council (“WGC”) less corporate general and administrative expenses.

Corporate Strategy

Our corporate strategy is to grow Fiore Gold into a 150,000 ounce per year gold producer. To achieve this, we intend to:

• increase 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, with a resource update planned for late 2018; and

• 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 Ken Brunk (MMSA) Fiore Gold’s Technical Advisor and a "Qualified Person" under National Instrument 43-101.

On behalf of Fiore Gold Ltd.

"Tim Warman"

Chief Executive Officer

Contact Us:

info@fioregold.com

1 (416) 639-1426 Ext. 1

www.fioregold.com

Non-IFRS Financial Measures

The Company provides some non-IFRS measures as supplementary information that management believes may be useful to investors to explain the Company’s financial results. These measures are not defined under IFRS and should not be considered in isolation. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These measures are not necessarily standard and therefore may not be comparable to other issuers.

We have adopted an “all-in sustaining costs” measure consistent with guidance issued by the WGC on June 27, 2013. We believe that the use of all-in sustaining costs is helpful to analysts, investors and other stakeholders in assessing our operating performance, our ability to generate free cash flow from current operations and our overall value. This measure is helpful to governments and local communities in understanding the economics of gold mining. The “all-in sustaining costs” measure is an extension of existing “cash cost” metrics and incorporate costs related to sustaining production. The WGC definition of all-in sustaining costs seeks to extend the definition of total cash costs by adding reclamation and remediation costs, exploration and study costs, capitalized stripping costs, corporate general and administrative costs and sustaining capital expenditures to represent the total costs of producing gold from current operations. All-in sustaining costs exclude income tax, interest costs, depreciation and other items needed to normalize earnings. Therefore, this measure is not indicative of our cash expenditures or overall profitability.

“Total cash cost per ounce sold” is a common financial performance measure in the gold mining industry but has no standard meaning under IFRS. The Company reports total cash costs on a sales basis. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure, along with sales, is considered to be a key indicator of a Company’s ability to generate operating earnings and cash flow from its mining operations.

Total cash costs figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary, and the cost measures presented may not be comparable to other similarly titled measure of other companies.

“Total cash costs per ounce” and “cost of sales per ounce” are intended to provide additional information only and do not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate the measure differently. The following table reconciles non-IFRS measures to the most directly comparable IFRS measure.

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 Guidance (as described in further detail below), percolation rates, Pan Mine Financial Performance and ability to generate positive cash flow, FEIS and ROD for the Gold Rock project, future development and advancement of the Gold Rock Project, 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 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.

Guidance projections used in this document (“Guidance”) are considered “forward-looking statements” and represent management’s good faith estimates or expectations of future production results as of the date hereof. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. Fiscal Year 2018 Guidance assumes a gold price of US$1,250 per ounce.  Additional details of these assumptions can be found in the Company’s Management’s Discussion and Analysis. Such assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur.

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.

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