Commodities Buzz: Nevada gold mine grows production by 130%

Frank Giustra-backed Fiore Gold announced that its Pan Mine, located in east-central Nevada, registered a 130 per cent production growth in Q2 2018, compared to the previous quarter. The Carlin-style, open-pit, heap-leach operation generated 8,695 ounces of gold during the second fiscal quarter that ended on March 31, 2018, which allowed the company to sell 8,673 ounces of the yellow metal.

Given these results, the company expects total production for the year to be near the lower end of its guidance range of 35-40,000 oz, with gold production weighted towards the second half of FY2018 as higher-grade ore is mined. The executive explained that firm wants to advance exploration and development at the latter, and increase gold production in the former to between 40-50,000 ounces per year by fiscal 2019 to be able to reach its goal of becoming a 150,000-ounce-per-year gold producer.