February 28, 2011
Saskatoon, SK (February 28, 2011) — Foran Mining Corporation
(TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce that Northwest Diamond Drilling has completed two drill holes of an 8 - 10 hole, 5000 metre drill program at Foran’s McIlvenna Bay Volcanogenic Massive Sulphide (VMS) Deposit in northeast Saskatchewan, 60 kilometres west of Flin Flon, Manitoba. (see attached plan view
The first hole MB-11-136, drilled at approximately -70 degrees, has been completed and has intersected 37.80 metres of the Copper Stringer Zone starting 350 metres down hole, (see attached long section
) below the projection of the massive sulphide horizon. The second hole, MB-11-137 drilled at -57 degrees from the same setup, was completed last weekend. It intersected 34.27 meters of copper stringer zone from 292.90 to 327.17m.
The Copper Stringer Zone mineralization is characterized by the occurrence of numerous thin (typically <1cm) foliation parallel chalcopyrite and pyrite rich stringers, generally associated with moderate to strong chlorite and weak to locally moderate sericite alteration.
The goal of this drill program is to better understand the geological controls on the Copper Stringer Zone with the ultimate goal of incorporating the mineralization into the mineral resource on the property. Drilling is expected to go until mid to late April. Drill assays will take six to eight weeks to process. Results from the first three drill holes can be expected in mid to late April.
The Qualified Person who has reviewed this news release as required by NI 43-101 standards is Murray Jones, P.Geo., of Equity Exploration Consultants Ltd.
Foran is a diversified exploration company with exploration properties in the Flin Flon mining belt. The Company’s flagship project is McIlvenna Bay, a VMS Deposit located 60 kilometres west of Flin Flon, Manitoba. The McIlvenna Bay Deposit is one of the largest undeveloped VMS deposits in the region with a mineral resource of 6.7 million tonnes of 0.87% Copper, 6.51% Zinc, and 26.0 grams Silver in the Indicated Category and an Inferred Resource of 6 million tonnes running 0.83% Copper, 5.89% Zinc and 24.8 grams Silver. (Outlined in a NI-43-101 report in November 2006 by Scott Wilson Roscoe Postle and Associates Inc.)
“ON BEHALF OF THE BOARD OF DIRECTORS”
Patrick Soares, P.Geo
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. Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include, without limitation, statements regarding the company’s plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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