June 6, 2011
Saskatoon, SK (June 6, 2011) — Foran Mining Corporation (TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce the appointment of Betty Goyette as Corporate Secretary of the Company, effective June 1, 2011. The Company also announces the grant of options, subject to TSX Venture Exchange approval.
Ms. Betty Goyette has over 35 years’ experience in the administrative field, providing solid leadership in administration and human resources management. She spent over 13 years with Cumberland Resources Ltd. (acquired by Agnico Eagle Mines Limited in 2007), holding several positions during her tenure, including Manager of Administration and Human Resources, as well as Corporate Secretary. Betty received her Human Resources Management Certificate (Hons.) from British Columbia Institute of Technology in 2006.
President and CEO Patrick Soares commented “I am pleased to welcome Betty to Foran; she brings a wealth of experience in corporate and administrative matters to the Company. I would also like to thank our outgoing Corporate Secretary, Allyson Stephens, for her dedication to Foran over the last seven years.”
Subject to TSX Venture Exchange approval, Foran has granted 100,000 incentive stock options to an Officer of the Company. The options are set for a period of five years, expiring on June 1, 2016, and will allow the holder to purchase a share in the Company at a price of $0.90. Any shares issued on the exercise of these stock options will be subject to a four-month hold period from date of grant.About Foran Mining
Foran is a diversified exploration and development company with projects in the Flin Flon mining belt. The Company’s flagship project is McIlvenna Bay, a Volcanogenic Massive Sulphide (“VMS”) deposit located in east central Saskatchewan, 60 kilometres west of Flin Flon, Manitoba.
McIlvenna Bay is one of the largest undeveloped VMS deposits in Canada, with an indicated mineral resource of 6.7 million tonnes grading 0.87% copper, 6.51% zinc and 26.0 g/t silver and a further 6.0 million tonnes grading 0.83% copper, 5.89% zinc and 24.8 g/t silver in the inferred category, based on copper and zinc prices of US$1.50/lb. and US$0.70/lb., respectively, and recoveries of 81% for copper and 72% for zinc. The resource estimate calculated NSR values based on projected mining and milling costs and used an NSR cut-off of $50/tonne. Cut-off grades of 1.5% copper and 4.0% zinc were used for the massive and semi-massive sulphide zones. For the Copper Stringer Zone, the cut-off was based on geological boundaries, entire intersections, and a minimum width of three metres, rather than on a specific cut-off grade. This resource estimate is presented in an independent National Instrument 43-101 technical report, dated November 27, 2006 and authored by Scott Wilson Roscoe Postle and Associates Inc. The report is available on SEDAR at www.sedar.com
or on the Company’s website at www.foranmining.com.
Foran trades on the TSX.V under the symbol “FOM”.For Additional Information Please Contact
President and CEO
Foran Mining Corporation
VP, Corporate Development
Foran Mining Corporation
P. O. Box 26028, RPO Lawson Heights
Saskatoon, SK, S7K 8C1www.foranmining.com
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 informationForward Looking Statements
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.
Back to the News page