October 6, 2010
Saskatoon, SK (October 6, 2010) — Foran Mining Corporation (TSX Venture FOM) (“Foran”) announces that it has appointed Equity Consultants Ltd. to compile and interpret exploration data and develop a program(s) to advance further exploration on the Company’s key asset properties.
Over the past four months Foran has undertaken significant change. This change began with Mr. Darren Morcombe making a pledge for a private placement in the company which resulted in Mr. Morcombe becoming a major shareholder. In May 2010, Foran announced that the shares of then controlling shareholders were sold to two high profile value investors and a US fund. In June 2010, Foran announced that it had closed a private placement which placed shares to several high profile Canadian value investors including Pierre Lassonde and David Harquail, all of whom have proven track records of creating shareholder wealth. In July 2010, Darren Morcombe became Chairman of the Board and Board restructuring commenced.
The next key steps that Foran will undertake to develop Foran into a significant polymetallic company are as follows:
- To consolidate all existing historical data and information assets and begin exploration on some of the company’s key assets.
- Recruit a Canadian based management team with an already proven track record.
- Attract Canadian based members for the Board of Directors with proven track records.
- Strategically develop Foran to enable it to achieve its goal of increasing shareholder wealth.
Today Foran is pleased to announce it has retained Equity Exploration to assist with the first of these steps. The contemplated work program (“Work”) for Equity Exploration will consist of:
- Compile, review and inventory the materials and data on all properties (historical reports, data and maps).
- Study and interpret reports and compile digital information where appropriate for Foran’s properties.
- Provide recommendation for future exploration program development.
In addition to these developments Foran’s Board has commenced a search for a Canadian based CEO or management team which will execute Foran’s vision established by Foran’s key shareholders and Board.
Foran Mining is a junior exploration company currently focused on the McIlvenna Bay deposit, which is comprised of 26 claims totalling 12,950ha, and is located approximately 1 kilometre south of Hanson Lake, Saskatchewan, approximately 375 km northeast of Saskatoon and 65 km west south-west of Flin Flon, Manitoba. Foran is the operator of the Joint Venture over the McIlvenna Bay deposit with a 75% interest and Copper Reef holds a 25% interest.
Equity Exploration Consultants Ltd. is a private, Canadian company focused on providing high quality mineral exploration services. The company’s core strength is its full-time staff of 14 expert geologists and support team members, in addition to a wide network of associates fulfilling technical and logistical roles since 1987.
“ON BEHALF OF THE BOARD OF DIRECTORS”
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
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