October 1, 2012
Vancouver, BC (October 1, 2012) - Foran Mining Corporation
(TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce a $5M exploration and development program for the Company’s 100%-owned McIlvenna Bay deposit (“McIlvenna Bay” or the “Deposit”) and surrounding landholdings in east central Saskatchewan.
The budget for the program has been approved by the Company’s Board of Directors for fiscal 2013, commencing October 1, 2012, and is planned to include:
- 7,000m of drilling planned for winter 2013, comprised of approximately 5,000m to test regional targets around McIlvenna Bay and approximately 2,000m on the Deposit,
- An updated mineral resource to include all drilling to date on the Deposit (over 86,000 metres in 184 holes drilled from 1988 to 2012),
- Further metallurgical testwork and related studies to build on scoping-level work completed in 2012,
- Engineering studies related to proposed mine infrastructure and development,
- The continuation of ongoing baseline environmental studies, which will provide the basis for a Preliminary Economic Assessment (“PEA”) and the future permitting for commercial development of the Deposit, and
- A PEA of McIlvenna Bay.
Patrick Soares, President and CEO of Foran commented: “Over the next twelve months we plan to continue to advance McIlvenna Bay to the next stage through conducting a PEA and commencing the work required for feasibility level studies, while at the same time continuing to explore our large and highly prospective landholdings around the Deposit.” Mr. Soares continued “With our recently completed financing and strong treasury, Foran is well-financed to undertake our 2013 exploration and development program”.About Foran Mining
Foran is a diversified exploration and development company with projects in the Flin Flon Mining Belt. The Company’s flagship McIlvenna Bay property is located in east central Saskatchewan, 65 kilometres west of Flin Flon, Manitoba and contains the McIlvenna Bay deposit, one of the largest undeveloped volcanogenic massive sulphide deposits in Canada.
For additional information on the McIlvenna Bay deposit, see the report entitled “Technical Report on the McIlvenna Bay Project, Saskatchewan, Canada” dated December 9, 2011 at www.sedar.com
. Roger March, VP Project Exploration for Foran and a Qualified Person within the meaning of National Instrument 43-101 has reviewed and approved the technical information in this release.
Foran trades on the TSX.V under the symbol “FOM”. As of October 1, 2012 the Company’s current cash position is approximately $9.4M.For Additional Information Please Contact Foran Mining Corporation:
President & CEO
409 Granville Street, Suite 904
Vancouver, BC, Canada, V6C 1T2
VP, Corporate Development
120 Adelaide Street West, Suite 2500
Toronto, ON, Canada, M5H 1T1
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.Forward Looking StatementsThis 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 law.
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