Foran Announces Closing of Brokered Private Placement

March 7, 2011

Saskatoon, SK (March 7, 2011) — Foran Mining Corporation (TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce the closing of the previously announced brokered private placement through a syndicate of agents led by Scotia Capital Inc. and GMP Securities L.P. (“Agents”). A total of 6,000,000 common shares (“Common Shares”) were sold at C$1.05 per share for gross proceeds of C$6,300,000. The Agents received a cash commission representing 6% of the gross proceeds of the sale of the Common Shares.

The Company has completed the syndication of a non-brokered private placement of 6,000,000 flow-through common shares (“Flow-Through Shares”) at C$1.25 per share for gross proceeds of $7,500,000. A further announcement will be made upon closing.

The net proceeds from the sale of the Common Shares and the Flow-Through Shares will be used for exploration and general working capital purposes. All securities issued in connection with the Offering are subject to a four-month hold period.

These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

About Foran Mining Corporation

Foran Mining is an exploration company currently focused on the McIlvenna Bay deposit, which is comprised of 26 claims totaling 12,950 ha, 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.

“ON BEHALF OF THE BOARD OF DIRECTORS”

Patrick Soares, P.Geo
President/CEO
604-488-0008

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.

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