March 11, 2011
Saskatoon, SK (March 11, 2011) — Foran Mining Corporation
(TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce the closing of the previously announced 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.
Foran announced the closing of a brokered private placement of non-flow through common shares on March 7th, 2011. With the closing of this placement, Foran has raised total gross proceeds of $13,800,000 and now has 64,281,076 issued and outstanding shares.
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 pursuant to the private placements are subject to a four-month hold period. Finders and Agents have received a cash commission representing 6% of the gross proceeds of the sale of Flow-Through Shares and hard dollar shares.
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 is a diversified exploration company with exploration properties in the Flin Flon mining belt. The Company’s flagship project is McIlvenna Bay, a Volcanogenic Massive Sulfide (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 at a cut-off grade of 1.5% Cu and 4.0% Zn. (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.
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