Foran Announces Closing Of Private Placement With Patrick Soares

December 2, 2010

Saskatoon, SK (December 2, 2010) — Foran Mining Corporation (TSXV: FOM) (“Foran”) is pleased to announce that a $1,160,000 private placement consisting of the purchase of 2,000,000 Units at a price of $0.58 per Unit, subject to regulatory approval, has closed.

Further to a news release dated November 24, 2010, Mr. Patrick Soares, President and CEO of Foran Mining, has subscribed to 2,000,000 Units, with each Unit consisting of one common share of Foran and one-half of one common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to acquire one common share of Foran for $0.70 for a period of five years from closing. The Warrants are subject to certain conditions before they may be exercised as follows:

  1. total of 250,000 Warrants are exercisable at any time;
  2. a total of 250,000 Warrants are exercisable when Patrick Soares recruits a management team on terms and conditions which are satisfactory to Foran;
  3. a total of 250,000 Warrants are exercisable when Foran completes an updated technical report in accordance with National Instrument 43-101 which includes the copper stringer zone of the McIlvenna Deposit; and
  4. a total of 250,000 Warrants are exercisable when Foran completes a scoping study in accordance with National Instrument 43-101 which includes appropriate metallurgical test work.
About Foran Mining Corporation

Foran Mining is an exploration company currently focused on the McIlvenna Bay deposit, which is comprised of 26 claims totalling 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”

Darren Morcombe
Chairman
306-956-0157

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

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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