April 23, 2012
Vancouver, BC (April 23, 2012) - Foran Mining Corporation
(TSX.V: FOM) (“Foran” or the “Company”)is pleased to announce the appointment of David M. Petroff to the Company’s Board of Directors, effective April 20, 2012.
Mr. Petroff has over 30 years’ experience in the mining and investment industry, including the role of President, CEO,and Director of zinc producer Breakwater Resources Ltd. from early 2009 until its acquisition by Nyrstar NV in mid-2011. Prior to this, he held senior management and financial positions with several prominent,publicly-traded mining companies and worked in Investment Banking with a major Canadian investment dealer. Mr. Petroff holds a B. Math from the University of Waterloo and an MBA fromthe Schulich School of Business.
“On behalf of the Board of Directors of Foran, I would like to welcome David,” said Darren Morcombe, Chairman of the Board. “We continue to move forward in de-risking Foran’s 100% owned McIlvenna Bay base metal deposit. David’s appointmentfurther strengthensour Board, bringing to the Company both his strong financial acumen and extensive experience in directing the success of multinational resource companies, including a base metal mining company operating in the Americas”.
In connection with Mr. Petroff’s appointment, the Company has granted an aggregate of 200,000 incentive stock options of the Company. The options are set for a period of five years, expiring on April 19, 2017, and will allow the holder to purchase a share in the Company at a price of $0. 67.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 Project is located in east central Saskatchewan, 65 kilometres west of Flin Flon, Manitoba and contains the McIlvenna Bay deposit, a large volcanogenic massive sulphide (“VMS”) deposit.
McIlvenna Bay is one of the largest undeveloped VMS deposits in Canada, with total indicated resources of over 12 million tonnes (“Mt”) and total inferred resources of almost 10 Mt (12.07Mt of 1.16% Cu, 3.69% Zn and 19 g/t Ag (or 2.50% CuEq) indicated and 9.57 Mt of 1.07% Cu, 3.86% Zn, and 19 g/t Ag (or 2.42% CuEq) inferred, where provisions for metallurgical recovery and smelter returns are included in the copper equivalence estimation). For additional information 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”.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 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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