February 4, 2011
Saskatoon, SK (February 4, 2011) — Foran Mining Corporation (TSX Venture FOM) is pleased to announce it has received government permitting for a winter drill program scheduled to commence in mid February at the McIlvenna Bay property in northeast Saskatchewan, approximately 100 kilometres west-southwest of Fin Flon, Manitoba.
In November 2006 Scott Wilson Roscoe Postle and Associates Inc. completed a resource on the McIlvenna Bay deposit that outlines 6.7 million tonnes of 0.83% Copper, 6.51% Zinc, and 26.0 grams Silver in the Indicated Category. Also outlined is an additional Inferred Resource of 6 million tonnes running 0.83% Copper, 5.89% Zinc and 24.8 grams Silver. The deposit is currently open to depth and down plunge to the west.
The drill program will comprise a total of approximately 5,000 metres in 8-10 drill holes, ranging from 400 to 650 metres in length. Drilling will target a strongly mineralized portion of the Cu Stringer Zone, which lies in the footwall to the main massive sulphide deposit and outside the 2006 resource blocks. The drill program is intended to provide more detailed geological and assay information that will assist in adding resources to the existing NI 43-101 compliant mineral resource for the McIlvenna Bay deposit. The drilling will also provide fill-in holes in the massive sulphide portion of the deposit.
Currently, Foran personnel are at the property reviewing core from past drill holes and preparing for the upcoming drill program.Qualified Person:
Murray Jones, M.Sc., P.Geo., Project Geologist with Equity Exploration Consultants Ltd.,
200-900 West Hastings St., Vancouver, B.C., Canada, V6C 1E5, is a Qualified Person as defined by NI 43-101 and has reviewed and approved this news release. All historical results were obtained from published reports available in the public domain.
“ON BEHALF OF THE BOARD OF DIRECTORS”
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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