January 14, 2011
Saskatoon, SK (January 14, 2011) — Foran Mining Corporation (TSXV: FOM) (“Foran”) Since Foran Mining Corporation announced that it was restructuring in May 2010, it has attracted a knowledgeable shareholder base, recapitalized the Company, hired new management and is embarking on a plan that will enhance the value of its primary property McIlvenna Bay in Saskatchewan.
The Company recently announced that it has engaged Equity Exploration Consultants Ltd. to compile and interpret exploration data and develop a program(s) to advance further exploration on the Company’s key asset properties. Equity has reviewed much of the historic data it has received and will be embarking on a core re-logging program at McIlvenna Bay during the next few weeks in order to plan further exploration.
In November 2006 Scott Wilson Roscoe Postle and Associates Inc. completed a resource calculation on the McIlvenna Bay deposit that outlines 6.7 million tonnes of 0.87% Copper, 0.51% Zinc, and 26.0 grams Silver in the Indicated Category. Also outlined in the supporting NI 43-101 report, is an additional Inferred Resource of 6 million tonnes running 0.83% Copper, 5.89% Zinc and 24.8 grams Silver.
A drill program is planned as part of the McIlvenna Bay 2011 Exploration Program. The intention of the program is to outline the Copper Stringer Zone and demonstrate that it has enough continuity to be included in any new resource calculated on the property.
Foran Management will continue to build on its strengths by enhancing a management team that will continue to build on its current success.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”
Patrick Soares, P.Geo.
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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