August 18, 2011
Vancouver, BC (August 18, 2011) - Foran Mining Corporation
(TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce that all resolutions were approved by shareholders of the Company at its August 18, 2011 Annual and Special Meeting of Shareholders. This included the election of directors, appointment of auditors, and approval of an updated stock option plan. The information circular with respect to the meeting is available at www.sedar.com
The shareholders re-elected Darren Morcombe, Patrick Soares, Sharon Dowdall, Maurice Tagami and Bradley Summach to the Board of Directors. The Board of Directors have reappointed Darren Morcombe as Chairman of the Board. The Officers of the Company, as appointed by the Board of Directors, are Patrick Soares (President, CEO and Director), Tim Thiessen (CFO), Fiona Childe (VP, Corporate Development), and Betty Goyette (Corporate Secretary).
As announced by the Company in a new release dated November 24, 2010, Mr. Soares subscribed to aprivate placement financing of 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. The Board of Directors have approved the vesting of the second tranche of 250,000 warrants, as Mr. Soares has successfully recruited a management team on terms and conditions satisfactory to Foran.
Today Foran filed the Company’s unaudited consolidated financial statements and management’s discussion and analysis for the third quarter of 2011, which are available on sedar at www.sedar.com
and will be posted on the Company’s website atwww.foranmining.comAbout Foran Mining
Foran is a diversified exploration and development company with projects in the Flin Flon mining belt. The Company’s flagship project is McIlvenna Bay, a VMS deposit located in east central Saskatchewan, 60 kilometres west of Flin Flon, Manitoba.
McIlvenna Bay is one of the largest undeveloped VMS deposits in Canada, with acurrent NI 43-101 indicated mineral resource of 6.7 million tonnes grading 0.87% copper, 6.51% zinc and 26.0 g/t silver and a further 6.0 million tonnes grading 0.83% copper, 5.89% zinc and 24.8 g/t silver in the inferred category, based on copper and zinc prices of US$1.50/lb. and US$0.70/lb., respectively. The resource estimate calculated NSR values based on projected mining and milling costs and used an NSR cut-off of $50/tonne. Cut-off grades of 1.5% copper and 4.0% zinc were used for the massive and semi-massive sulphide zones. For the CSZ, the cut-off was based on geological boundaries, entire intersections, and a minimum width of three metres, rather than on a specific cut-off grade. This resource estimate is presented in an independent NI 43-101 technical report, dated November 27, 2006 and authored by Scott Wilson RPA. The report is available on SEDAR atwww.sedar.com
or on the Company’s website at www.foranmining.com
. On July 20, 2011, the Company announced the commissioning of an updated independent mineral resource estimate for McIlvenna Bay.
Foran trades on the TSX.V under the symbol “FOM”.For Additional Information Please Contact
President & CEO
VP, Corporate Development
Foran Mining Corporation
409 Granville Street, Suite 904
Vancouver, BC, Canada, V6T 1T2
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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