May 23, 2013
Vancouver, BC (May 23, 2013) - 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 May 22, 2013 Annual and Special Meeting of Shareholders. This included the election of directors, appointment of auditors, and approval of the Company’s stock option plan. The Information Circular with respect to the meeting is available at www.sedar.com
The shareholders elected Darren Morcombe, Patrick Soares, Sharon Dowdall, Maurice Tagami, Bradley Summach and David M. Petroff 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 and Corporate Secretary), Fiona Childe (Vice President, Corporate Development), Roger March (Vice President, Project Exploration) and Dave Fleming (Vice President, Exploration).
In addition, the Company has announced its financial results for the six month period ended March 31, 2013. The Company recorded a net loss of $1,064,836 or $0.01 per share (basic and diluted). This compares to a net loss of $670,191 or $0.01 per share (basic and diluted) for the six months ended March 31, 2012.
The unaudited Condensed Consolidated Interim Financial Statements for the six months ended March 31, 2013, along with Management’s Discussion and Analysis, have been filed on SEDAR and are available at www.sedar.com
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 McIlvenna Bay, one of the largest undeveloped volcanogenic massive sulphide ("VMS") deposits in Canada.
On March 27, 2013, Foran announced an increased mineral resource estimate for McIlvenna Bay, with indicated resources of 13.9 million tonnes grading 1.96% copper equivalent (1.28% Cu, 2.67% Zn, 0.49 g/t Au, 17 g/t Ag) and an inferred resource of 11.3 million tonnes grading 2.01% copper equivalent (1.32% Cu, 2.97% Zn, 0.43 g/t Au, 17 g/t Ag). For additional information on McIlvenna Bay, see the Foran news release dated March 27, 2013 or the report entitled "Technical Report on the McIlvenna Bay Project, Saskatchewan, Canada" dated December 9, 2011 at www.sedar.com
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 StatementsThis 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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