July 19, 2011
Vancouver, BC (July 19 2011) - Foran Mining Corporation (TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce that the Company has awarded contracts for Environmental and Engineering Studies at its McIlvenna Bay Project (“McIlvenna Bay” or the “Project”), located in east central Saskatchewan, 60 kilometres west of Flin Flon, Manitoba.
An agreement has been singed with ASKI Resource Management and Environmental Services Inc. (“ASKI”) to provide project management services for the collection of environmental baseline data at McIlvenna Bay. Work is currently underway to prepare a Project Regulatory Framework for the permitting of future development at McIlvenna Bay. This will be followed by the formulation of a Baseline Data Acquisition Strategy. ASKI is a Saskatchewan-based environmental consulting group owned and operated by the Peter Ballantyne Cree Nation; ASKI’s consultants have successfully implemented environmental studies for a number of commodities, including base metals, throughout Saskatchewan.
An agreement has also been executed with Golder Associates Ltd. (“Golder”) to provide geotechnical and geochemical consulting services at McIlvenna Bay. Within the scope of work, Golder will assist the Company in implementing a geotechnical data collection program to begin to build a geotechnical database for the Project at a level of detail suitable for inclusion in scoping- and feasibility-level engineering studies. In addition, Golder will formulate and implement a preliminary program to collect representative samples of mineralized and non-mineralized material for initial geochemical characterization of the deposit and host rocks. This data is being collected with the objective of assisting in future mine design planning and waste management proposals for permitting and development of the Project. This engineering work is anticipated to commence in August, 2011. Golder is a global engineering and consulting firm focused on consultation, design, and construction services for the resource industry.
Patrick Soares, President and CEO of Foran commented: “The awarding of contracts and the commencement of environmental and engineering studies at McIlvenna Bay is an important step in the advancement of McIlvenna Bay, as we move towards our goal of building and operating a world-class mine. We are pleased to be working with ASKI and Golder, two well-respected consulting groups with a breadth of knowledge in their respective fields.”About 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 an 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, and recoveries of 81% for copper and 72% for zinc. 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 Copper Zone, 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 National Instrument 43-101 technical report, dated November 27, 2006 and authored by Scott Wilson Roscoe Postle Associates Inc. The report is available on SEDAR at www.sedar.com
or on the Company’s website atwww.foranmining.com
Foran trades on the TSX.V under the symbol “FOM”.For Additional Information Please Contact
President and 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.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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