May 16, 2013
Vancouver, BC (May 16, 2013) - Foran Mining Corporation
(TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce the Company has engaged JDS Energy and Mining Inc. (“JDS”) to conduct engineering studies (the “Studies”) at the Company’s 100% owned McIlvenna Bay deposit (“McIlvenna Bay” or the “Deposit”), in east-central Saskatchewan.
The Studies will include high-level engineering and development plans for the Deposit and will be based on work by the Company since recommencing exploration at McIlvenna Bay in 2011. This work includes positive initial metallurgical testwork announced by Foran on June 20, 2012, an increased mineral resource estimate as announced by Foran on March 27, 2013, revised geological interpretation incorporated into the new mineral resource estimate and geotechnical studies. Key aspects of the Studies will include mine planning and scheduling, mineral processing and flow-sheet design, and comparative operating and capital cost analysis of similar scale operations.
Patrick Soares, President and CEO of Foran, commented: “The Studies undertaken by Foran are an important step in the advancement of the Deposit and will provide recommendations for the path going forward at McIlvenna Bay. We anticipate this work will be completed in the second half of 2013.”
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 property is located in east central Saskatchewan, 65km west of Flin Flon, Manitoba and contains McIlvenna Bay, one of the largest undeveloped volcanogenic massive sulphide ("VMS") deposits in Canada.
Foran recently 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 inferred resources 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 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
Roger March, P.Geo., VP Project Exploration for Foran and a Qualified Person within the meaning of National Instrument 43-101 has approved the technical information in this release.
Foran trades on the TSX.V under the symbol "FOM".About JDS
JDS is a British Columbia-based engineering consulting firm focused on delivering high-quality engineering, construction, procurement and management solutions on an international scale to the mineral resource sector.
JDS have been involved in projects from the exploration-stage through to mining in a wide range of commodities globally. Recently, JDS has been involved in mining and engineering work on a number of VMS deposits, including raise development, mine engineering and planning at the G9 mine in Mexico for Nyrstar and mine planning for the Myra Falls Mine in Canada, also for Nyrstar, as well as feasibility studies for the Tulsequah Chief deposit in Canada for Chieftain Metals Inc.
Gordon Doerksen, P.Eng., P.E., VP Technical Services with JDS is the Project Director and Qualified Person within the meaning of National Instrument 43-101 for the Studies.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 law.
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