July 20, 2011
Vancouver, BC (July 20, 2011) - Foran Mining Corporation
(TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce that the Company has engaged Roscoe Postle Associates Inc. (“RPA”) to complete an updated mineral resource estimate on its 100% owned McIlvenna Bay Project (“McIlvenna Bay” or the “Project”), located in east central Saskatchewan, 60 kilometres west of Flin Flon, Manitoba. A National Instrument 43-101 (“NI 43-101”) compliant technical report will be prepared to support the updated mineral resource estimate. It is anticipated that the updated mineral resource estimate will be completed in the 4th quarter of 2011.
In the spring of 2011, the new management team at Foran completed a first-phase drill program (the “Phase One Program”) at McIlvenna Bay, with 5,081 metres drilled in ten diamond drill holes. The primary objective of the Phase One Program was to test the Copper Stockwork Zone (the “CSZ”), with the first nine holes of the program outlining excellent continuity, grade and width of copper-gold mineralization in the CSZ on three 50 metre spaced lines in the central part of the deposit. The final hole of the Phase One Program was successful in testing potential increased thickness of the down plunge extent of the main zinc-rich massive sulphide horizon (Lens 2), and returned a broad interval of zinc-silver-rich massive sulphides. For a summary of the results of the Phase One Program see the Foran news release dated June 15, 2011 or visit www.foranmining.com
Patrick Soares, President and CEO of Foran commented: “I am excited to announce today that work on an updated mineral resource estimate for McIlvenna Bay is underway, with completion expected this fall. The results of our highly successful Phase One Program exceeded our expectations; this new resource will incorporate these results with the primary objective of beginning to bring the extensive CSZ into the NI 43-101 compliant resource.”
RPA is a global geological and mining consultancy with offices in North America and the United Kingdom. RPA has extensive experience in the mineral resource estimation of base metal projects, including Volcanogenic Massive Sulphide (“VMS”) deposits. Its predecessor company, Scott Wilson Roscoe Postle Associates Inc. (“Scott Wilson RPA”), prepared the current NI 43-101 compliant mineral resource estimate for McIlvenna Bay (see below). RPA and Scott Wilson RPA are independent of Foran.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 a current 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, 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 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 at www.sedar.com
or on the Company’s website at www.foranmining.com
Foran trades on the TSX.V under the symbol “FOM”.For Additional Information Please Contact
President and CEO
VP, Corporate DevelopmentForan 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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