December 9, 2011
Vancouver, BC (December 9, 2011) - Foran Mining Corporation
(TSX.V: FOM) (“Foran” or the “Company”) has today filed on SEDAR a National Instrument 43-101 compliant technical report (the “Report”) entitled “Technical Report on the McIlvenna Bay Project, Saskatchewan, Canada”, dated December 9, 2011, and prepared by Mr. David W. Rennie, P.Eng., of Roscoe Postle Associates Inc. (“RPA”). Mr. Rennie is a Qualified Person as defined in National Instrument 43-101 and both Mr. Rennie and RPA are independent of Foran. The Report is in support of a new mineral resource that includes the Copper Stockwork Zone at Foran’s 100% owned McIlvenna Bay Project in east central Saskatchewan, as outlined in the Company’s news release dated November 2, 2011. The Report can be found on the Company’s SEDAR profile at www.sedar.com
As announced by the Company in the Foran news release dated November 24, 2010, Mr. Patrick Soares, President and CEO of Foran, subscribed to a private 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 and the Warrants are subject to certain conditions to vest. Subject to approval of Foran’s Board of Directors, a third tranche of 250,000 warrants will vest, as Foran has completed an updated technical report in accordance with National Instrument 43-101 which includes the Copper Stockwork Zone.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 a large volcanogenic massive sulphide (“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 total indicated resources of over 12 million tonnes (“Mt”) and total inferred resources of almost 10 Mt. This is comprised of a 2011 Resource in the Copper Stockwork Zone of 5.56 million tonnes (“Mt”) at a grade of 1.55% Copper (“Cu”), 11 grams of silver per tonne (“g/t Ag”), 0.53 grams of gold per tonne (“g/t Au”) and 0.27% Zinc (“Zn”) (or 1.91% CuEq) in the indicated category and a further inferred resource of 3.57 Mt at a grade of 1.48% Cu, 10 g/t Ag, 0.35 g/t Au and 0.43% Zn (or 1.81% CuEq), using a 1.1% CuEq cutoff. An additional 2006 Resource for the massive and semi-massive sulphides includes 6.51 Mt at a grade of 6.60% Zn, 26 g/t Ag, and 0.82% Cu in the indicated category and a further inferred resource of 6.00 Mt at a grade of 5.89% Zn, 25 g/t Ag and 0.83% Cu, using a $50/t NSR cutoff. For additional information see the Foran news release dated November 2, 2011 atwww.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, V6T 1T2
VP, Corporate Development
120 Adelaide Street West, Suite 2500
Toronto, ON, Canada, M5H 1T1
email@example.com 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 Statements
This 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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