September 19, 2011
Vancouver, BC (September 19, 2011) - Foran Mining Corporation (TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce the promotion of Roger March to Vice President, Project Exploration and Dave Fleming to Vice President, Exploration.
Patrick Soares, President and CEO of Foran commented: “Roger and Dave joined Foran earlier this year and in this time have made significant contributions to the advancement of the Company and the successful initiation of the Phase Two exploration program on our flagship McIlvenna Bay Project. On behalf of the Board of Directors, I am pleased to be promoting two highly experienced geologists to these new positions at Foran.”
Roger March, B.Sc. (Hons.), P.Geo., Vice President, Project Exploration, has almost 20 years of progressive exploration and project management experience, focused mainly on the design, implementation and supervision of advanced exploration programs. In his prior role with a TSX-listed exploration and development company, Mr. March spent 11 years as part of the team responsible for the completion of prefeasibility and feasibility level studies for a large Canadian gold deposit, including resource increases from 0.8 million to over 4 million ounces of gold. Roger has extensive experience integrating exploration with geotechnical, metallurgical and environmental programs for project development, and is using this background to advance the exploration and development of the McIlvenna Bay Project.
Dave Fleming, B.Sc., P.Geo., Vice President, Exploration, Dave has over 30 years experience in the generation, management and implementation of successful mineral exploration throughout North America. He began his career with an exploration group responsible for exploration and development of gold and base metal mines in the Yukon. Dave has worked with several major mining companies, and more recently was part of the exploration and development group that successfully advanced a large Canadian gold deposit from exploration to feasibility stage. Using his background in district and regional scale exploration, Mr. Fleming is focused on the exploration of the McIlvenna Bay Project outside the immediate deposit area, as well as Foran’s project portfolio in Saskatchewan and Manitoba.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 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 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 (see below for additional information). On July 20, 2011, the Company announced the commissioning of an updated independent mineral resource estimate for McIlvenna Bay; the results of which are expected in the fourth quarter of 2011.
The current NI 43-101 indicated mineral resource is based on copper and zinc prices of US$1.50/lb. and US$0.70/lb., respectively. 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 Stockwork 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 NI 43-101 technical report, dated November 27, 2006 and authored by Scott Wilson RPA. The report is available on SEDAR atwww.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 Foran Mining Corporation:
|Patrick Soares |
President & CEO
409 Granville Street, Suite 904
Vancouver, BC, Canada, V6T 1T2
| ||Fiona Childe |
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 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.
Back to the News page