March 28, 2014
VANCOUVER, BRITISH COLUMBIA—(Marketwired - March 28, 2014) - Foran Mining Corporation
(TSX VENTURE:FOM) (“Foran” or the “Company”) today announced its
financial results for the fifteen month period ended December 31, 2013.
The Company recorded a net loss of $2.8 million or $0.04 per share
(basic and diluted). This compares to a net loss of $1.4 million or
$0.02 per share (basic and diluted) for the year ended September 30,
As announced by Foran on April 19, 2013, the
Company changed its financial year-end from September 30 to December 31.
The Company’s transition year is the 15 month period ending December
As at December 31, 2013, the Company had a total of $4.3 million in
cash and cash equivalents (September 30, 2012: $9.6 million). Working
capital totaled $4.3 million (September 30, 2012: $9.3 million). On
February 11, 2014 the Company announced the closing of a flow-through
financing for gross proceeds of $1.2 million.
The audited Consolidated Financial Statements for the fifteen month
period ended December 31, 2013, along with Management’s Discussion and
Analysis, have been filed on SEDAR and are available at www.sedar.com.
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 located in east central Saskatchewan, 65 kilometres west
of Flin Flon, Manitoba and contains McIlvenna Bay, one of the largest
undeveloped volcanogenic massive sulphide (“VMS”) deposits in Canada.
On March 27, 2013, Foran 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 an inferred resource 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 on McIlvenna Bay, 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 or www.foranmining.com.
Roger March, VP Project Exploration for Foran and a Qualified Person
within the meaning of National Instrument 43-101, has reviewed and
approved the technical information in this release.
Foran trades on the TSX.V under the symbol “FOM”.
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
Forward Looking Statements
This news release contains
forward-looking information which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other
factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied
by such forward-looking information. Forward looking information in this
news release includes, but is not limited to, Foran’s objectives, goals
or future plans, statements regarding the estimation of mineral
resources, exploration results, potential mineralization, exploration
and mine development plans, timing of the commencement of operations and
estimates of market conditions. Factors that could cause actual results
to differ materially from such forward-looking information include, but
are not limited to, failure to convert estimated mineral resources to
reserves, capital and operating costs varying significantly from
estimates, the preliminary nature of metallurgical test results, delays
in obtaining or failures to obtain required governmental, environmental
or other project approvals, political risks, uncertainties relating to
the availability and costs of financing needed in the future, changes in
equity markets, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects and the other
risks involved in the mineral exploration and development industry, and
those risks set out in Foran’s public documents filed on SEDAR. Although
Foran believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable, undue
reliance should not be placed on such information, which only applies as
of the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. Foran
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information,
future events or otherwise, other than as required by law.
Foran Mining Corporation
President & CEO
Foran Mining Corporation
VP, Corporate Development
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