SASKATOON, SASKATCHEWAN--(Marketwire - May 10, 2011) - Foran Mining Corporation (News - Market indicators) ("Foran" or the "Company") is pleased to announce assay results from an additional three drill holes from the Company's 2011 spring drill program (the "Phase One Program") at its McIlvenna Bay Project ("McIlvenna Bay" or the "Project"), located in northeast Saskatchewan, 60 kilometres west of Flin Flon, Manitoba.

Drilling results continue to indicate good continuity and thickness, with wide intervals of elevated copper and gold, as highlighted by MB-11-139 which intersected a downhole length of 47.55 metres grading 1.70% copper and 0.46 g/t gold, including an 8.00 metre interval grading 3.24% copper and 0.92 g/t gold. A table of significant results from the Phase One Program is provided below:

¹ True thickness is estimated to be approximately 80-85% of drill indicated length.

² Au = gold, Ag = silver, Cu = copper, Zn = zinc.

³ Result previously released; see Foran's news release dated April 6, 2011.

McIlvenna Bay is host to significant volcanogenic massive sulphide ("VMS") mineralization, consisting of steeply dipping zinc-copper-gold-silver massive sulphide lenses underlain by a copper stringer zone (the "Zone") with significant gold values. The objective of the drill program is to test the continuity of the Zone and establish the geological controls on mineralization for resource modelling. 

Patrick Soares, President and CEO of Foran commented: "Our Phase One Program at McIlvenna Bay continues to demonstrate good width, grade and continuity, with potential to add to the Zone updip, at shallower depths from surface. The results from this program will assist Foran's geological team in determining how to incorporate the Zone into an updated mineral resource estimate."

A geological cross section is attached to this release which shows the results from the Phase One Program in context with historic drill holes in the area. Assay results from Foran's Phase One Program compare favourably with historic results and the drilling suggests that the Zone remains open towards surface for further expansion. 

The results contained in this release and in a Foran news release of April 6, 2011 are part of a ten drill hole (5,081 metre) Phase One Program that has recently been completed on the Project. The remainder of the results from the Phase One Program will be released as assay data becomes available. 

Quality Assurance, Quality Control, and Qualified Person

Drilling is completed using NQ size Diamond drill core. The core is currently logged by representatives of Equity Exploration Consultants Ltd., a geological consulting firm independent of the Company. During the logging process mineralized intersections are marked for sampling and given unique sample numbers. Sampled intervals are sawn in half by a Diamond blade saw. One half of the sawn core is placed in a plastic bag with the sample tag and sealed, while the second half is returned to the core box for storage on site. Sample analysis is performed by TSL Laboratories Ltd. ("TLS") in Saskatoon, Saskatchewan. TLS is a CAN-P-1579, CAN-P-4E(ISO/IEC 17025:2005) accredited laboratory and independent of Foran. Analysis for Ag, Cu, and Zn is performed using atomic absorption spectrometry ("AA") after multi-acid digestion. Au analysis is completed by fire assay with AA finish. Any samples which return results greater than 3.0 g/t Au are re-run using gravimetric finish. A complete suite of QA/QC reference materials (standards, blanks and pulp and field duplicates) are included in each batch of samples processed by the laboratory. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data.

The technical content of this new release has been verified and approved by Roger March, P.Geo. Mr. March is the Manager, Advanced Projects for Foran, a Qualified Person within the meaning of National Instrument 43-101 and has visited the Project. 

About Foran Mining

Foran is a diversified exploration company with exploration properties in the Flin Flon mining belt. The Company's flagship project is McIlvenna Bay, a VMS deposit located 60 kilometres west of Flin Flon, Manitoba.

McIlvenna Bay is one of the largest undeveloped VMS deposit in Canada, with an 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, using a cut-off grade of 4.0% zinc and 1.5% copper (as applicable). 

This resource estimate is presented in an independent National Instrument 43-101 technical report, dated November 2006 and authored by Scott Wilson Roscoe Postle and Associates Inc. The report is available on SEDAR at www.sedar.com or on the Company's website at www.forangold.com. 

Forward Looking Statements

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

To view a map of the McIlvenna Bay Project, please visit the following link: http://media3.marketwire.com/docs/510fom_map.pdf.