VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 24, 2013) - Foran Mining Corporation (News - Market indicators) ("Foran" or the "Company") is pleased to announce that President and CEO Patrick Soares recently updated the Chief and Council of the Peter Ballantyne Cree Nation ("PBCN") on activities at the Company's McIlvenna Bay Project ("McIlvenna Bay" or the "Project"). Also presented were the results of a Traditional Land Use Study and Knowledge Inventory (the "Study") conducted on the Project.
Patrick Soares, President and CEO of Foran commented "I was honoured to be given the opportunity to provide community leaders with a further update on our progress at McIlvenna Bay and present the findings of the Study to the PBCN Chief and Council. I look forward to continuing to keep community leaders and members apprised of our activities. Mr. Soares continued, "The results of the discussions with Elders and other member of the communities within the scope of the Study and in our ongoing dialogue have been very positive. We look forward to a long and mutually beneficial relationship with all our local stakeholders."
No comments indicating opposition to the project were received during the course of the Study. In general, those interviewed for the Study concluded that there are negligible adverse impacts on traditional pursuits. Access to the Project is via a road that has existed for a number of years and minimal additional disturbance is required in order to commission the roads to handle the type of traffic proposed for a mine at McIlvenna Bay.
The traditional territory of the PBCN encompasses a large portion of east-central Saskatchewan and contains eight communities, including Deschambault Lake and Denare Beach. Deschambault Lake and Denare Beach are located approximately 50 kilometres northwest and 50 kilometres east, respectively, of McIlvenna Bay.
The Study was commissioned by Foran and prepared by ASKI Resource Management and Environmental Services LP ("ASKI"). ASKI is an experienced and well-respected environmental consultancy owned and operated by the PBCN. Within the scope of the Study, ASKI personnel conducted interviews with Elders, as well as members of the Deschambault Lake and Denare Beach communities involved in hunting, fishing, trapping and harvesting in the area with respect to potential mine development of the Deposit.
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 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.
As at June 30, 2013, the Company had a total of $5.2 million in cash and cash equivalents and short-term investments,
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 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.
