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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 25, 2013) - Foran Mining Corporation (News - Market indicators) ("Foran" or the "Company") today announced financial results and a summary of highlights and key developments for the year ended September 30, 2012.
Chronological Summary of Highlights & Key Developments:
- In October 2011, the Company completed a 1,587 line kilometre versatile time-domain electromagnetic ("VTEM") helicopter-borne geophysical survey over portions of its McIlvenna Bay, Balsam and Hanson properties not previously surveyed by the Company. An additional 1,117 line kilometre VTEM Survey was flown on the Company's Bigstone property;
- In November 2011, the Company increased its interest in the Balsam property to 100% by purchasing Anthem Resources Incorporated's 50% interest in consideration for 133,333 common shares of the Company at a fair value of $0.75 per share for total consideration of $100,000;
- In November 2011, the Company released a new Copper Stockwork Zone resource on its McIlvenna Bay deposit, which resulted in a more than 80% tonnage increase in the indicated category and a 60% tonnage increase in the inferred category from the previous resource estimate completed in 2006;
- From August to November 2011, the Company successfully conducted a summer-fall 2011 drill program on its McIlvenna Bay deposit, which totaled 8,158 metres in 18 drill holes;
- From February to April 2012, the Company conducted a winter drill program on its McIlvenna Bay deposit which consisted of 3,813 metres in 15 drill holes and focused on areas that were better accessed when the ground is frozen. Following this drill program, a further 2,387 metres of drilling in 8 holes was completed to test regional VTEM targets on the Company's McIlvenna Bay and Bigstone properties;
- In March 2012, the Company increased its interest in the Bigstone property to 100% by purchasing Cameco Corporation's 34.33% interest in consideration for a cash payment of $50,000;
- In June 2012, the Company announced positive results from initial metallurgical testwork from the three main styles of mineralization at the McIlvenna Bay deposit;
- In August 2012, the Company completed a private placement consisting of 5,719,769 non flow-through units at $0.58 per unit and 2,648,077 flow-through shares at $0.65 per share for gross proceeds of $5.04 million;
- As at September 30, 2012, the Company had cash and cash equivalents of $9.6 million (2011: $12.3 million) and working capital of $9.3 million (2011: $10.7 million).
For the year ended September 30, 2012, the Company recorded a net loss of $1.4 million or $0.02 per share (basic and diluted). This compares to a net loss of $2.5 million or $0.04 per share (basic and diluted) for the year ended September 30, 2011.
A complete set of the Company's audited consolidated Financial Statements and related notes for the year ended September 30, 2012 and Management's Discussion and Analysis will be posted on the Company's website at www.foranmining.com and filed on SEDAR at www.sedar.com.
The Company today also announced that it has granted 1,280,000 incentive stock options to Directors, Officers, Employees and a Consultant of the Company. The options are set for a period of five years, expiring on January 24, 2018, and will allow the holder to purchase a share in the Company at a price of $0.59.
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 property is located in east central Saskatchewan, 65 km west of Flin Flon, Manitoba and contains McIlvenna Bay, one of the largest undeveloped VMS deposits in Canada.
Foran trades on the TSX.V under the symbol "FOM".
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.