VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/14/13 -- Foran Mining Corporation (TSX VENTURE: FOM) ("Foran" or the "Company") is pleased to announce the Company's winter 2013 drill program has commenced, with two drill rigs currently active on the McIlvenna Bay deposit ("McIlvenna Bay" or "the "Deposit").
As announced on October 1, 2012, Foran plans to drill approximately 7,000 metres ("m"), with approximately 2,000 m of drilling on the Deposit, followed by a further approximately 5,000 m to test regional targets in the Company's highly prospective landholdings around the Deposit.
Patrick Soares, President and CEO of Foran commented: "A large part of the mineral resource outlined to date on the Deposit is already in the indicated category; we are using the opportunity this winter to look ahead to the development of McIlvenna Bay, with the objective of upgrading additional inferred resources for inclusion in future feasibility studies." Mr. Soares continued: "Once the Deposit drilling is complete, we will begin exploration drilling of targets outside the Deposit area with the objective of discovery of additional zones of mineralization."
Drilling on the Deposit will consist of 3 to 4 holes designed to intersect the Deposit at depths of 400 to 500 m, near and below the main boundary between indicated and inferred resources. The primary objective of this drilling is to upgrade additional resources into the indicated category for potential conversion to reserves in feasibility-level work.
Regional drilling will focus on testing known zones of volcanogenic massive sulphide ("VMS") mineralization, as well as geophysical targets outside the immediate Deposit area on the 27,000 hectare contiguous McIlvenna Bay, Balsam and Hanson properties. This includes the Balsam deposit, located 7 kilometres ("km") southeast of the Deposit, on the Balsam property. Past drilling by previous operators at the Balsam deposit intersected multiple zones of massive, semi-massive and stockwork copper-zinc-gold-silver mineralization, with discovery hole BAL-11 intersecting 3.29% Cu, 3.30% Zn, 3.6 g/t Au and 32 g/t Ag over 6.5 m, starting at 84.5 m downhole. An initial mineral resource was estimated by Aur Resources in 1997. However, this resource estimate is historic in nature and Foran has not done sufficient work to classify it as a current resource estimate; further drilling will be required to upgrade the historic resource. Surveying and reinterpretation of historic drilling by Foran in 2012 has identified areas of potential for expansion of Balsam mineralization through drilling.
The McIlvenna Bay, Balsam and Hanson properties are owned 100% by Foran; Teck Resources Limited holds back-in rights on the Balsam and Hanson properties.
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.
For additional information on McIlvenna Bay, see 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".
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 law.
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.
Foran Mining Corporation
President & CEO
Foran Mining Corporation
VP, Corporate Development
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