Prior to RPA initiating the revised resource estimation work, Foran completed a program of validation and verification of the historic drill hole database which was used as a basis for the resource estimate. This work included: re-surveying the locations of historic drill hole collars on the ground, downhole directional surveys of as many historic drill holes as possible utilizing a Gyro tool to verify downhole survey data, re-building of the historic assay database from original assay certificates, additional sampling of gaps in mineralized zones (shouldering) where required to better represent the mineralizing system and a re-interpretation of the geology and ore zones in 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 property is located in east central Saskatchewan, 65km 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.
Foran trades on the TSX.V under the symbol "FOM".
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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