Foran Mining Corporation

Foran Mining Corporation

October 18, 2007 13:04 ET

Foran Announces Private Placement With MineralFields Group

SASKATOON, SASKATCHEWAN--(Marketwire - Oct. 18, 2007) - Foran Mining Corporation (TSX VENTURE:FOM) ("Foran") is pleased to announce that it has entered into an agreement with MineralFields Group for a non-brokered private placement which will consist of 8,571,427 flow-through units at $0.1 75 per share for aggregate gross proceeds of $1,500,000.

Each flow-through unit will consist of one flow-through common share and one non-flow through share purchase warrant. Each warrant will have a term of 24 months with an exercise price of $0.40 in year 1 and $0.75 in year 2.

The offering which is subject to regulatory approval will close on or about October 22, 2007.

Limited Market Dealer Inc. will receive a cash finder's fee of 6% and a one year nonflow-through finder's fee warrants equal to 7% of the number of units subscribed for at an exercise price of $0.1 75 per warrant.

The proceeds from the sale of the flow-through shares will be used for qualified Canadian Exploration Expenditures on the McIlvenna Bay property.

Foran is pleased to be commencing its relationship with MineralFields Group. This is an important milestone in the growth of Foran.

About Foran Mining

Foran Mining is a junior exploration company focused on the McIlvenna Bay deposit which is comprised of 26 claims totalling 12,950ha and is located approximately one kilometre south of Hanson Lake, Saskatchewan.

75% of the McIlvenna Bay property is owned by Foran in a joint venture, with Foran being the sole operator.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds.

Information about MineralFields Group is available at First Canadian Securities® is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service friendly terms, with investors both within, and outside of, MineralFields Group.

Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to difer materially from estimated or implied results.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Foran Mining Corporation
    Bob Nylen
    President & CEO
    (306) 956-3105