Foran Mining Corporation

Foran Mining Corporation

September 02, 2005 14:49 ET

Foran Announces Technical Report Results

SASKATOON, SASKATCHEWAN--(CCNMatthews - Sept. 2, 2005) - Foran Mining Corporation (TSX VENTURE:FOM) ("Foran") announced in a news release dated May 05, 2005 that Roscoe Postle Associates Inc. (RPA) had been retained to prepare a resource estimate and Independent Technical Report compliant with NI 43-101 on the North Star Property. Excerpts from the draft report are given below.

Conclusions and Recommendations:

- The indicated mineral resource of the North Star Zone is 19,100 tonnes grading 10.6 g/t for 6,500 ounces of contained gold

- The resource is not sufficient to support commercial production

- The potential to expand the mineral resource of the North Star Zone is limited as the extension both laterally and vertically has been tested by closely spaced diamond drilling

- Should Foran continue work on the North Star Property, exploration should focus on further testing of mineralized zones previously identified on the property, and/or exploration for additional zones

The full technical report will be filed on Sedar within 30 days of this news release

An aeromagnetic survey was conducted during April 2005 by Goldak Airborne Surveys on Mineral Exploration Licenses 125B and 136B in the Kaskattama Portage area, north-eastern Manitoba on behalf of Foran Mining Corporation and the report on this survey was prepared by Robertshaw Geophysics Ltd. The surveys consisted of airborne total field and vertical magnetic measurements in two blocks. Flight lines were spaced at 150m, with perpendicular tie lines at 1500m spacing. In all, 5,451 line km of airborne data were collected. "Analysis of the aeromagnetic survey data by modelling has so far failed to identify a viable diatreme-type anomaly which might be caused by a kimberlite body at shallow depth."

Foran has engaged the services of Eckart Buhlmann, a consulting Geoscientist who is familiar with the large portfolio of properties that Foran has, to evaluate and suggest strategies for the portfolio. The Company will make further announcements as decisions are reached on the disposition of the properties.

The TSX Venture Exchange does not accept responsibility for nor the adequacy or accuracy of the contents of this news release.

Contact Information

  • Foran Mining Corporation
    Brad Summach
    Vice President
    (306) 956-0157
    (306) 956-0158 (FAX)