VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2013) - Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased to announce the Company has commissioned a ground-based, deep-penetrating time-domain electromagnetic ("DEEP EM") geophysical survey on its McIlvenna Bay, Hanson and Balsam properties, in proximity to Foran's 100% owned McIlvenna Bay deposit ("McIlvenna Bay" or the "Deposit").
The DEEP EM survey will be conducted by Koop Geotechnical Services Inc. ("KGSI"). Previously, KGSI was involved in the identification of the geophysical target associated with the Lalor volcanogenic massive sulphide ("VMS") deposit of HudBay Minerals Inc. in the Snow Lake area. In concert with KGSI, overall technical guidance will be provided by Foran's geophysical consultant in3D Geoscience Inc.
Patrick Soares, President and CEO of Foran commented: "VMS deposits typically form in clusters, as evidenced by the many VMS deposits discovered in the nearby Flin Flon mining camp, with 16 deposits and the Snow Lake mining camp with 9 deposits. To the west of Flin Flon, in and around Foran's 43,000 hectare landholdings, we already know of our large McIlvenna Bay deposit, a small high-grade past producer, several zones with historic mineral resource estimates and numerous showings and occurrences, thereby demonstrating the clustering of VMS mineralization in the McIlvenna Bay area." Mr. Soares continued, "The DEEP EM survey will focus on identifying conductive targets within the highly prospective volcanic stratigraphy that hosts the McIlvenna Bay deposit, with the objective of identifying new zones or lenses of VMS mineralization under cover".
Work on the DEEP EM survey will commence immediately and is anticipated to take four to six weeks to complete, allowing for the potential to test high priority targets in the later part of the winter 2013 drill program, which commenced in mid-January (see Foran news release dated January 14, 2013). The DEEP EM survey will cover eleven kilometres of strike extent, including 7 kilometres of the stratigraphic package that hosts the McIlvenna Bay deposit ("McIlvenna Bay" or "the "Deposit") and an additional 4 kilometres to the southeast around Foran's Balsam zone.
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".
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.