Foran Mining Corporation
TSX VENTURE : FOM

Foran Mining Corporation

July 15, 2008 16:21 ET

Foran Mining Announces Drill Results for DDH MB-08-129 and MB-08-132 at McIlvenna Bay, Saskatchewan

SASKATOON, SASKATCHEWAN--(Marketwire - July 15, 2008) - Foran Mining Corporation (TSX VENTURE:FOM) ("Foran") is pleased to announce the results of diamond drill holes MB-08-129 and MB-08-132 on the McIlvenna Bay, Saskatchewan property.

Results of the final two holes of the fall/winter 2007-2008 drill program are as follows:

MB-08-129 was deflected from its intended lower plunge line target by a strong shear feature. The mineral horizon occurs as interlayered chloritic felsic volcanics and near solid sulphide (NSS) bands. From 876.10m to 879.53m, the unit runs strongly anomalous values of Ag (13.3 - 41.70 g/t) with 876.9m - 877.85m containing economically significant Zn values (0.69 g/t Au, 41.70 g/t Ag, 0.13% Cu, 0.34% Pb and 1.41% Zn).

MB-08-132 intersected a 2.05m massive sulphide zone toward the bottom of the plunge grading trace Au, 13.36 g/t Ag, 0.20% Cu, 0.28% Pb and 4.61% Zn. This is underlain by a mineralized (Py) chlorictic unit that contained anomalous Ag values to 9.0 g/t Ag with little by way of base metals.

This drill program established the lower margins of the zone along with some fill-in holes giving continuity to the McIlvenna Bay deposit. Additional work at depth to the west and further infilling holes appear to be warranted in future drilling projects.

The Qualified person for this release is W.T.Fleming, P.Geo. All samples have been prepared and analyzed at TSL Laboratories in Saskatoon, Saskatchewan using ICP-MS, and Fire Assay analytical methods.

Foran Mining is a junior exploration company currently focused on the McIlvenna Bay deposit, which is comprised of 26 claims totalling 12,950ha, and is located approximately 1 kilometre south of Hanson Lake, Saskatchewan, approximately 375 km northeast of Saskatoon and 65 km west south-west of Flin Flon, Manitoba.

Foran owns 75% of the McIlvenna Bay property in a joint venture with Copper Reef Mining Corporation owning 25%. Foran Mining is the sole operator of the project.

ON BEHALF OF THE BOARD OF DIRECTORS

Bob Nylen, President & CEO

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 differ 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