Foran Mining Corporation
TSX VENTURE : FOM

Foran Mining Corporation

January 26, 2006 13:23 ET

Foran Mining Corporation: Arbitration Hearing with Copper Reef

SASKATOON, SASKATCHEWAN--(CCNMatthews - Jan. 26, 2006) - Foran Mining Corporation (TSX VENTURE:FOM) (Foran) announces dates have been set for the arbitration hearing between Foran and Copper Reef Mines (1973) Limited. (Copper Reef). Arbitration will begin March 9, 2006 and is scheduled to continue for up to 6 days.

Foran advised Copper Reef that it rescinded the assignment agreement concerning the property option agreement for the McIlvenna Bay Deposit at Hanson Lake in Northern Saskatchewan. The property was optioned from a joint venture between Cameco Corporation and BHP Billiton which has transferred the property claims to Foran.

Copper Reef disputes Foran's rescission and is asking arbitrators to make Foran comply with all requirements of the assignment agreement and transfer the property to Copper Reef.

Details about the McIlvenna Bay Deposit are contained in a November 18, 2004 news release, and are available on http://www.sedar.com

Arbitration dates conflict with the previously announced date of the Annual General Meeting, the meeting has been moved to March 24, 2006.

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

Contact Information

  • Foran Mining Corporation
    Brad Summach
    Vice President
    (306) 956-0157
    (306) 956-0158 (FAX)
    Email: ir@forangold.com