August 27, 2018
Vancouver, BC (August 27, 2018) - Foran Mining Corporation
(TSX.V: FOM) (“Foran” or the “Company”) today announced that it has
granted a total of 350,000 incentive stock options to employees and
consultants of the Company. Each stock option will allow the holder to
purchase a common share of Foran at a price of $0.41, with an expiry of
August 23, 2023, pursuant to certain vesting requirements.
About Foran Mining
Foran is a copper-zinc exploration and
development company with projects in the Flin Flon Greenstone Belt.
McIlvenna Bay, Foran’s flagship deposit, is located in east-central
Saskatchewan, 65 kilometres west of Flin Flon, Manitoba and is one of
the largest undeveloped VMS deposits in Canada.
On November 12, 2014, Foran announced a
positive preliminary economic assessment (“PEA”) for McIlvenna Bay, with
an estimated pre-tax NPV7% of $382M ($263M after-tax) & 22% IRR
(19% after-tax) at a US$ Zinc price of 1.06/lb. Spot Zinc price today is
US$1.40/lb.See below and Foran’s news releases from November 12 and
December 22, 2014 for important disclosures with respect to the
McIlvenna Bay PEA.
The PEA is considered preliminary in
nature and includes mineral resources, including inferred mineral
resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be
categorized as mineral reserves. Mineral resources that are not mineral
reserves have not yet demonstrated economic viability. Due to the
uncertainty that may be attached to mineral resources, it cannot be
assumed that all or any part of a mineral resource will be upgraded to
mineral reserves. Therefore, there is no certainty that the results
concluded in the PEA will be realized.
Roger March, P.Geo., 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”.
For additional information, please contact Foran Mining Corporation:
President & CEO
904 – 409 Granville Street
Vancouver, BC, Canada, V6C 1T2
Neither the TSX-V nor its Regulation
Services Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy of this release. No stock
exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Forward Looking Statements
This news release contains
forward-looking information which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other
factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied
by such forward-looking information. Forward looking information in this
news release includes, but is not limited to, Foran’s objectives, goals
or future plans, statements regarding the Technical Services Agreement
and whether preliminary work will support proceeding with a feasibility
study and, if so, whether such study will suggest an economically viable
project, estimation of mineral resources, exploration results,
potential mineralization, exploration and mine development plans, timing
of the commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from such
forward-looking information include, but are not limited to, preliminary
work under the Technical Services Agreement which does not support
proceeding with a feasibility study, and assuming the parties agree to
proceed with the feasibility study, the failure of such study to suggest
an economically viable project, failure to convert estimated mineral
resources to reserves, capital and operating costs varying significantly
from estimates, the preliminary nature of metallurgical test results,
delays in obtaining or failures to obtain required governmental,
environmental or other project approvals, political risks, uncertainties
relating to the availability and costs of financing needed in the
future, changes in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of projects
and the other risks involved in the mineral exploration and development
industry, and those risks set out in Foran’s public documents filed on
SEDAR. Although Foran believes that the assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information,
which only applies as of the date of this news release, and no assurance
can be given that such events will occur in the disclosed time frames
or at all. Foran disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by law.
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