Foran Mining Corporation Announces Increased Mineral Resource Estimate at MacIlvenna Bay in Saskatchewan - Video Summary on www.investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - March 28, 2013) - Foran Mining
Corporation (TSXV: FOM) has announced an increased mineral resource estimate for
its McIlvenna Bay Deposit. The company's 100% owned flagship McIlvenna Bay
project is located in east-central Saskatchewan, an easy 60 minute drive from
the town of Flin Flon, Manitoba, which hosts Hudbay Mining's zinc smelter, and
provides access to railhead, that allows concentrate to be shipped to all of
North America and international ports.
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Highlights from the report include:
An indicated resource of 13.9 million tonnes grading 1.96%
copper equivalent and an inferred resource of 11.3 million tonnes grading 2.01
copper equivalent at a base NSR cut-off of US$60 per tonne. Using a US$45 per
tonne NSR cut-off, the copper equivalent resource estimate increases to 16.3
million tonnes grading 1.82% in the indicated category and a further 13.1
million tonnes grading 1.87% in the inferred category, highlighting the very
large resource base for the Deposit.
A 15% increase in the indicated tonnage and an 18% increase in
the inferred tonnage of the Deposit at the base case, including increases in the
Copper Stockwork Zone of 37% and 53% in the indicated and inferred categories,
respectively.
The 2013 Resource includes several distinct zones of VMS
mineralization, including massive to semi-massive sulphide mineralization in the
Main Lens and Lens 3, as well as footwall stockwork-style sulphide
mineralization in the underlying Copper Stockwork Zone.
The Deposit starts at a depth of 35 metres below surface, with
a down-plunge extent of approximately 2 kilometres, remains open offering the
potential to further increase the size of the resource.
The Main Lens is a large massive to semi-massive sulphide lens
comprised of two distinct zones, the copper-gold rich Upper West Zone and the
zinc-silver dominant Zone 2, with higher NSR values concentrated in the up-dip
portions of the lens, corresponding to the Upper West Zone.
The Copper Stockwork Zone shows a broad, coherent zone of
higher NSR mineralization through the central core, with a strong positive
correlation with greater than average widths.
Patrick Soares, President & CEO commented, "The
increased mineral resource announced today demonstrates the impressive size and
continued growth of McIlvenna Bay, one of the major VMS deposits in the
district. The broad widths outlined in the massive sulphides and adjacent
stockwork indicate excellent potential for low-cost underground bulk mining,
which we will investigate in future engineering work. We have achieved a great
deal in the two years since Foran's new management team recommenced work at
MacIlvenna Bay. Today's announcement is another significant step in de-risking
the Deposit, as we move forward on the path to production at McIlvenna Bay."
With a cash balance of approximately $9 million, the company is well-funded to complete the 2013 exploration and development program. The shares are currently trading at $0.39, and with approximately 77 million shares outstanding, the
company is capitalized at $30 million.
Mackie Research analyst, Matt O'Keefe, recently reiterated his BUY recommendation and 12 month price target of $1.20 on the company and Fraser Mackenzie analyst Aleksandra Bukacheva recently reiterated her BUY recommendation and 12 month
target price of $1.30.
For more information, and to view the full news release, please visit the company's website
www.foranmining.com or contact Fiona Childe, VP Corporate Development at 416-847-7310 or email ir@foranmining.com.
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