Vancouver, B.C., Jan. 25, 2018 (GLOBE NEWSWIRE) -- Foran Mining Corporation (TSX.V:FOM) (“Foran” or the “Company”) is pleased to announce that preliminary analysis undertaken with Glencore Canada Corporation (“Glencore”) has been completed and Foran will now be moving its McIlvenna Bay Project towards a Feasibility Study. The analysis was undertaken pursuant to the previously announced Technical Services Agreement, executed between Foran and Glencore in December 2017 (see announcement dated December 4, 2017).
Patrick Soares, President & CEO, commented, “This is a significant milestone for Foran. Management is excited and committed to creating shareholder value by not only moving our McIlvenna Bay Project to Feasibility, thereby de-risking the Project, but by also advancing other known deposits and exploration targets on the Property.”
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.
