Foran Mining Corporation ("Foran" or the "Company") is pleased to announce that a Preliminary Economic Assessment ("PEA") is underway on the Company's 100% owned McIlvenna Bay Deposit ("McIlvenna Bay" or the "Deposit").
McIlvenna Bay is a large zinc-copper-gold-silver deposit located in east-central Saskatchewan, 65 kilometres west of the mining centre of Flin Flon, Manitoba. Foran has engaged JDS Energy and Mining Inc., a well-respected Canadian mine engineering, construction & project management consultancy, to deliver the PEA.
Patrick Soares, President and CEO of Foran, commented, "We are pleased to announce this important undertaking for McIlvenna Bay, a well-located base metal deposit in a safe, stable jurisdiction. Defining the preliminary economic parameters is a key step in advancing McIlvenna Bay on the road to production."
The PEA will determine the mining and processing parameters, and establish to a scoping-level, the capital expenditures and operating costs associated with the potential development of the Deposit. The PEA will incorporate the results of engineering and environmental studies which have been conducted on the Deposit since Foran's new management team reinitiated activities at McIlvenna Bay in 2011, including: the most recent mineral resource estimate (see the Foran news release dated March 27, 2013), initial metallurgical studies (see the Foran news release dated June 20, 2012), a traditional land use study (see the Foran news release dated September 24, 2013), a completed environmental baseline study, geotechnical studies, initial hydrogeological studies, waste rock geochemical characterization studies and a preliminary mine waste management study.
Completion of the McIlvenna Bay PEA and an announcement summarizing the findings is expected in Q4/2014, with a National Instrument 43-101 technical report to follow within 45 days of the announcement.
About Foran Mining
Foran is a diversified exploration and development company with projects in the Flin Flon Mining Belt. McIlvenna Bay, the Company's flagship deposit, is located in east-central Saskatchewan, 65 kilometres west of Flin Flon, Manitoba, is one of the largest undeveloped volcanogenic massive sulphide deposits in Canada.
On March 27, 2013, Foran announced an increased mineral resource estimate for McIlvenna Bay, with indicated resources of 13.9 million tonnes grading 13.19% zinc equivalent (1.96% copper equivalent or 1.28% Cu, 2.67% Zn, 0.49 g/t Au, 17 g/t Ag) and an inferred resource of 11.3 million tonnes grading 13.52% zinc equivalent (2.01% copper equivalent or 1.32% Cu, 2.97% Zn, 0.43 g/t Au, 17 g/t Ag). For additional information, see the Foran news release dated March 27, 2013 or the report entitled "Technical Report on the McIlvenna Bay Project, Saskatchewan, Canada" dated December 9, 2011 at www.sedar.com or www.foranmining.com.
Roger March, 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.
As at June 30, 2014 Foran had a treasury of $3.9 million in cash and cash equivalents.
Foran trades on the TSX.V under the symbol "FOM".