Foran Mining Purchases Net Profits Interest from Thundermin Resources Inc.
January 08 2014 - 12:30PM
Marketwired
Foran Mining Purchases Net Profits Interest from Thundermin
Resources Inc.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 8, 2014) - Foran
Mining Corporation (TSX-VENTURE:FOM) ("Foran" or the "Company") is
pleased to announce that it has reached an agreement (the
"Agreement") with Thundermin Resources Inc. ("Thundermin") to
purchase the net profits interest ("NPI") that Thundermin has on
certain of the Company's exploration properties in Saskatchewan and
Manitoba. In consideration for the NPI, Foran will pay C$50,000 in
cash and issue 100,000 common shares of the Company to Thundermin.
The Agreement is subject to approval by the TSX Venture Exchange.
Resale restrictions and hold periods may be placed on the Foran
shares issued in this transaction by the TSX Venture Exchange.
Details concerning the royalty agreements on Foran's properties
may be found in the Management Discussion and Analysis for the
twelve month period ended September 30, 2013 at www.sedar.com.
Mr. Roger March, P. Geo., Vice President Project Exploration for
Foran is the Qualified Person for technical information contained
in this news release.
About Foran
Mining
Foran is a diversified exploration and development company with
projects in the Flin Flon Mining Belt. The Company's flagship
McIlvenna Bay Project is located in east central Saskatchewan, 65
kilometres west of Flin Flon, Manitoba and contains McIlvenna Bay,
one of the largest undeveloped volcanogenic massive sulphide
("VMS") 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 1.96% copper equivalent (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 2.01% copper equivalent (1.32% Cu, 2.97% Zn, 0.43
g/t Au, 17 g/t Ag). For additional information on McIlvenna Bay,
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.
Foran trades on the TSX.V under the symbol "FOM".
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking
Statements
This news release contains forward-looking statements. These
statements are based on information currently available to the
Company and the Company provides no assurance that actual results
will meet management's expectations. Forward-looking statements
include estimates and statements that describe the Company's future
plans, objectives or goals, including words to the effect that the
Company or management expects a stated condition or result to
occur. Forward-looking statements may be identified by such terms
as "believes", "anticipates", "expects", "estimates", "may",
"could", "would", "will", or "plan". Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results relating to, among other things,
results of exploration, project development, reclamation and
capital costs of the Company's mineral properties, and the
Company's financial condition and prospects, could differ
materially from those currently anticipated in such statements for
many reasons such as: changes in general economic conditions and
conditions in the financial markets; changes in demand and prices
for minerals; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in
connection with the activities of the Company; and other matters
discussed in this news release. This list is not exhaustive of the
factors that may affect any of the Company's forward-looking
statements. These and other factors should be considered carefully
and readers should not place undue reliance on the Company's
forward-looking statements. The Company does not undertake to
update any forward-looking statement that may be made from time to
time by the Company or on its behalf, except in accordance with
applicable securities laws.
Foran Mining CorporationPatrick SoaresPresident &
CEO416-847-7310409 Granville Street, Suite 904Vancouver, BC,
Canada, V6C 1T2Foran Mining CorporationFiona ChildeVP, Corporate
Development416-847-7310120 Adelaide Street West, Suite 2500Toronto,
ON, Canada, M5H 1T1Foran Mining
Corporation416-847-7310ir@foranmining.comwww.foranmining.com
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