Foran Announces Closing of Purchase of Net Profits Interest from Thundermin Resources Inc.
February 03 2014 - 12:43PM
Marketwired
Foran Announces Closing of Purchase of Net Profits Interest from
Thundermin Resources Inc.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 3, 2014) - Foran
Mining Corporation (TSX-VENTURE:FOM) ("Foran" or the "Company") is
pleased to announce that it has closed and received TSX Venture
Exchange approval on its previously announced transaction, details
of which were announced in the Foran news release dated January 8,
2014, whereby the Company announced the purchase of the net profits
interest ("NPI") on certain of the Company's exploration properties
in Saskatchewan and Manitoba from Thundermin Resources Inc.
("Thundermin").
Under the terms of this transaction, the Company has paid
Thundermin C$50,000 in cash and issued 100,000 common shares of
Foran to Thundermin. A four month hold has been placed on the
shares issued in this transaction.
Details concerning the royalty agreements on Foran's properties
may be found in the Foran Management Discussion and Analysis for
the twelve month period ended September 30, 2013 at
www.sedar.com.
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-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 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,
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.
Foran Mining CorporationPatrick SoaresPresident &
CEO416-363-9229409 Granville Street, Suite 904Vancouver, BC,
Canada, V6C 1T2Foran Mining CorporationFiona ChildeVP, Corporate
Development416-363-9229199 Bay Street, Suite 2500, P.O. Box
285Toronto, ON, Canada, M5L 1G9Foran Mining
Corporation416-363-9229ir@foranmining.comwww.foranmining.com
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