Foran Reports 2013 Year End Results
March 28 2014 - 4:45PM
Marketwired
Foran Reports 2013 Year End Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 28, 2014) -
Foran Mining Corporation (TSX-VENTURE:FOM) ("Foran" or the
"Company") today announced its financial results for the fifteen
month period ended December 31, 2013. The Company recorded a net
loss of $2.8 million or $0.04 per share (basic and diluted). This
compares to a net loss of $1.4 million or $0.02 per share (basic
and diluted) for the year ended September 30, 2012.
As announced by Foran on April 19, 2013, the Company changed its
financial year-end from September 30 to December 31. The Company's
transition year is the 15 month period ending December 31,
2013.
As at December 31, 2013, the Company had a total of $4.3 million
in cash and cash equivalents (September 30, 2012: $9.6 million).
Working capital totaled $4.3 million (September 30, 2012: $9.3
million). On February 11, 2014 the Company announced the closing of
a flow-through financing for gross proceeds of $1.2 million.
The audited Consolidated Financial Statements for the fifteen
month period ended December 31, 2013, along with Management's
Discussion and Analysis, have been filed on SEDAR and are available
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 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 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 & CEOForan
Mining CorporationFiona ChildeVP, Corporate
Development416-363-9229ir@foranmining.comwww.foranmining.com
Foran Mining (TSXV:FOM)
Historical Stock Chart
From Jul 2024 to Aug 2024
Foran Mining (TSXV:FOM)
Historical Stock Chart
From Aug 2023 to Aug 2024