Foran Announces Results of Annual and Special Meeting of
Shareholders and Reports First Quarter 2014 Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2014) -
Foran Mining Corporation (TSX-VENTURE:FOM) ("Foran" or the
"Company") is pleased to announce that all resolutions were
approved by shareholders of the Company at its May 28, 2014 Annual
and Special Meeting of Shareholders. This included the election of
directors, appointment of auditors, approval of the Company's stock
option plan, and two special resolutions regarding the continuance
of the Company from the province of Saskatchewan to the province of
British Columbia, and certain amendments to the authorized share
capital of Foran as more particularly described in the management
information circular of the Company dated April 28, 2014 (the
"Circular"). The Circular with respect to the meeting is available
at www.sedar.com.
The shareholders elected Darren Morcombe, Patrick Soares, Sharon
Dowdall, Maurice Tagami, Bradley Summach and David M. Petroff to
the Board of Directors. The Board of Directors have reappointed
Darren Morcombe as Chairman of the Board.
The Company is pleased to announce the appointment of Ms. Connie
Norman as Corporate Secretary, effective immediately. The Officers
of the Company, as appointed by the Board of Directors, are Patrick
Soares (President, CEO, and Director), Tim Thiessen (CFO), Fiona
Childe (Vice President, Corporate Development), Roger March (Vice
President, Project Exploration), David Fleming (Vice President,
Exploration) and Connie Norman (Corporate Secretary).
Foran has granted 100,000 incentive stock options (the
"Options") to Officers and Employees of the Company. The Options
are set for a period of five years, expiring on May 28, 2019, and
each Option will allow the holder to purchase a common share of
Foran at a price of $0.17. The Options are governed by the stock
option plan of the Company.
In addition, the Company has announced its financial results for
the three month period ended March 31, 2014. The Company recorded a
net loss of $391,005 or $0.00 per share (basic and diluted). This
compares to a net loss of $643,079 or $0.01 per share (basic and
diluted) for the three months ended March 31, 2013.
As at March 31, 2014 Foran had a treasury of $4.40 million in
cash and cash equivalents.
The unaudited Condensed Consolidated Interim Financial
Statements for the three months ended March 31, 2014, along with
Management's Discussion and Analysis, 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 Deposit, 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 the McIlvenna Bay Deposit, with indicated resources of
13.9 million tonnes grading 1.96% copper equivalent or 13.19% zinc
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 or 13.52% zinc equivalent (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.
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.
Patrick SoaresPresident & CEO409 Granville Street, Suite
904Vancouver, BC, Canada, V6C 1T2Fiona ChildeVP, Corporate
Development199 Bay Street, Suite 2500, P.O. Box 285Toronto, ON,
Canada, M5L 1G9Foran Mining
Corporation416-363-9229ir@foranmining.comwww.foranmining.com
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