VMS Vortex Metals Inc

Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased
to provide an update on its 100% owned McIlvenna Bay project in Saskatchewan,
including an update on drilling, engineering studies and environmental work.


McIlvenna Bay Deposit Drilling 

Infill and exploration drilling on the McIlvenna Bay deposit ("the "Deposit")
recommenced in early February, 2012, with a total of 13 holes (3,252 metres)
completed to date. This work, which is focused on drilling low lying areas most
readily accessed under frozen winter conditions, is anticipated to be complete
by early April. Assay results will be released once they have been received and
compiled by the Company. The results of this program, along with the results
from the 18 drill holes (8,158 metres) completed during the summer and fall of
2011, will be included in an updated global resource estimate for the Deposit in
the coming months. 


The additional drilling is being conducted to continue to increase the
confidence in the resource base of the Deposit, as well as to obtain additional
mineralized material for ongoing metallurgical testwork. In conjunction with the
drilling, initial hydrogeological data for the deposit is being collected
through packer testing of several drill holes, and additional detailed
geotechnical core logging is being completed to build a geotechnical database at
a level which will be suitable for the upcoming Preliminary Economic Assessment
and future prefeasibility and feasibility level studies. 


Regional Drilling 

Foran has received a permit from the Saskatchewan Ministry of Environment to
begin to drill test regional targets defined by a versatile time domain
electromagnetic ("VTEMplus") geophysical survey that was completed in late 2011
(see Foran news release dated November 23, 2011). VTEMplus is an exploration
technique which has proven to be highly effective in the discovery of
volcanogenic massive sulphide ("VMS") mineralization in the Flin Flon Greenstone
Belt. 


As an initial test of regional targets on the 20,382 hectare McIlvenna Bay
project, the Company plans to drill test up to five separate electromagnetic
("EM") conductors located in two target areas within 7 kilometres ("km") of the
Deposit. These targets are located within the same or similar felsic
stratigraphy that hosts VMS mineralization at the Deposit. This work is planned
to commence in early April, once winter drilling on the Deposit has been
completed. As a result of the milder than average temperatures this winter, this
drilling will be a helicopter-supported program, rather than ground-based, as
originally planned.


Environmental Studies 

An agreement has been signed with Canada North Environmental Services
("CanNorth") to conduct environmental baseline studies at the McIlvenna Bay
project. CanNorth completed aerial and ground-based wildlife surveys through
January and February as the first stage of the work and will continue with
aquatic, hydrological, vegetation, and wildlife studies once spring break-up
commences. The baseline studies will cover all aspects that will eventually be
required for the completion of an Environmental Impact Assessment for potential
future development of the Deposit. These initial studies are anticipated to take
approximately 12 to 18 months to complete. 


CanNorth is a 100% aboriginal-owned, multi-disciplinary environmental consulting
firm based in Saskatoon, Saskatchewan. CanNorth is both ISO 9001:2008 and ISO
14001:2004 registered and was recently awarded the 2011 Achievement in Business
Excellence Award for the category of Environment from the Saskatchewan Chamber
of Commerce. CanNorth's clients include gold, diamond, copper, graphite, and
uranium mines, provincial and federal governments, First Nations governments,
crown corporations, and municipalities. 


As announced in the Foran news release of July 19, 2011, ASKI Resource
Management and Environmental Services Inc. ("ASKI") is providing project
management services for the environmental program at the McIlvenna Bay project,
and as such is working directly with CanNorth as they complete the environmental
baseline studies. ASKI is a Saskatchewan-based environmental consulting group
owned and operated by the Peter Ballantyne Cree Nation. ASKI's consultants have
successfully implemented environmental studies for a number of commodities,
including base metals, throughout Saskatchewan. 


In conjunction with ASKI, the Company is continuing to engage and involve First
Nations and other stakeholders with respect to the Company's ongoing activities
in the region. 


Patrick Soares, President and CEO of Foran commented: "We are pleased to have
CanNorth working with ASKI and ourselves on the environmental studies now
underway." Mr. Soares continued, "Drilling and related activities continue to
progress well as we move forward in advancing and de-risking the McIlvenna Bay
project. We are nearing completion of our current phase of drilling on the
Deposit and are looking forward to the first step in beginning to drill test
regional targets in our extensive and highly prospective landholdings in
east-central Saskatchewan." 


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, which
contains the McIlvenna Bay deposit, is located in east-central Saskatchewan, 65
kilometres west of Flin Flon, Manitoba. 


The McIlvenna Bay deposit is one of the largest undeveloped VMS deposits in
Canada, with total indicated resources of over 12 million tonnes ("Mt") and
total inferred resources of almost 10 Mt (12.07Mt of 1.16% Cu, 3.69% Zn and 19
g/t Ag, or 2.50% CuEq, indicated and 9.57 Mt of 1.07% Cu, 3.86% Zn, and 19 g/t
Ag, or 2.42% CuEq, inferred, where provisions for metallurgical recovery and
smelter returns are included in the copper equivalence estimation). For
additional information see 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".

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.

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