Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased
to announce it has closed the previously announced non-brokered private
placement (the "Placement"; see the Foran news release dated January 17, 2014).
The Placement was fully allocated and the Company raised proceeds of $1.2
million, which consisted of 6,000,000 units of the Company (the "Units") at a
price of $0.20 per Unit. Each Unit consisted of one common share issued on a
flow-through basis in connection with which Foran will incur and renounce
Canadian exploration expenses, and one-half of one common share purchase warrant
(each whole warrant, a "Warrant"). Each whole Warrant is exercisable for one
Common Share at a price of $0.30 per Common Share until August 11, 2015. 


The proceeds of the Placement will be used for exploration on the Company's
landholdings in east-central Saskatchewan. 


A total of 248,000 Units, representing gross proceeds of $49,600, were acquired
by directors and officers of Foran, including Units acquired by persons for
accounts over which directors and/or officers of Foran have direction and
control (the "Insider Purchases"). The Insider Purchases constituted a 'related
party transaction' under Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions ("MI 61-101"). The Placement was
approved by all of the non-interested directors of the Company; the interested
directors (and officers) abstained from approval of this matter. The Insider
Purchases are exempt from the valuation and minority approval requirements of MI
61-101 on the basis that no securities of the Company are listed or quoted on
any specified markets, namely the Toronto Stock Exchange, the New York Stock
Exchange, the American Stock Exchange, the NASDAQ Stock Market, or a stock
exchange outside of Canada and the United States other than the Alternative
Investment Market of the London Stock Exchange or the PLUS market operated by
PLUS Markets Group plc, and at the time the Placement was agreed to, neither the
fair market value of the Units nor the consideration to be received for those
Units, insofar as the Placement involved interested parties, exceeded
$2,500,000. 


All securities issued in the Placement are subject to a four month hold period.
On closing of the Placement a finder received 75,000 finder units, such units
consisted of one common share and one-half of one Warrant; each whole Warrant is
exercisable for one Common Share at a price of $0.30 per Common Share until
August 11, 2015.


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 ("VMS") 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 (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, 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Foran Mining Corporation
Patrick Soares
President & CEO
416-363-9229
409 Granville Street, Suite 904
Vancouver, BC, Canada, V6C 1T2


Foran Mining Corporation
Fiona Childe
VP, Corporate Development
416-363-9229
199 Bay Street, Suite 2500, P.O. Box 285
Toronto, ON, Canada, M5L 1G9


Foran Mining Corporation
416-363-9229
ir@foranmining.com
www.foranmining.com
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