VANCOUVER, BRITISH COLUMBIA--(Marketwire -03/30/12)- Foran Mining Corporation (TSX-V: FOM.V - News) ("Foran" or the "Company") today announced its financial results for the three month period ended December 31, 2011, which was Foran's first quarter prepared in accordance with International Financial Reporting Standards ("IFRS"). The Company recorded a net loss of $677,083 or $0.01 per share (basic and diluted). This compares to a net loss of $407,283 or $0.01 per share (basic and diluted) for the three months ended December 31, 2010.
The unaudited Condensed Consolidated Interim Financial Statements for the three months ended December 31, 2011, 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 the McIlvenna Bay deposit, a large volcanogenic massive sulphide ("VMS") deposit.
McIlvenna Bay 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.
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.