VANCOUVER, BC, July 26,
2023 /CNW/ - Foran Mining Corporation (TSX: FOM)
(OTCQX: FMCXF) ("Foran" or the "Company") is pleased to announce
that its wholly-owned subsidiary, McIlvenna Bay Operating Ltd., has
received Ministerial Approval under The Environmental Assessment
Act (Saskatchewan) for its
100%-owned McIlvenna Bay Project (the "Project") in Saskatchewan.
The Ministerial Approval concludes the Environmental Impact
Assessment ("EIA") process for the Project, which was a critical
path permitting milestone ahead of full development. The
Ministerial Approval now enables the Company to progress with
addressing required conditions and securing necessary approvals to
construct and operate prior to entering into full construction.
Dan Myerson, Foran's Executive
Chairman & CEO, commented "Our team has worked hard to
complete the EIA process and achieve this milestone, culminating in
a favorable Ministerial Decision for McIlvenna Bay. This
accomplishment speaks volumes about the importance of the
collaborative work done by our team with local communities and
Indigenous peoples throughout the process. We are appreciative of
the robust and wholesome process implemented by the Government of
Saskatchewan to rigorously review
the Project and its potential impacts on people and the
environment, and believe this process and decision further
reinforces its status as the best jurisdiction in the world to
establish a mine. We remain steadfast in our commitment to continue
to maintain ongoing two-way dialogue with local communities,
Indigenous peoples, and the Government of Saskatchewan, an approach that has been
integral throughout the review of the Project. As we proceed in
developing this Project and continue to explore and grow this
world-class multi-generational district, we look forward to
showcasing the potential of McIlvenna Bay as Canada's next great critical minerals
champion."
"Saskatchewan is well
positioned to be a leader in providing the critical minerals that
the world needs," said Scott
Moe, Premier of Saskatchewan. "This milestone in Foran's
McIlvenna Bay project is a positive step towards increasing
employment in our northern Indigenous communities and sustainably
producing new critical minerals like copper in our
province."
"I would like to congratulate Foran on advancing to the next
step with their important McIlvenna Bay Project", said
Dana Skoropad, Saskatchewan Minister of Environment. "This
is a very significant milestone and we are excited that Foran has
put their confidence in Saskatchewan as a place to do business. We
look forward to working with them as this project
advances."
Next Steps
With the Ministerial Approval pursuant to The Environmental
Assessment Act (Saskatchewan) now
granted, the Company will continue to execute on its early works
campaign which includes, but is not limited to, completing detailed
engineering, procuring critical-path mining and processing
equipment and various infrastructure items, installation of a
permanent camp, and the continuation of the advanced exploration
decline as the company prepares and reviews the project control
budget in advance of full development.
Neither the TSX Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
About Foran Mining
Foran Mining is a copper-zinc-gold-silver exploration and
development company, committed to supporting a greener future,
empowering communities and creating circular economies which create
value for all our stakeholders, while also safeguarding the
environment. The McIlvenna Bay project is located entirely
within the documented traditional territory of the Peter Ballantyne
Cree Nation. The Company also owns the Bigstone Project, a
resource-development stage deposit located 25km southwest of its
McIlvenna Bay project.
McIlvenna Bay is a copper-zinc-gold-silver rich VHMS deposit
intended to be the centre of a new mining camp in a prolific
district that has already been producing for 100 years. McIlvenna
Bay sits just 65km West of Flin Flon,
Manitoba and is part of the world class Flin Flon Greenstone
Belt that extends from Snow Lake,
Manitoba, through Flin Flon
to Foran's ground in eastern Saskatchewan, a distance of over 225km.
McIlvenna Bay is the largest undeveloped VHMS deposit in the
region. The Company announced the results from its Feasibility
Study on February 28, 2022, outlining
that current mineral reserves would potentially support an 18-year
mine life producing an average of 65 million pounds of copper
equivalent annually. The Company filed a NI 43-101 Technical Report
for the McIlvenna Bay Feasibility Study on April 14, 2022. The Company filed a NI 43-101
Technical Report for the Bigstone Deposit resource estimate on
February 11, 2022. Investors are
encouraged to consult the full text of these technical reports
which may be found on the Company's profile on www.sedar.com.
The Company's head office is located at 409 Granville Street,
Suite 904, Vancouver, BC,
Canada, V6C 1T2. Common Shares of
the Company are listed for trading on the TSX under the symbol
"FOM" and on the OTCQX under the symbol "FMCXF".
Forward Looking
Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking information
and forward-looking statements, as defined under applicable
securities laws (collectively referred to herein as
"forward-looking statements"). These statements relate to future
events or to the future performance of Foran Mining Corporation and
reflect management's expectations and assumptions as of the date
hereof or as of the date of such forward looking statement.
All statements other than statements of historical fact are
forward-looking statements. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
"continues", "forecasts", "projects", "predicts", "potentially",
"intends", "likely", "anticipates" or "believes", or variations of,
or the negatives of, such words and phrases, or state that certain
actions, events or results "may", "could", "would", "should",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results to differ materially from
those anticipated in such forward-looking statements. The
forward-looking statements in this news release speak only as of
the date of this news release or as of the date specified in such
statement.
Inherent in forward-looking statements are known and unknown
risks, estimates, assumptions, uncertainties and other factors that
may cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements contained in this news release. These
factors include management's belief or expectations relating to the
following and, in certain cases, management's response with regard
to the following: The proposed strategic investment by Ontario
Teachers' Pension Plan; the status and progression of credit
facility discussions; unlocking the untapped value of the Company's
properties, delivery of superior or any investment returns; scale,
scope and location of future exploration and drilling activities;
the potential for the Company's land package to be
transformational, the focus of the Company's future drill programs,
the incorporation of geotechnical and hydrogeological information
into the overall project design; The long-term investment
horizon of shareholders; The growth of the Company from developer
to producer; The certainty of funding; The future of the Company;
De-risking McIlvenna Bay; Delivering on the Company's Net Positive
Business strategy; Ownership and reliance on the Company's mineral
projects; The Company's history of losses and potential inability
to generate sufficient revenue to be profitable or to generate
positive cash flow on a sustained basis; The Company's statements
about the expected life of mine, productive capacity and other
technical estimates on its projects, and the Company's reliance on
technical experts with respect thereto; The Company's exposure to
risks related to mineral resources exploration and development;
Impact of the COVID-19 Pandemic, Infectious Diseases and Other
Health Crises on the Company; Global financial volatility and its
impact on the Company; The impact of the Russia-Ukraine conflict; Government, securities, and
stock exchange regulation and policy; Legal proceedings which may
have a material adverse impact on the Company's operations and
financial condition; Capital market conditions and their effect on
the securities of the Company; Insurance and uninsurable risks;
Environmental, health and safety regulation and policy; Mining
hazards and risks; Title rights to the Company's projects;
Indigenous peoples' title and other legal claims; Mineral resource
and mineral reserve estimates; Uncertainties and risks relating to
the Feasibility Studies; Fluctuations in commodity prices,
including metals; Competition; Expertise and proficiency of
management; Limited operating history; The availability of future
financing; Dilutive effects; Impacts of global climate change and
natural disasters; Inadequate infrastructure; Relationships with
local communities; Reputational damage; Risks arising from the
Company's reliance on financial instruments; Risks arising from
future acquisitions; Management conflicts of interest; Security
breaches of the Company's information systems; and the additional
risks identified in our Annual Information Form dated March 23, 2023 and other securities filings with
Canadian securities regulators available at www.sedar.com.
The forward-looking statements contained in this news release
reflect the Company's current views with respect to future events
and are necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory
uncertainties and contingencies. Although the Company has attempted
to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated, described or intended. Readers
are cautioned against undue reliance on forward-looking statements
and should note that the assumptions and risk factors discussed
above do not contain an exhaustive list of the factors or
assumptions that may affect the forward-looking statements, and
that the assumptions underlying such statements may prove to be
incorrect. Actual results and developments are likely to differ,
and may differ materially, from those expressed or implied by the
forward-looking statements contained in the Company's securities
filings and this news release. All forward-looking statements
herein are qualified by this cautionary statement. The Company
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements whether as a result of new information
or future events or otherwise, except as may be required by
law.
SOURCE Foran Mining Corporation