VANCOUVER, BC, Sept. 23,
2024 /CNW/ - Foran Mining Corporation (TSX: FOM)
(OTCQX: FMCXF) ("Foran" or the "Company") is pleased to share a
progress update on the construction of its 100% owned McIlvenna Bay
project in Saskatchewan, Canada,
alongside new photos showcasing ongoing development. The images
offer a detailed look at key milestones reached during August 2024 and can be viewed in the image
gallery on our website at www.foranmining.com/news-media.
Key August 2024
Achievements:
- Surface construction is advancing on the Processing Plant,
Truck Shop, and Contact Water Pond.
- Foundations for the Ball Mill and SAG Mill have been
successfully completed.
- Concrete footings are nearing completion, with steel erection
scheduled to begin in October.
- The Construction Laydown Area has been finalized and is ready
to receive steel for sequencing during structural steel erection.
Major Processing Plant equipment and structural steel will start
arriving on-site in October.
- Successful delivery and commissioning of new Sandvik battery
electric scoops and trucks.
- Work continues on the collar sink for the Fresh Air Raise,
advancing through the sandstone layer in preparation for the
installation of the surface main ventilation fan.
- The Sewage Treatment Plant and Potable Water Plant have been
constructed and are awaiting permits for operation.
As the Company continues to advance the project, Foran remains
committed to the safe and timely development of McIlvenna Bay. A
detailed update on construction progress will be provided following
the quarter ending September 30,
2024.
Qualified Person
Mr. Samuele Renelli, P. Eng.,
Vice President, Technical Services for Foran, is the Qualified
Person for all technical information in this news release and has
reviewed, verified and approved the technical information in this
news 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, comprises the infrastructure and works related to
development and advanced exploration activities of the Company, and
hosts the McIlvenna Bay Deposit and Tesla Zone. The Company also
owns the Bigstone Deposit, a resource-development stage deposit
located 25 km southwest of the McIlvenna Bay Property.
The McIlvenna Bay Deposit 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.
The McIlvenna Bay Property sits just 65 km 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
225 km.
The McIlvenna Bay Deposit is the largest undeveloped VHMS
deposit in the region. The Company announced the results from its
NI 43-101 compliant Technical Report on the 2022 Feasibility Study
for the McIlvenna Bay Deposit ("2022 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 the 2022 Feasibility Study on
April 14, 2022, with an effective
date of February 28, 2022. The
Company also filed a NI 43-101 Technical Report for the Bigstone
Deposit resource estimate on January 21,
2021, as amended on February 1,
2022. Investors are encouraged to consult the full text of
these technical reports which may be found on the Company's profile
on www.sedarplus.ca.
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. Such
forward-looking statements include, but are not limited, statements
regarding our objectives and our strategies to achieve such
objectives; our beliefs, plans, estimates, projections and
intentions, and similar statements concerning anticipated future
events; as well as specific statements in respect of our
development of the McIlvenna Bay project, including in respect of
construction, targets, timelines, activities, and progress; our
ability to develop the McIlvenna Bay Project safely and timely; our
intention to provide construction updates following the quarter
ending September 30, 2024; our
commitment to support a greener future, empower communities and
create circular economies which create value for all our
stakeholders while safeguarding the environment; expectations
regarding our development and advanced exploration activities; and
expectations, assumptions and targets in respect of our 2022
Feasibility Study. All statements other than statements of
historical fact are 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 Company's reliance on the McIlvenna Bay
Property; the Company is exposed to risks related to mineral
resources exploration and development; the Company has no history
of mineral production; the Company's operations are subject to
extensive environmental, health and safety regulations; mining
operations involve hazards and risks; and the additional risks
identified in our filings with Canadian securities regulators on
SEDAR+ in Canada (available at
www.sedarplus.ca). 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. These assumptions
include the availability of funds for the Company's projects;
availability of equipment; sustained labour stability with no
labour-related disruptions; all necessary permits, licenses and
regulatory approvals are received in a timely manner; and the
ability to comply with environmental, health and safety laws.
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 not to place undue reliance on
forward-looking statements and should note that the assumptions and
risk factors discussed in this press release are not exhaustive.
Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the forward
looking statements contained in this press release. All
forward-looking statements herein are qualified by this cautionary
statement. The Company disclaims any intention or obligation to
update or revise any forward looking statements, whether as a
result of new information, future events or otherwise, except as
may be required by law. If the Company does update one or more
forward-looking statements, no inference should be drawn that it
will make additional updates with respect to those or other
forward-looking statements, unless required by law. Additional
information about these assumptions, risks and uncertainties is
contained in our filings with securities regulators on SEDAR+ in
Canada (available at
www.sedarplus.ca).
SOURCE Foran Mining Corporation
