2022-06-01 | TSXV:FOM | Press release
VANCOUVER, BC, June 1, 2022 /CNW/ – Foran Mining Corporation (TSXV: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to announce the official opening of its head office in Saskatchewan. The Company’s office at Saskatoon will be the operating headquarters supporting all initiatives in the province at its 100% owned McIlvenna Bay development project and surrounding properties. The company held an event yesterday at its offices to welcome members of the provincial and municipal government.
Dan Myerson, Executive Chairman and CEO of Foran, said: “We are honored to do Saskatoon home as we become the province’s largest copper producer. Our goal is to provide carbon-neutral production of critical metals and help establish Saskatchewan as a leader in a transforming and decarbonizing world. Saskatchewan is a premier jurisdiction for mining globally, and we are extremely grateful to grow in this bountiful province. »
“We thank Foran for his vote of confidence in from Saskatchewan Resource Exploration and Development Climate”, Minister of Energy and Resources Bronwyn Eyre said. “Mining Week is the perfect time to shine a light on what will be the world’s first carbon-neutral copper mine, producing this crucial critical mineral.
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 that create value for all our stakeholders, everything preserving the environment. The project is located entirely within the traditional territory of the Peter Ballantyne Cree Nation. The Company also owns the Bigstone project, a resource development stage deposit located 25 km southwest of its McIlvenna Bay project.
McIlvenna Bay is a copper-zinc-gold-silver-rich VHMS deposit slated to be the center of a new mining camp in a prolific district that has already been producing for 100 years. McIlvenna Bay is just 65 km west of Flin Flon, MB and is part of the world-class Flin Flon greenstone belt that stretches from Snow Lake, Manitobathrough Flin-Flon at Foran ground in the east Saskatchewana distance of more than 225 km.
McIlvenna Bay is the largest undeveloped VHMS deposit in the region. The Company announced the results of its feasibility study on February 28, 2022, describing an 18-year mine life producing an average of 65 million pounds of copper equivalent per year. The Company has filed an NI 43-101 Technical Report for the McIlvenna Bay Feasibility Study on April 14, 2022. Foran’s Bigstone copper-zinc deposit is expected to serve as additional feed for the McIlvenna Bay plant. The Company filed an NI 43-101 Technical Report for the first resource estimate of the Bigstone deposit on February 11, 2022.
Foran trades on the TSX.V under the symbol “FOM” and on the OTCQX under the symbol “FMCXF”.
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 of the information contained herein.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking information” (also referred to as “forward-looking statements”), which relate to future events or future performance and reflect management’s current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “hopes”, “expects”, “is planned”, “budget”, “expected”, “estimates “, “forecasts”, “intends”, “anticipates” or “believes” or variations (including negative variations) of these words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be made, occur or will occur. These forward-looking statements reflect management’s current beliefs and are based on assumptions made by the Company and information currently available to it. provision. All statements, other than statements of historical fact, are forward-looking statements or information. The forward-looking statements or information contained in this press release relate to, among other things, the Company’s ability to develop the McIlv Project enna Bay and achieve the results described in the FS; and the ability to raise capital to finance the construction and development of the McIlvenna Bay project.
These forward-looking statements and information reflect the Company’s current views regarding future events and are necessarily based on a number of assumptions which, while considered reasonable by the Company, are inherently subject to significant operational uncertainties and contingencies, commercial, economic and regulatory. . These assumptions include: our mineral reserve and resource estimates and the assumptions on which they are based, including the geotechnical and metallurgical characteristics of the rock confirming the sampled results and metallurgical performance; tonnage of ore to be extracted and processed; ore grades and recoveries; assumptions and discount rates are appropriately applied to engineering studies; the success of the Company’s projects, including the McIlvenna Bay project; the remaining zinc, copper, gold and silver prices as estimated; exchange rates remaining as estimated; the availability of funds for Company projects; capital asset decommissioning and rehabilitation estimates; estimates of mineral reserves and resources and the assumptions on which they are based; prices of energy inputs, labour, materials, supplies and services (including transportation); no work interruption; no unforeseen delays or interruptions in planned construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such statements or information. forward-looking statements contained in this press release. and the Company has made assumptions and estimates based on or related to many of these factors. These factors include, but are not limited to: the anticipated and actual effects of the coronavirus COVID-19 on factors relevant to the Company’s business, including the effect on supply chains, the labor market, prices currency and commodity and global and Canadian capital markets, fluctuations in zinc, copper, gold and silver prices; fluctuations in the prices of energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the US dollar); operational risks and hazards inherent in mining (including environmental accidents and hazards, industrial accidents, equipment failures, unusual or unexpected geological or structural formations, cave-ins, floods and severe weather); inadequate insurance or inability to obtain insurance to cover such risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals on a timely basis; changes in laws, regulations and governmental practices in Canada, including environmental, export and import laws and regulations; legal restrictions on mining; risks related to expropriation; increased competition in the mining industry for equipment and skilled personnel; the availability of additional capital; title issues and additional risks identified in our filings with the Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although the Company has attempted to identify important factors that could cause actual results to differ materially, other factors may cause results not to be as anticipated, estimated, described or intended. Investors are cautioned not to place undue reliance on any forward-looking statements or information.
These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company neither intends nor undertakes any obligation to update any forward-looking information.
SOURCEForan Mining Corporation
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