Foran Announces Exercise of Stock Options
VANCOUVER, Jan. 16, 2020 - Foran Mining Corp. (TSX.V: FOM) (“Foran” or the “Company”) announces that management, directors and a former director of the Company have exercised stock options to acquire 2,360,000 common shares of the Company; 625,000 at a price of $0.20 per share and 1,735,000 at a price of $0.11 per share for total proceeds to the Company of $315,850. These options were set to expire on January 20, 2020 and March 8, 2021, respectively.
About Foran Mining
Foran Mining is a copper-zinc exploration and development company with projects located along the Flin Flon Greenstone Belt. The McIlvenna Bay Project, Foran’s flagship asset located within the Hanson Lake District, sits just 65 kilometres from 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 kilometres.
McIlvenna Bay is the largest undeveloped VMS deposit in the region. This world class Metallogenic Belt is host to 29 past and present producing mines, including HudBay Minerals Inc.’s 777 and Lalor operations. The Company has completed work programs and an updated resource estimate in preparation for producing a prefeasibility study on the McIlvenna Bay Deposit.
Foran trades on the TSX.V under the symbol “FOM”.
For Additional Information Please Contact Foran Mining Corp.:
|President & CEO|
|409 Granville Street, Suite 904|
|Vancouver, BC, Canada, V6C 1T2 |
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 Technical Services Agreement and, if a feasibility study will suggest an economically viable project, estimation of mineral resources, exploration results, and potential mineralization,. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, work performed under the Technical Services Agreement related to preparation of a feasibility study, the failure of such study to suggest an economically viable project, 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.