Announcement Date: 2022-02-28
Announcement Type: Feasibility Study
Announcement Code: NI43-101
Company name: Foran Mining Corp.
Project name: McIlvenna Bay
Location: Canada
Commodities: Gold,Silver,Copper,Zinc
Highlight: Feasibility Study results incl. post-tax NPV (7%) of C$1,055M & IRR of 38%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Vancouver, BC (February 28, 2022) – Foran Mining Corporation (TSX.V: FOM) (OTCQX:FMCXF) (“Foran” or the “Company”), is pleased to announce results from a Feasibility Study (“FS”) on its expanded and rescoped initial mine plan for its 100%-owned McIlvenna Bay project in east-central Saskatchewan. All currency figures are shown in Canadian dollars, unless otherwise noted. As we continue to de-risk McIlvenna Bay with the ongoing advancement of the exploration decline, permitting, project financing, and our continued dynamic exploration campaign, I believe we are still in the early innings of understanding what this remarkable district has to offer. McIlvenna Bay is expected to be the centralized mill that could be expanded in phases as we continue to explore, define and potentially develop near-mine deposits and more within a 50km radius. Our land package is over 1,450 km², providing us with the canvas to explore in a systematic way. The neighbouring Flin Flon district has been operating for close to a century, and it is our vision to transform the Hanson Lake District into the next multi-decade mining camp.
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