Foran Announces Closing Non-Brokered Flow-Through Financing for Proceeds of $1.6M - Seite 2

All securities issued pursuant to the Placement are subject to a statutory four month and one day hold period from the date of closing of the Placement. On closing of the Placement finders received fees totaling $106,750.

Filing of Technical Report

Foran has filed a National Instrument 43-101 ("NI 43-101") technical report (the "Report") entitled "Preliminary Economic Assessment Technical Report McIlvenna Bay Project, Saskatchewan, Canada" in support of a Preliminary Economic Assessment ("PEA") of the McIlvenna Bay deposit (see the Foran news release dated Nov. 12, 2014). The effective date of the Report is November 12, 2014. The Report has been filed on SEDAR and is also available on the Company's website at www.foranmining.com.

Highlights of the Report include:

• Estimated pre-tax NPV7% of $382M ($263M after-tax) & 22% IRR (19% after-tax)
• The PEA contemplates a 5,000 tonne per day underground mine and concentrator with a 14 year mine life; estimated costs and design are in-line with existing mining operations in the region
• The McIlvenna Bay deposit is open to depth, with potential to increase mine life
• Pre-Production CapEx of $249M & sustaining capital of $150M (including a 20% contingency)
• Average annual production of 58.9 Mlbs of payable zinc, 37.6 Mlbs of payable copper, 16,000 ounces of payable gold and 398,000 ounces of payable silver at a cash cost of production (net of by-product credits) of $(0.37) per pound of zinc, or $0.84 per pound of copper
• For the purposes of the PEA, zinc and copper concentrates are not assumed to be transported to the nearest smelters, but to a North American smelter for zinc and an Asian smelter for copper

See below for important disclosures.

The Report was compiled by Mr. Mike Makarenko of JDS Energy and Mining Inc., Mr. Darren Kennard and Mr. John Hull of Golder Associates Ltd., Mr. Matt Bender of Samuel Engineering Inc., Mr. David Rennie of RPA Inc., Mr. Leslie Correia of Patterson and Cooke and Mr. Ken Major of KWM Consulting Inc.

The PEA is considered preliminary in nature and includes mineral resources, including inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to mineral resources, it cannot be assumed that all or any part of a mineral resource will be upgraded to mineral reserves. Therefore, there is no certainty that the results concluded in the PEA will be realized.