Foran Non-Brokered Private Placement Closes - Seite 2
The Company will use the proceeds from the Offering for general working capital purposes.
The Offering is subject to final TSX-V approval and all securities issued pursuant to the Offering are subject to a statutory four month and one day hold period from the date of issuance.
About Foran Mining
Foran Mining is a zinc-copper 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 65km 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 225km.
McIlvenna Bay is the largest undeveloped VMS deposit in the region. This prolific Metallogenic Belt is host to 29 past and present producing mines, including Hudbay Minerals Inc.’s 777 and Lalor operations. The Company released the results of the Pre-Feasibility Study (“PFS”) on March 12, 2020. Based on the PFS, the McIlvenna Bay Project is expected to yield a Base Case pre-tax, 7.5% net present value of $219 million and an internal rate of return of 23.4%, using assumed zinc, copper, gold and silver prices of US$1.26/lb, US$2.82/lb, US$1,312/oz and US$16.30/oz. The NI-43-101 Technical Report for the PFS on the McIlvenna Bay Deposit can be found on the Company’s website or on SEDAR.
The technical information contained in this news release has been reviewed and approved by Roger March, P.Geo., a Qualified Person within the meaning of the National Instrument NI-43-101 – Standards of Disclosure for Mineral Projects.
Foran trades on the TSX.V under the symbol “FOM”.
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For Additional Information Please Contact Foran Mining Corporation:
Patrick Soares | |
President & CEO | |
409 Granville Street, Suite 904 | |
Vancouver, BC, Canada, V6C 1T2 ir@foranmining.com |
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) 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.