Foran Mining Announces Retirement of President

VANCOUVER, British Columbia, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Foran Mining Corporation (TSX-V: FOM) (the “Company” or “Foran”) announces the retirement of Patrick Soares, President, CEO and Director, effective September 30, 2020.

Darren Morcombe, Executive Chairman commented, “Patrick has fulfilled a mandate of de-risking the McIlvenna Bay Project, thereby increasing the value of the Project to shareholders. During his tenure at Foran, we have demonstrated that McIlvenna Bay could be the center of Saskatchewan’s next mining camp. The next step is to negotiate the path to construction in a way that maximizes value per share for shareholders.”  

“On behalf of the Board of Directors, I would like to thank Patrick for his considerable contributions to the growth of Foran, the advancement of McIlvenna Bay, his leadership and his friendship with everyone involved. He has been tireless in his efforts over the last 10 years, during some of the most challenging times we have seen in the industry. Foran has benefited greatly from his involvement and we wish him much success in the future.”

Mr. Soares noted, “Base metals, and resource projects in general, have been largely ignored by investors during the past decade. However, things are changing rapidly as governments look to find ways to drive the economy forward on a path to lower carbon emissions. Copper and zinc are going to be essential as we continue to advance towards green energy. More electric vehicles are going to require the revamping of electrical grids and the world is going to need more copper and zinc to make this happen. A local Canadian supply of these key critical metals is going be ever more important to Saskatchewan and Canada. It is time for me to step aside but I know that I leave the Company in good hands.”  

Darren Morcombe, Executive Chairman, will assume the role of Interim CEO. Mr. Soares has agreed to remain on the Technical Committee, thereby continuing to provide his expertise and guidance to the Company.

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.