VANCOUVER, BC, May 16, 2022
/CNW/ - Foran Mining Corporation (TSXV: FOM) (OTCQX: FMCXF)
("Foran" or the "Company") is pleased to announce the appointment
of Gilbert Lamarche as Vice
President, Technical Services effective immediately.
Mr. Lamarche has over 20 years of experience in the mining
industry in both technical services and operational capacities. He
is a seasoned leader who has managed large teams across multiple
jurisdictions in Canada, including
established operations and new projects. Prior to joining
Foran, Mr. Lamarche was the Head of Mines/Mills Technical Services
for Vale's Canadian operations which included the Ontario, Manitoba and Labrador sites. In this role, he was
responsible for the mine design and planning, geology, in-mine
exploration, seismic risk management, technical services execution
as well as mill technical support. He was also the Qualified Person
for the MRMR disclosures and the owner of mine standards for the
North Atlantic Operations. In addition, he was responsible for the
deposition activities and geotechnical assurance for tailings dams
at the Canadian operations.
Mr. Lamarche also possesses valuable operational experience
having held the role of Mine Manager at Vale's Coleman Mine and at
the Totten Mine, where he was also responsible for operational
readiness as it transitioned from project phase into an operating
plant. Prior to joining Vale in 2006, he was a mining engineering
consultant for SRK in Wales, UK
after having started his career as an EIT at the Kidd Mining
Operations.
Gilbert is a registered Professional Engineer in the province of
Ontario and holds an Applied
Science degree in Mining Engineering from Laurentian University.
Dave Bernier, Foran's Chief Operating Officer,
commented: "On behalf of the Foran team, I am very excited
to welcome Gilbert as the Vice President, Technical Services. He is
an experienced leader with a successful track record of building
and operating base metal mines in Canada. His balanced mix of technical and
operational leadership fits perfectly within our team. Gilbert
shares our vision to build, scale and grow critical element
production in a top mining jurisdiction and we look forward to
developing and achieving key milestones together."
Concurrent with the appointment and in accordance with the
Company's Long-Term Performance Incentive Plan, the Company's Board
has granted 250,000 incentive stock options to Mr. Lamarche. The
stock options are exercisable, subject to vesting provisions, over
a period of five years at an exercise price of C$2.02 per share.
FOR ADDITIONAL INFORMATION:
Jonathan French, CFA
Director, Investor Relations
409 Granville Street, Suite 904
Vancouver, BC, Canada, V6C 1T2
jfrench@foranmining.com
About Foran Mining
Foran Mining is a copper-zinc-gold-silver exploration and
development company, committed to supporting a greener future,
empowering communities and creating circular economies which create
value for all our stakeholders, while also safeguarding the
environment. The project is located entirely within the
traditional territory of the Peter Ballantyne Cree Nation. The
Company also owns the Bigstone project, a resource-development
stage deposit located 25km southwest of its McIlvenna Bay
project.
McIlvenna Bay is a copper-zinc-gold-silver rich VHMS deposit
intended to be the centre of a new mining camp in a prolific
district that has already been producing for 100 years. McIlvenna
Bay sits just 65km West of 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 VHMS deposit in the
region. The Company announced the results from its Feasibility
Study on February 28, 2022, outlining
an 18-year mine life producing an average of 65 million pounds of
copper equivalent annually. The Company filed a NI 43-101 Technical
Report for the McIlvenna Bay Feasibility Study on April 14, 2022. Foran's copper-zinc Bigstone
Deposit is expected to serve as additional feed for the mill at
McIlvenna Bay. The Company filed a NI 43-101 Technical Report for
the Bigstone Deposit's first resource estimate on February 11, 2022.
Foran trades on the TSX.V under the symbol "FOM" and on the
OTCQX under the symbol "FMCXF".
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
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains "forward-looking information" (also
referred to as "forward looking statements"), which relate to
future events or future performance and reflect management's
current expectations and assumptions. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "hopes", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Such forward-looking statements reflect management's
current beliefs and are based on assumptions made by and
information currently available to the Company. All statements,
other than statements of historical fact, are forward-looking
statements or information. Forward-looking statements or
information in this news release relate to, among other things: the
Company's ability to develop the McIlvenna Bay Project and to
achieve the results outlined in the FS; and the ability to raise
capital to fund construction and development of the McIlvenna Bay
Project.
These forward-looking statements and information reflect the
Company's current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include: our
mineral reserve and resource estimates and the assumptions upon
which they are based, including geotechnical and metallurgical
characteristics of rock confirming to sampled results and
metallurgical performance; tonnage of ore to be mined and
processed; ore grades and recoveries; assumptions and discount
rates being appropriately applied to the technical studies; success
of the Company's projects, including the McIlvenna Bay Project;
prices for zinc, copper, gold and silver remaining as estimated;
currency exchange rates remaining as estimated; availability of
funds for the Company's projects; capital decommissioning and
reclamation estimates; mineral reserve and resource estimates and
the assumptions upon which they are based; prices for energy
inputs, labour, materials, supplies and services (including
transportation); no labour-related disruptions; no unplanned delays
or interruptions in scheduled construction and production; all
necessary permits, licenses and regulatory approvals are received
in a timely manner; and the ability to comply with environmental,
health and safety laws. The foregoing list of assumptions is not
exhaustive.
The Company cautions the reader that forward-looking statements
and information include known and unknown risks, uncertainties and
other factors that may cause actual results and developments to
differ materially from those expressed or implied by such
forward-looking statements or information contained in this news
release and the Company has made assumptions and estimates based on
or related to many of these factors. Such factors include, without
limitation: the projected and actual effects of the COVID-19
coronavirus on the factors relevant to the business of the
Corporation, including the effect on supply chains, labour market,
currency and commodity prices and global and Canadian capital
markets, fluctuations in zinc, copper, gold and silver prices;
fluctuations in prices for energy inputs, labour, materials,
supplies and services (including transportation); fluctuations in
currency markets (such as the Canadian dollar versus the U.S.
dollar); operational risks and hazards inherent with the business
of mining (including environmental accidents and hazards,
industrial accidents, equipment breakdown, unusual or unexpected
geological or structure formations, cave-ins, flooding and severe
weather); inadequate insurance, or the inability to obtain
insurance, to cover these risks and hazards; our ability to obtain
all necessary permits, licenses and regulatory approvals in a
timely manner; changes in laws, regulations and government
practices in Canada, including
environmental, export and import laws and regulations; legal
restrictions relating to mining; risks relating to expropriation;
increased competition in the mining industry for equipment and
qualified personnel; the availability of additional capital; title
matters and the additional risks identified in our filings with
Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although
the Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated,
described or intended. Investors are cautioned against undue
reliance on forward-looking statements or information.
These forward-looking statements are made as of the date hereof
and, except as required by applicable securities regulations, the
Company does not intend, and does not assume any obligation, to
update the forward-looking information.
SOURCE Foran Mining Corporation