VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 01/25/13 — Foran Mining Corporation (TSX VENTURE: FOM) („Foran“ or the „Company“) today announced financial results and a summary of highlights and key developments for the year ended September 30, 2012.
Chronological Summary of Highlights & Key Developments:
For the year ended September 30, 2012, the Company recorded a net loss of $1.4 million or $0.02 per share (basic and diluted). This compares to a net loss of $2.5 million or $0.04 per share (basic and diluted) for the year ended September 30, 2011.
A complete set of the Company-s audited consolidated Financial Statements and related notes for the year ended September 30, 2012 and Management-s Discussion and Analysis will be posted on the Company-s website at and filed on SEDAR at .
The Company today also announced that it has granted 1,280,000 incentive stock options to Directors, Officers, Employees and a Consultant of the Company. The options are set for a period of five years, expiring on January 24, 2018, and will allow the holder to purchase a share in the Company at a price of $0.59.
About Foran Mining
Foran is a diversified exploration and development company with projects in the Flin Flon Mining Belt. The Company-s flagship McIlvenna Bay property is located in east central Saskatchewan, 65 km west of Flin Flon, Manitoba and contains McIlvenna Bay, one of the largest undeveloped VMS deposits in Canada.
Foran trades on the TSX.V under the symbol „FOM“.
Forward Looking Statements
This news release contains forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management-s expectations. Forward-looking statements include estimates and statements that describe the Company-s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as „believes“, „anticipates“, „expects“, „estimates“, „may“, „could“, „would“, „will“, or „plan“. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company-s mineral properties, and the Company-s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company-s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company-s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Foran Mining Corporation Patrick Soares President & CEO 416-847-7310
Foran Mining Corporation Fiona Childe VP, Corporate Development 416-847-7310
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