VANCOUVER, BC, Dec. 20,
2024 /CNW/ - Foran Mining Corporation (TSX: FOM)
(OTCQX: FMCXF) ("Foran" or the "Company") is pleased to announce a
conditionally approved funding commitment of up to C$20 million from Natural Resources Canada
("NRCan") through the Critical Minerals Infrastructure Fund
("CMIF"), a key program under the Canadian Critical Minerals
Strategy. The funding, pending final due diligence by NRCan and the
execution of a definitive contribution agreement, will support
eligible expenses related to the construction of the McIlvenna Bay
project's hydroelectric transmission line, an on-site substation
and electrical vehicle charging infrastructure at the Company's
McIlvenna Bay project.
The Canadian Critical Minerals Strategy aims to drive the
transition to a low-carbon economy by advancing critical mineral
development through a collaborative and adaptive approach with
partners across Canada and
internationally. A key initiative under this strategy, CMIF
provides up to $1.5 billion to
address infrastructure gaps, support clean energy, and enable
sustainable critical minerals production. The CMIF also prioritizes
decarbonizing mining operations, strengthening supply chains, and
fostering Indigenous participation in infrastructure and resource
projects.
The Honourable Jonathan Wilkinson, Minister of Energy and
Natural Resources, commented "Developing Canada's abundant critical minerals drives
economic opportunity and creates good jobs. In its drive to produce
copper without polluting more, Foran's project will help reinforce
Canada's position as a global
supplier of choice for clean technology, clean energy and the
resources the world needs to build a prosperous economy. Foran, and
many other businesses in Saskatchewan and beyond know that moving
forward, economic development and environmental sustainability
musty go hand-in-hand."
Dan Myerson, Foran's Executive
Chairman and CEO, commented: "We are proud to advance the
McIlvenna Bay project with the support of the Government of
Canada. The investment in
developing a hydro transmission line and supporting infrastructure
will deliver renewable hydropower to our operations and open up a
new critical minerals and mining district in Canada for generations to come – a key step in
our plan to achieve net-zero carbon copper production. This funding
not only supports sustainable resource development but also drives
economic growth, job creation, and responsible mining practices in
Saskatchewan, helping Canada solidify its leadership in critical
minerals and clean energy."
About Foran Mining
Foran Mining is a copper-zinc-gold-silver exploration and
development company, committed to supporting a greener future and
empowering communities while creating value for our stakeholders.
The McIlvenna Bay Project is located entirely within the
documented traditional territory of the Peter Ballantyne Cree
Nation, comprises the infrastructure and works related to
development and advanced exploration activities of the Company, and
hosts the McIlvenna Bay Deposit and Tesla Zone. The Company also
owns the Bigstone Deposit, a resource-development stage deposit
located 25 km southwest of the McIlvenna Bay Property.
The McIlvenna Bay Deposit 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.
The McIlvenna Bay Property sits just 65 km 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
225 km.
The McIlvenna Bay Deposit is the largest undeveloped VHMS
deposit in the region. The Company announced the results from its
NI 43-101 compliant Technical Report on the 2022 Feasibility Study
for the McIlvenna Bay Deposit ("2022 Feasibility Study") on
February 28, 2022, outlining that
current Mineral Reserves would potentially support an 18-year mine
life producing an average of 65 million pounds of copper equivalent
annually. The Company filed the 2022 Feasibility Study on
April 14, 2022, with an effective
date of February 28, 2022. The
Company also filed a NI 43-101 Technical Report for the Bigstone
Deposit resource estimate on January 21,
2021, as amended on February 1,
2022. Investors are encouraged to consult the full text of
these technical reports which may be found on the Company's profile
on www.sedarplus.ca.
The Company's head office is located at 409 Granville Street,
Suite 904, Vancouver, BC,
Canada, V6C 1T2. Common Shares of
the Company are listed for trading on the TSX under the symbol
"FOM" and on the OTCQX under the symbol "FMCXF".
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking information
and forward-looking statements, as defined under applicable
securities laws (collectively referred to herein as
"forward-looking statements"). These statements relate to future
events or to the future performance of Foran Mining Corporation and
reflect management's expectations and assumptions as of the date
hereof or as of the date of such forward looking statement. Such
forward-looking statements include, but are not limited, statements
regarding our objectives and our strategies to achieve such
objectives; our beliefs, plans, estimates, projections and
intentions, and similar statements concerning anticipated future
events; as well as specific statements in respect of the expected
closing of the $20M funding from CMIF
and the use of such funds to support w the construction of the
McIlvenna Bay project's hydroelectric transmission line, an on-site
substation and electrical vehicle charging infrastructure; CMIF's
goals and targets; the benefits from developing critical minerals
and the McIlvenna Bay project, including in respect of clean
technology, clean energy and achieving net-zero; our ability to
develop the McIlvenna Bay project; our access to hydropower; the
lifespan of our operations; our plans to achieve carbon-neutral
copper production; our view that the CMIF funding supports
sustainable resource development, drives economic growth, job
creation and responsible mining, and its contribution to
Canada's leadership in critical
minerals and clean energy; our commitment to support a greener
future and empower communities while creating value for our
stakeholders; expectations regarding our development and advanced
exploration activities; and expectations, assumptions and targets
in respect of our 2022 Feasibility Study. All statements other than
statements of historical fact are forward-looking statements. The
forward-looking statements in this news release speak only as of
the date of this news release or as of the date specified in such
statement.
Inherent in forward-looking statements are known and unknown
risks, estimates, assumptions, uncertainties and other factors that
may cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements contained in this news release. These
factors include management's belief or expectations relating to the
following and, in certain cases, management's response with regard
to the following: the Company's reliance on the McIlvenna Bay
Property; the Company is exposed to risks related to mineral
resources exploration and development; the Company has no history
of mineral production; the Company's operations are subject to
extensive environmental, health and safety regulations; mining
operations involve hazards and risks; and the additional risks
identified in our filings with Canadian securities regulators on
SEDAR+ in Canada (available at
www.sedarplus.ca). The forward-looking statements contained in this
news release 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 the availability of funds for the Company's projects;
availability of equipment; sustained labour stability with no
labour-related disruptions; all necessary permits, licenses and
regulatory approvals are received in a timely manner; and the
ability to comply with environmental, health and safety laws.
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.
Readers are cautioned not to place undue reliance on
forward-looking statements and should note that the assumptions and
risk factors discussed in this press release are not exhaustive.
Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the forward
looking statements contained in this press release. All
forward-looking statements herein are qualified by this cautionary
statement. The Company disclaims any intention or obligation to
update or revise any forward looking statements, whether as a
result of new information, future events or otherwise, except as
may be required by law. If the Company does update one or more
forward-looking statements, no inference should be drawn that it
will make additional updates with respect to those or other
forward-looking statements, unless required by law. Additional
information about these assumptions, risks and uncertainties is
contained in our filings with securities regulators on SEDAR+ in
Canada (available at
www.sedarplus.ca).
SOURCE Foran Mining Corporation