VANCOUVER, BC, July 17,
2023 /CNW/ - Foran Mining Corporation (TSX: FOM)
(OTCQX: FMCXF) ("Foran" or the "Company") and Peter Ballantyne Cree
Nation ("PBCN") are proud to announce the signing of a landmark
Collaboration Agreement (the "Agreement") between PBCN and Foran's
wholly-owned subsidiary, McIlvenna Bay Operating Ltd. ("MBO"). This
pioneering partnership is a testament to a profound alignment of
interests, encapsulating shared aspirations and deep respect for
cultural heritage. This agreement embeds a commitment to
sustainable growth and future prosperity, underpinned by principles
of mutual respect and a dedication to fostering longevity across
generations.
Conceived through a collaborative endeavor, this agreement
strategically emphasizes education, paving the way for
comprehensive upliftment of the PBCN community. By facilitating
diverse training avenues, it aims to stimulate employment and
business opportunities for PBCN members. Beyond these pillars, the
agreement extends thoughtfully designed financial and economic
benefits to further empower the PBCN community.
Dan Myerson, Foran's Executive
Chairman & CEO, commented "I am both excited and profoundly
moved to announce this landmark Agreement with PBCN. This
partnership is the result of truly listening to the local
communities and responding with an unparalleled agreement that
reflects these discussions. It speaks to our dedication to
empowering the PBCN community, with a strong commitment to
providing PBCN members with training and job opportunities and PBCN
businesses with contracting opportunities. We believe that in order
for a company to succeed over the long run, it must build deep and
meaningful relationships with local rightsholders and stakeholders
and prioritize those groups' needs. This agreement with PBCN is not
just about what we can achieve today, but what we can build for
tomorrow. It's more than a partnership; it's a commitment to shared
growth, prosperity, and a legacy of success for generations to
come."
"Our Creator granted us the inherent right to determine our
own destiny. Part of realizing our destiny is restoring prosperity
to our people. This agreement ensures that our Nation and our
members can develop an economic base which provides prosperity and
self-reliance while recognizing that we are stewards of our
traditional lands", said Karen
Bird, Chief of PBCN. "The financial benefits from the
McIlvenna Bay project will make an important contribution
to improving the quality of life of our members. The employment and
contracting opportunities will provide sustainable
and transferable careers and business opportunities for both
individual PBCN Members and PBCN Businesses. While it has taken a
significant amount of effort by both parties to achieve the
partnership we have today, it will endure through the life of the
mine. PBCN will continue to take an active role, both in
collaboration with Foran, through the MBO PBCN Environment
Committee, and independently through our own community-led
monitoring programs."
Foran and PBCN would like to express their gratitude for the
patience, diligence, and perseverance shown by all participants
throughout the negotiation process. This agreement stands as a
testament to the power of collaboration and mutual respect.
Neither the TSX Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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 McIlvenna Bay project is located entirely
within the documented 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
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 a NI 43-101 Technical Report
for the McIlvenna Bay Feasibility Study on April 14, 2022. The Company filed a NI 43-101
Technical Report for the Bigstone Deposit resource estimate on
February 11, 2022. Investors are
encouraged to consult the full text of these technical reports
which may be found on the Company's profile on www.sedar.com.
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".
About Peter Ballantyne Cree
Nation
PBCN is an adherent to Treaty 6. PBCN has a traditional
territory that encompasses vast areas of Treaty 10 and a smaller
portion of Treaty 5 from northwest Manitoba, west to the west end of Trade Lake,
north to Reindeer Lake and south to Sturgeon Landing and constitutes over 20,000
square miles in northern Saskatchewan and northwest Manitoba.
PBCN follows the traditional lifestyle of the Woodland Cree
which led to the establishment of several communities along major
economic routes including various waterways. PBCN has a population
of almost 12,000 and consists of eight communities, including Amisk
Lake, Deschaumbault Lake, Kinoosao, Pelican Narrows, Prince Albert, Sandy
Bay, Southend, and
Sturgeon Landing.
The majority of PBCN members live in the traditional territory
of the eight communities, but there are also many members living in
urban centres such as Prince
Albert and Saskatoon. PBCN
has one Chief and 14 elected Councillors, two each from
Southend, Sandy Bay, and Deschambault Lake, five from Pelican Narrows, and one each from
Denare Beach, Sturgeon Landing, and Prince Albert.
Forward Looking
Statements
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.
All statements other than statements of historical fact are
forward-looking statements. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
"continues", "forecasts", "projects", "predicts", "potentially",
"intends", "likely", "anticipates" or "believes", or variations of,
or the negatives of, such words and phrases, or state that certain
actions, events or results "may", "could", "would", "should",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results to differ materially from
those anticipated in such 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 proposed strategic investment by Ontario
Teachers' Pension Plan; the status and progression of credit
facility discussions; unlocking the untapped value of the Company's
properties, delivery of superior or any investment returns; scale,
scope and location of future exploration and drilling activities;
the potential for the Company's land package to be
transformational, the focus of the Company's future drill programs,
the incorporation of geotechnical and hydrogeological information
into the overall project design; The long-term investment horizon
of shareholders; The growth of the Company from developer to
producer; The certainty of funding; The future of the Company;
De-risking McIlvenna Bay; Delivering on the Company's Net
Positive Business strategy; Ownership and reliance on the Company's
mineral projects; The Company's history of losses and potential
inability to generate sufficient revenue to be profitable or to
generate positive cash flow on a sustained basis; The Company's
statements about the expected life of mine, productive capacity and
other technical estimates on its projects, and the Company's
reliance on technical experts with respect thereto; The Company's
exposure to risks related to mineral resources exploration and
development; Impact of the COVID-19 Pandemic, Infectious Diseases
and Other Health Crises on the Company; Global financial volatility
and its impact on the Company; The impact of the Russia-Ukraine conflict; Government, securities, and
stock exchange regulation and policy; Legal proceedings which may
have a material adverse impact on the Company's operations and
financial condition; Capital market conditions and their effect on
the securities of the Company; Insurance and uninsurable risks;
Environmental, health and safety regulation and policy; Mining
hazards and risks; Title rights to the Company's projects;
Indigenous peoples' title and other legal claims; Mineral resource
and mineral reserve estimates; Uncertainties and risks relating to
the Feasibility Studies; Fluctuations in commodity prices,
including metals; Competition; Expertise and proficiency of
management; Limited operating history; The availability of future
financing; Dilutive effects; Impacts of global climate change and
natural disasters; Inadequate infrastructure; Relationships with
local communities; Reputational damage; Risks arising from the
Company's reliance on financial instruments; Risks arising from
future acquisitions; Management conflicts of interest; Security
breaches of the Company's information systems; and the additional
risks identified in our Annual Information Form dated March 23, 2023 and other securities filings with
Canadian securities regulators available at www.sedar.com.
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. 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 against undue reliance on forward-looking statements
and should note that the assumptions and risk factors discussed
above do not contain an exhaustive list of the factors or
assumptions that may affect the forward-looking statements, and
that the assumptions underlying such statements may prove to be
incorrect. Actual results and developments are likely to differ,
and may differ materially, from those expressed or implied by the
forward-looking statements contained in the Company's securities
filings and this news release. All forward-looking statements
herein are qualified by this cautionary statement. The Company
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements whether as a result of new information
or future events or otherwise, except as may be required by
law.
SOURCE Foran Mining Corporation