Foran Mining (FOM-V) Sept 10, '14 - NR
A preliminary economic assessment is under way on Foran Mining Corp.'s 100-per-cent-owned McIlvenna Bay deposit. McIlvenna Bay is a large zinc-copper-gold-silver deposit located in east-central Saskatchewan, 65 kilometres west of the mining centre of Flin Flon, Man. Foran has engaged JDS Energy and Mining Inc., a well-respected Canadian mine engineering, construction and project management consultancy, to deliver the preliminary economic assessment. Patrick Soares, president and chief executive officer of Foran, commented: "We are pleased to announce this important undertaking for McIlvenna Bay, a well-located base metal deposit in a safe, stable jurisdiction. Defining the preliminary economic parameters is a key step in advancing McIlvenna Bay on the road to production."
The preliminary economic assessment will determine the mining and processing parameters, and establish, to a scoping level, the capital expenditures and operating costs associated with the potential development of the deposit. The preliminary economic assessment will incorporate the results of engineering and environmental studies, which have been conducted on the deposit since Foran's new management team reinitiated activities at McIlvenna Bay in 2011, including: the most recent mineral resource estimate (see Foran's news release dated March 27, 2013), initial metallurgical studies (see Foran's news release dated June 20, 2012), a traditional land use study (see Foran's news release dated Sept. 24, 2013), a completed environmental baseline study, geotechnical studies, initial hydrogeological studies, waste rock geochemical characterization studies and a preliminary mine waste management study.
Completion of the McIlvenna Bay preliminary economic assessment and an announcement summarizing the findings is expected in the fourth quarter of 2014, with a National Instrument 43-101 technical report to follow within 45 days of the announcement.
Roger March, vice-president, project exploration, for Foran and a qualified person within the meaning of NI 43-101, has reviewed and approved the technical information in this release. |
