VANCOUVER, BC, Sept. 5,
2023 /CNW/ - Foran Mining Corporation (TSX: FOM)
(OTCQX: FMCXF) ("Foran" or the "Company") is pleased to announce
the selection of G Mining Services ("GMS") as its partner in the
formation of the integrated project management team ("IPMT") for
construction of its 100%-owned McIlvenna Bay Complex (the
"Project") in Saskatchewan.
Founded in 2006, GMS is a renowned mining consultancy firm
excelling in both underground and open pit mining and processing
projects, including operations in Canada. With a comprehensive range of services
spanning greenfield projects to mine operation, GMS stands out with
its multidisciplinary expertise. Their notable accomplishments
include the successful construction of Lundin Gold's Fruta del Norte Project in
Ecuador, delivering Newmont
Mining's Merian Mine in Suriname below budget and ahead of
schedule, and is currently managing project construction of the
Greenstone project in Ontario and
the Tocantinzinho project in Brazil.
With an impressive track record, GMS has achieved a remarkable
100% success rate in delivering projects on or below budget. Having
worked over 30-million-person hours, they have consistently met or
exceeded project schedules with safety and environmental
stewardship at the forefront.
Dan Myerson, Foran's Executive
Chairman & CEO, commented "G Mining Services is the ideal
partner to deliver the McIlvenna Bay Complex into production and
unlock this meaningful critical minerals district. GMS' unique and
innovative IPMT model enables a harmoniously aligned construction
team seamlessly transitioning into an operating team, which is
critical to success. Integrating GMS within our ranks provides the
support and accountability needed in delivering safe, on-budget,
and on-schedule mine construction. Their expertise, unwavering
commitment to safety, and dedication to timely and fiscally prudent
project delivery are expected to play an instrumental role into
McIlvenna Bay's development."
"We consider ourselves fortunate to partner on projects that
align with our expertise and with people who align with our
values." said Mathieu Gignac,
President of G Mining. "The opportunity to work with Foran, be
an integral part of their team and contribute to the development of
McIlvenna Bay brings us great excitement, particularly as McIlvenna
Bay becomes Saskatchewan's
pioneering base and precious metals project. Our involvement not
only emphasizes our commitment to delivering excellence but also
highlights our role in bolstering Canada's critical minerals
sector."
Strengthening Leadership Team in
Preparation for Construction Phase
Foran is delighted to unveil key management enhancements as we
fortify our team in alignment with the strategic execution of
McIlvenna Bay's development. Gilbert
Lamarche, previously Vice President, Technical Services, has
been promoted to Chief Operating Officer, recognizing his
invaluable contributions to-date. David
Bernier will continue to play a vital and indispensable role
within the company, leveraging his pivotal contributions in
de-risking, building and growing the Project and advancing key
strategic initiatives. Furthermore, we celebrate the elevation of
Sam Renelli, promoted from
Operational Readiness Manager to the position of Vice President,
Technical Services. We are equally excited to formally introduce
Erin Carswell as Vice President,
Exploration, amplifying our leadership team. Lastly, Jonathan French has been promoted to Vice
President, Capital Markets & External Affairs.
Dan Myerson, Foran's Executive
Chairman & CEO, commented "We are thrilled to announce the
strengthening of our leadership team as we embark on the next
phases of our journey, the construction of the McIlvenna Bay
Complex and the growth of this remarkable District. With key roles
filled, including well-earned promotions for Gil and Sam, and the
focused special project delivery initiatives to be led by Dave, we
are well-equipped for the opportunities ahead. Erin will spearhead
our exploration program, as we continue to uncover exciting targets
and further define this exceptional critical mineral district
located in the one of the world's best geopolitical jurisdictions.
Together, with this extraordinary team and their commitment, we are
well on our way to making the McIlvenna Bay Complex a Canadian
champion and delivering the urgent critical minerals that are so
desperately needed by all."
Gilbert Lamarche joined Foran as
Vice President, Technical Services in May of 2022. He brings over
20 years of experience in the mining industry in both technical
services and operations. Mr. Lamarche is a seasoned leader with a
notable history of managing teams across diverse Canadian
jurisdictions encompassing established operations and new projects.
Past roles included Head of Mines/Mills Technical Services for
Vale's Canadian operations, with previous operational leadership
roles as Mine Manager at Coleman Mine and Totten Mine. Prior to his
time at Vale, he worked as a mining engineering consultant for SRK,
UK and began his career at the Kidd Mining Operations. Gilbert is a
registered Professional Engineer in Ontario and Saskatchewan, holding an Applied Science
degree in Mining Engineering from Laurentian
University.
Sam Renelli joined Foran in
June 2023 has over 25 years of
technical and operations experience in the mining industry, working
in progressive engineering and operations management positions. He
previously worked for Newmont/Goldcorp as the Mine Operations
Manager at Musselwhite and Red Lake Gold Mines, where he was
responsible for managing mine operations, maintenance, and
technical services. He also served as Project Manager for McIntosh
Engineering (now Stantec) where he oversaw pre/feasibility studies,
optimizations, and detailed engineering design projects for various
international mining companies. Mr. Renelli has held various
management positions with Cementation, exp, First Nickel, and
Xstrata Nickel (now Glencore). He has a proven track record
building and leading safe and successful technical, operations, and
project teams. Mr. Renelli is a registered Professional Engineer
and holds a Bachelor of Engineering from Laurentian University and an MBA from York University.
Holding an MSc in Earth Sciences from Monash University, Ms.
Carswell possesses significant base metal and gold expertise
developed through her tenure with industry leaders like Newcrest
Mining and MMG Australia. Her extensive background in Mineral
Exploration encompasses generating and managing copper-gold
exploration projects across continents, developing alternative
deposit models through research and analysis, and overseeing large
exploration teams in remote locations. Having worked on orebody
knowledge teams at development stage mining projects, such as the
Dugald River Mine in Australia,
she has a deep understanding of VHMS, IOCG, and structurally
controlled base metal orebodies. Ms. Carswell also spent several
years in Mergers and Acquisitions evaluating mining projects
worldwide and brings a valuable commercial perspective to Foran's
exploration strategy.
Jonathan French joined Foran in
October 2021 and has over a decade of
capital markets experience, primarily focusing on the metals &
mining sector. Prior to Foran, Mr. French worked at a generalist
investment fund supporting stock selection across multiple sectors.
His experience also includes working at a boutique brokerage firm
in equity research focusing on precious metal and royalty
companies. Jonathan holds an Honours Bachelor of Commerce degree
from McMaster University and is a CFA
Charterholder.
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".
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