Editors Note: There are two photos associated with this press release. 

Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased
to announce that the Company has engaged Roscoe Postle Associates Inc. ("RPA")
to complete an updated mineral resource estimate (the "Updated Resource") on its
100% owned McIlvenna Bay Deposit ("McIlvenna Bay" or the "Deposit") in
Saskatchewan. It is anticipated the Updated Resource will be completed in the
first quarter of 2013.


On November 2, 2011, Foran announced the first mineral resource estimate for the
Copper Stockwork Zone ("CSZ") under National Instrument 43-101 (the "2011
Resource"). In addition to the CSZ, the 2011 Resource included mineral resources
originally estimated for zinc+/-copper-rich massive to semi-massive sulphides by
RPA's predecessor company, Scott Wilson Roscoe Postle Associates Inc. ("Scott
Wilson RPA") in 2006. 


The Updated Resource will be based on current long-term metal price projections
and new and updated information for the Deposit, including:




--  11,971 metres of core from 33 diamond drill holes completed between
    August, 2011 and April, 2012 and not included in the 2011 Resource. This
    drilling primarily targeted the upper portions and edges of the deposit
    and brings the total drilling for the deposit since discovery in 1988 to
    86,320 metres in 184 holes; 
--  New sampling of historic drill core, consisting of 581 samples collected
    from 612 metres of core in 65 holes drilled between 1988 and 2008 and
    assayed between July and September, 2012, including some previously
    unsampled, sulphide-bearing shoulder samples of CSZ mineralization and
    infill samples between previously sampled mineralized intercepts; 
--  Revised geology and wireframe modelling for the mineralized horizons to
    ensure a consistent interpretation for all zones in the deposit; and 
--  Resurveying of all collar locations, along with downhole deviation
    surveys of a significant number of pre-2011 drill holes with a
    Gyroscopic survey tool.



Patrick Soares, President and CEO of Foran commented: "We are fortunate to have
access to almost all the historic drill core for the Deposit, as well as the
drill sites to resurvey using modern instruments. Over the past several months,
our technical team has worked diligently to preserve and review the historic
drill core, enhance the quality of the McIlvenna Bay database and complete the
sampling of mineralized zones prior to launching the Updated Resource. This
resource will form the basis of a Preliminary Economic Assessment at McIlvenna
Bay in the new year."


Photo 1: Over 75% of the +86,000m of core drilled on the Deposit was racked and
archived in 2012.

Photo 2: Aerial view of the McIlvenna Bay Camp.

Quality Assurance and Quality Control

Core was logged by employees of the Company. During the logging process
mineralized intersections were marked for sampling and given unique sample
numbers. Sampled intervals were sawn in half using a diamond blade saw. One half
of the sawn core was placed in a plastic bag with the sample tag and sealed,
while the second half was returned to the core box for storage on site. Sample
assays are performed by TSL Laboratories Ltd. ("TLS") in Saskatoon,
Saskatchewan. TLS is a CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005) accredited
laboratory and independent of Foran. Analysis for Ag, Cu, and Zn is performed
using atomic absorption spectrometry ("AA") after multi-acid digestion. Au
analysis is completed by fire assay with AA finish. Any samples which return
results greater than 3.0 g/t Au are re-run using gravimetric finish. A complete
suite of QA/QC reference materials (standards, blanks and pulp and field
duplicates) are included in each batch of samples processed by the laboratory.
The results of the assaying of the QA/QC material included in each batch are
tracked to ensure the integrity of the assay data. 


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 kilometres west of Flin Flon, Manitoba and
contains McIlvenna Bay, one of the largest undeveloped volcanogenic massive
sulphide deposits in Canada. 


For additional information on McIlvenna Bay, see the report entitled "Technical
Report on the McIlvenna Bay Project, Saskatchewan, Canada" dated December 9,
2011 at www.sedar.com or www.foranmining.com. Roger March, VP Project
Exploration for Foran and a Qualified Person within the meaning of National
Instrument 43-101 has reviewed and approved the technical information in this
release.


Foran trades on the TSX.V under the symbol "FOM". 

About RPA

RPA is a global geological and mining consultancy with offices in North America
and the United Kingdom. RPA has extensive experience in the mineral resource
estimation of base metal projects, including volcanogenic massive sulphide
deposits. RPA and Scott Wilson RPA are independent of Foran.


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 law.


To view the photos associated with this press release, please visit the
following links: 


http://media3.marketwire.com/docs/FOM-image1.jpg

http://media3.marketwire.com/docs/FOM-Image2.jpg 

FOR FURTHER INFORMATION PLEASE CONTACT: 
Foran Mining Corporation
Patrick Soares
President & CEO
409 Granville Street, Suite 904
Vancouver, BC, Canada, V6C 1T2


Foran Mining Corporation
Fiona Childe, VP, Corporate Development
120 Adelaide Street West, Suite 2500
Toronto, ON, Canada, M5H 1T1
416-847-7310
ir@foranmining.com
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