VANCOUVER, BC, April 22, 2021 /CNW/ - Foran Mining
Corporation (TSXV: FOM), (OTCQX: FMCXF) ("Foran" or the "Company")
is delighted to announce that its 100% owned McIlvenna Bay deposit
("McIlvenna Bay" or "the Deposit") will become the world's first
carbon neutral copper development project. The Company has
partnered with leading carbon measurement firm and sustainability
advisory firms, Carbonzero and Synergy Enterprises, to accurately
record its emissions and purchase verified offsets for the carbon
emitted from all exploration activities over the past 10 years at
the Deposit.
The move underscores Foran's commitment to building the world's
first fully carbon-neutral copper mine and is part of its broader
mission to create a blueprint for responsible mining that causes
the least possible harm from day one through the innovative use of
technology, renewable energy and fleets of electric vehicles and
equipment. By offsetting the carbon emitted in the exploration
phase, Foran aims to ensure that it accounts for the entire impact
of the project from development, through to operations, to eventual
closure.
The offsets, which neutralize emissions produced through
land-use changes and clearing, fuel-use for exploration and travel
to and from the site, will be purchased in the coming weeks and
will help provide funding for a mix of projects including a wind
power project in Guatemala, and a
forest protection project in Inner Mongolia. GHG (greenhouse gas)
emissions associated with the project will be measured in line with
the ISO 14064-1 standard and the Greenhouse Gas Protocol Corporate
Standard and offset in each subsequent year of the
project.
Dan
Myerson, Executive Chair of Foran,
commented: "This world-first puts McIlvenna Bay at the
cutting edge of the sector, in line with our mission to become the
world's first zero-carbon copper producer from day one. Accurate
and transparent accounting of our emissions levels in the
exploration phase is a critical part of our commitment to ESG
principles. And as we mark World Earth Day, it reinforces our duty
to ensure we promote responsible mining that is cleaner, safer,
fairer, and more productive. We are exploring all kinds of exciting
initiatives in line with our audacious mission; this is just the
first. McIlvenna Bay will host a centralized mill to support our
other world class deposits and we intend to be around for a long
time to come. Copper and zinc are essential products that are
needed for building a sustainable future such as solar and wind
technologies, and electric vehicles. It is imperative we find a way
of producing them in a responsible way that lowers social and
environmental impact while also creating greater and more
sustainable returns, building value for our shareholders,
stakeholders and society."
Jean Rogers, newly appointed
Non-Executive Board Member of Foran, commented: "The
green transition won't happen without clean mining. I am therefore
proud and supportive of Foran's efforts to set an example for the
mining industry that targets carbon neutrality now, not
10 to 30 years from now. Dan and the team at Foran Mining
are committed to operating a carbon neutral copper mine from the
start by deploying clean energy sources and automated technology,
for the safety of its workers and the benefit of
society. Never underestimate the power that one shining
example can have on the world, by showing what's possible in a
compressed time frame. The urgency is real. Foran aims to
do just that- accelerating the transformation of the mining
industry while safely supplying critical natural resources
necessary for a clean, sustainable, economy in a manner consistent
with the Paris accords."
Heidi Grantner, General
Manager of Synergy Enterprises, said: "We are thrilled
to lead the measurement of a comprehensive GHG inventory for
exploration activities at McIlvenna Bay. A fully carbon neutral
mine accounts for all emissions produced over the lifetime of the
project. Foran's approach is to reduce emissions as much as
possible and offset the remainder with verified carbon offset
projects. By measuring and offsetting historical emissions from
exploration activities, Foran is taking responsibility for
unavoidable emissions and using the measurement exercise to inform
data-driven decisions about their future impact. We hope this will
serve as inspiration for other mines around the world."
"Carbonzero is pleased to be working with Foran to perform a
Greenhouse Gas Inventory Confirmation of the McIlvenna Bay
project's lifecycle and to provide carbon offsets that compensate
for the site's greenhouse gas emissions," said
Dan Fraleigh, CEO of
Carbonzero. "We commend Foran's sustainability
efforts at the McIlvenna Bay site to first reduce and then offset
emissions."
About Foran Mining
Foran Mining is a copper-zinc-gold-silver exploration and
development company, and we are committed to supporting a greener
future, empowering communities, and creating circular economies
which create value for all our stakeholders, while also
safeguarding the environment.
Our goal is to build the first mine in Canada designed to be carbon neutral from day
one of production. We are in the feasibility stage of development
for our flagship McIlvenna Bay project in eastern Saskatchewan.
McIlvenna Bay is a copper-zinc-gold-silver rich VMS 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 from 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 VMS deposit in the
region. The Company filed a NI 43-101 Technical Report for the PFS
on the McIlvenna Bay Deposit on SEDAR on April 28, 2020. Foran's copper-zinc VMS Bigstone
Deposit is expected to serve as additional feed for the mill at
McIlvenna Bay. The Company filed a NI 43-101 Technical Report for
the Bigstone Deposit's first resource estimate on January 21, 2021.
Foran trades on the TSX.V under the symbol "FOM" and on the
OTCQX under the symbol "FMCXF".
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy of this release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains "forward-looking information" (also
referred to as "forward looking statements"), which relate to
future events or future performance and reflect management's
current expectations and assumptions. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "hopes", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Such forward-looking statements reflect management's
current beliefs and are based on assumptions made by and
information currently available to the Company. All statements,
other than statements of historical fact, are forward-looking
statements or information. Forward-looking statements or
information in this news release relate to, among other things:
complete the feasibility study in a timely manner, and the
anticipated capital and operating costs, sustaining costs, net
present value, internal rate of return, payback period, process
capacity, average annual metal production, average process
recoveries, anticipated mining and processing methods, proposed PFS
production schedule and metal production profile, anticipated
construction period, anticipated mine life, expected recoveries and
grades, anticipated production rates, infrastructure, social and
environmental impact studies, future financial or operating
performance of the Company, subsidiaries and its projects,
estimation of mineral resources, exploration results, opportunities
for exploration, development and expansion of the McIlvenna Bay
Project, its potential mineralization, achieve carbon neutral
status from day one of production, the future price of metals, the
realization of mineral reserve estimates, costs and timing of
future exploration, the timing of the development of new deposits,
requirements for additional capital, foreign exchange risk,
government regulation of mining and exploration operations,
environmental risks, reclamation expenses, title disputes or
claims, insurance coverage and regulatory matters. In addition,
these statements involve assumptions made with regard to the
Company's ability to develop the McIlvenna Bay Project and to
achieve the results outlined in the PFS, and the ability to raise
capital to fund construction and development of the McIlvenna Bay
Project.
These forward-looking statements and information 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: our
mineral reserve and resource estimates and the assumptions upon
which they are based, including geotechnical and metallurgical
characteristics of rock confirming to sampled results and
metallurgical performance; tonnage of ore to be mined and
processed; ore grades and recoveries; assumptions and discount
rates being appropriately applied to the technical studies; success
of the Company's projects, including the McIlvenna Bay Project;
prices for zinc, copper, gold and silver remaining as estimated;
currency exchange rates remaining as estimated; availability of
funds for the Company's projects; capital decommissioning and
reclamation estimates; mineral reserve and resource estimates and
the assumptions upon which they are based; prices for energy
inputs, labour, materials, supplies and services (including
transportation); no labour-related disruptions; no unplanned delays
or interruptions in scheduled construction and production; all
necessary permits, licenses and regulatory approvals are received
in a timely manner; and the ability to comply with environmental,
health and safety laws. The foregoing list of assumptions is not
exhaustive.
The Company cautions the reader that forward-looking statements
and information include known and unknown risks, uncertainties and
other factors that may cause actual results and developments to
differ materially from those expressed or implied by such
forward-looking statements or information contained in this news
release and the Company has made assumptions and estimates based on
or related to many of these factors. Such factors include, without
limitation: the projected and actual effects of the COVID-19
coronavirus on the factors relevant to the business of the
Corporation, including the effect on supply chains, labour market,
currency and commodity prices and global and Canadian capital
markets, fluctuations in zinc, copper, gold and silver prices;
fluctuations in prices for energy inputs, labour, materials,
supplies and services (including transportation); fluctuations in
currency markets (such as the Canadian dollar versus the U.S.
dollar); operational risks and hazards inherent with the business
of mining (including environmental accidents and hazards,
industrial accidents, equipment breakdown, unusual or unexpected
geological or structure formations, cave-ins, flooding and severe
weather); inadequate insurance, or the inability to obtain
insurance, to cover these risks and hazards; our ability to obtain
all necessary permits, licenses and regulatory approvals in a
timely manner; changes in laws, regulations and government
practices in Canada, including
environmental, export and import laws and regulations; legal
restrictions relating to mining; risks relating to expropriation;
increased competition in the mining industry for equipment and
qualified personnel; the availability of additional capital; title
matters and the additional risks identified in our filings with
Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). 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. Investors are cautioned against undue
reliance on forward-looking statements or information.
These forward-looking statements are made as of the date hereof
and, except as required by applicable securities regulations, the
Company does not intend, and does not assume any obligation, to
update the forward-looking information.
SOURCE Foran Mining Corporation