Foran Mining Receives Speculative Buy Recommendation from Fundamental Research - Video Available on InvestmentPitch.com

Vancouver, British Columbia--(Newsfile Corp. - March 2, 2017) - Today's buy recommendation comes from Fundamental Research Corp. Analyst Sid Rajeev gives Foran Mining Corporation (TSXV: FOM) a buy recommendation with a highly speculative risk rating, and a fair value estimate of $1.18, a premium of 168% to the $0.44 price on February 20th, the day the report was issued.

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Foran Mining is advancing a new base metals camp in east-central Saskatchewan, currently ranked the second best mining jurisdiction in the world, for investment attractiveness, by the 2015 Fraser Institute Survey.

Their flagship deposit is the McIlvenna Bay deposit, which is just a one hour drive from the mining centre of Flin Flon.

Analyst Sid Rajeev stated: "The Flin Flon-Snow Lake belt, spread over northern Manitoba and Saskatchewan, is one of the most prolific mining belts in the world, with a long track record of base metals and gold production. Per square kilometer, the Flin Flon belt is the richest greenstone belt in Canada for base metals, with a value 5 times greater than that of the Abitibi Greenstone Belt in Ontario and Quebec. Foran is the most advanced junior operating in the region. We estimate that Hudbay Minerals will start looking for new deposits in the region as two of their three producing mines are expected to be mined out in the next 2 to 4 years."

In late 2014, the company released a positive Preliminary Economic Assessment, which showed an after-tax Net Present Value @ 7%, of $263 million, an after-tax Internal Rate of Return of 19%, with the initial CAPEX estimated to be $249 million, including a 20% contingency. The report assumed the McIlvenna Bay deposit will be developed as an underground mine, and was based on a mine life of 14 years, with the extraction of 23.7 million tonnes of ore.

The ore will be fed to a 5,000 tonne per day milling and multi stage flotation plant to produce copper concentrates, zinc concentrates and a polymetallic bulk concentrate, similar to the operations at the nearby 777 mine, operated by Hudbay. The produced concentrates can be transported to smelters in North America and/or Asia.

The company is currently seeking project financing options, joint venture partnerships, and/or off-take financing to advance McIlvenna to production.

The company is also simultaneously conducting exploration to advance its other satellite targets and deposits, and is planning to initiate a drill program focused on the historic Bigstone deposit, on its 100% owned Bigstone Property, located 25 kilometres southwest of the McIlvenna Bay deposit. The drill program is designed to follow up on the results of Foran's initial 6 hole drill program completed in 2015.

Partrick Soares, President & CEO, stated: "In May 2015 as the commodities market was in rapid decline, Foran produced six of the better drill intersections of any exploration target in all of Canada. Foran Management believes now is the time to follow up these results and build a resource which could potentially supplement any mine development decision at McIlvenna Bay. The Bigstone drill program should give Foran enough information to estimate a resource that meets 43-101 standards and after careful review of the historic work completed to date, we hope to conduct enough drilling to not only verify the grade at the Bigstone Deposit, but drill holes that may incrementally expand the size of the known deposit."

Past work by previous operators outlined an historic copper-zinc rich mineral resource estimate for the Bigstone Deposit.

Foran Mining is trading at $0.37, well below the $1.18 target price, and with 96.9 million shares outstanding, the company is capitalized at $35.9 million, with management and directors owning approximately 17% of the outstanding shares.

For more information please visit the company's website www.foranmining.com, contact Patrick Soares, President & CEO, at 604-488-0008 or email ir@foranmining.com.

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