Mackie Research Updates Speculative Buy Recommendation on Foran Mining - Video Posted on

Vancouver, British Columbia--(Newsfile Corp. - February 28, 2013) - Investment firm Mackie Research has updated its coverage on Foran Mining (TSXV: FOM). Following a visit to the McIlvenna Bay project, analyst Matt O'Keefe reiterated his speculative buy recommendation, maintaining his $1.20 target price, a healthy premium to the $0.54 price the day the report was issued. has produced a "video news alert" about Foran Mining based on this research report. If this link is not enabled, please visit and enter "Foran" in the search box.

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The company's 100% owned flagship McIlvenna Bay project is located in east-central Saskatchewan, an easy 90 minute drive from the town of Flin Flon, Manitoba, which hosts Hudbay Mining's zinc smelter, and provides access to railhead, that allows concentrate to be shipped to all of North America and international ports.

The McIlvenna Bay deposit, which is large for a VMS deposit, hosts a high-grade 21.6 million tonne zinc, copper, silver and gold resource containing 1.8 billion pounds of zinc, 534 million pounds of copper, 13.4 million ounces of silver, and minor gold. The deposit has additional potential at depth and up-dip, with the up-dip portion likely to be adding to the upcoming resource.

O'Keefe was also impressed with the potential at its neighbouring Balsam Lake property, which is currently being drilled, and the quality management and exploration team.

The current $5 million exploration and development program also includes ongoing baseline environmental studies, which will provide the basis for a Preliminary Economic Assessment and future permitting for commercial development of the Deposit.

O'Keefe stated, "On a comparable basis, Foran trades below its peer group, especially when factoring in an anticipated 10% to 20% resource increase. Based on a resource valuation of one and a half cents ($0.015) per pound zinc equivalent, we value Foran an $1.20 per share, with visibility on $2.00 per share as the stock moves through its development milestones over the next 12 to 24 months."

With a cash balance of approximately $9 million, the company is well-funded to complete the 2013 exploration and development program. The shares are currently trading at $0.50, and with approximately 77 million shares outstanding, the company is capitalized at $39 million.

For more information, please visit the company's website or contact Fiona Childe VP, Corporate Development at 416-847-7310or email

For more information about Mackie Research or to obtain the full report on Foran Mining, contact your nearest Mackie Research office. Their branches are listed on their website at is a multimedia company that provides a combined solution for creating and hosting financial video content, and distributing it across multiple platforms to investors and financial professionals. specializes in producing three minute videos based on news releases and research reports.

Barry Morgan,
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