The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Jonathon Naylor Editor A company hoping to launch a 'world-class mine' west of Flin Flon lost $1.8 million in its latest fiscal year. Foran Mining Corp., which owns the McIlvenna Bay deposit, said over 80 per cent of the deficit stemmed from a stock-based compensation expense. But it was hardly all bad news on the fiscal front. When Foran's last fiscal year ended on Sept. 30, 2011, the company said it had $12.3 million in cash and cash equivalents. The Vancouver-based company also had working capital of $11.6 million. The $14.96 million Foran raised through flow-through and non-flow-through financings is being spent on exploration and general working capital. Patrick Soares, president and CEO of Foran, said the company's new managerial staff have 'accomplished a great deal and added substantial value to the company in a short period.' Soares, who previously identified Foran's goal as 'building and operating a world-class mine at McIlvenna Bay,' continued to tout the deposit, located 60 km west of Flin Flon. He said recent work at McIlvenna has confirmed historic results and a 'large new mineral resource' in a copper zone that 'was added to the substantial zinc resource.' Foran expects to update the McIlvenna mineral resource after completing its winter drilling program. 'Engineering studies are well underway, including metallurgy which builds on historic results, geotechnical rock stability and geochemical test work, and new environmental baseline studies,' said Soares. 'All this work will culminate in a preliminary economic assessment that we plan to launch in the fall of 2012.' He said the company foresees the work completed in 2012, when combined with regional exploration aimed at finding additional deposits, 'will continue to add value for Foran shareholders.' During the latest fiscal year, Foran upped its direct ownership interest in McIlvenna to 100 per cent. Foran calls McIlvenna 'one of the largest undeveloped VMS (volcanogenic massive sulfide) deposits in Canada.' Its total 'indicated' resources are over 12 million tonnes of ore, with resources in the less reliable 'inferred' category totaling nearly 10 million tonnes. Neither the TSX Venture Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of information supplied by Foran.
