Foran Mining Corporation has entered into a non-binding term sheet with the Ontario Teachers’ Pension Plan Board.  It contemplates a transaction that if completed would have Ontario Teachers invest up to 200 million dollars in the McIlvenna Bay Project 65 kilometers west of Flin Flon.  The parties are now under exclusivity and intend to enter into definitive documentation in the third quarter this year.  It is anticipated that closing the proposed investment will be subject to among other things TSX Venture Exchange approval, Foran obtaining a binding commitment for a senior secured credit facility to further advance the project, execution of joint operating and governance agreements as well as other conditions customary for a transaction like this. Foran notes they are well advanced in the process to obtain a senior secured credit facility.

The proceeds of the proposed investment together with proceeds from the anticipated senior secured credit facility will be used for the development of the McIlvenna Bay project towards commercial production.