2013-02-28 17:11:24 -

Vancouver, British Columbia, 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.

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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 www.foranmining.com or
contact Fiona Childe
VP, Corporate Development at 416-847-7310 or email ir@foranmining.com.

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 www.mackieresearch.com.

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