Financing Increased: McIlvenna Bay Base Metal Deposit Acquired.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--April 27, 1997-- Gregory J. Binning, Director of Foran Mining Corporation (VSE:FOM) announces that Foran has completed agreements whereby the fully subscribed private placement announced in February 1998 has been increased from 1.5 million units to 2.5 million units at $1.50, each unit comprising a common share and a one year warrant exercisable at $1.65. Approximately 16% of the units are designated flow-through units.

Foran also announces that it has entered into an agreement with Cameco Corporation and an affiliate of Billiton Metals Canada Inc. which grants Foran an exclusive option to purchase a 100% interest in the McIlvenna Deposit, in north-east Saskatchewan, which hosts an established zinc/copper resource. Total cost of the acquisition is $10 million; $3 million of which is being paid on closing and $7 million of which must be paid within 3 years in conjunction with completion of a feasibility study. A finder's fee is payable in accordance with VSE guidelines.

Previous estimates are that the main lens of the McIlvenna Deposit contains a geological resource of approximately 13 million tonnes averaging 4.95% zinc and 1.26% copper with significant precious metal credits. The volcanic hosted massive sulphide deposit consists of one main lens, two smaller lenses and associated stringer mineralization. This mineralization is geologically similar to that of several mines in the Flin Flon - Snow Lake mining belt. The resource calculation is based on drilling by previous operators totalling almost 30,000m (98.500 ft) in 67 holes over a strike length of 2,900m (1.8 miles) to a maximum depth of 1,000m (3,280 ft). Drill hole spacing varies from 50m along strike and 100m down dip in the central part of the deposit to over 200m along strike and down dip at the east and west extremities of the deposit. Foran plans additional drilling to confirm the geological interpretation and continuity of the McIlvenna Deposit.

Foran believes the potential for additional resource tonnage is good, both in the vicinity of the known mineralization and in other areas on the 13,000 ha (28,600 acres) property. The strike length of the deposit in the area of the deepest drilling is 400m in length and open at depth. Foran's consulting mining engineer has recommended a minimum $3 million program to fully evaluate the deposit with a view to a production decision. The recommended program includes exploration drilling, definition drilling, environmental, metallurgical and engineering work.

Closing of the financing and McIlvenna acquisition is expected to occur forthwith subject to VSE approval. The Company is also granting 300,000 incentive options at a price to be determined upon reinstatement of trading in accordance with VSE policies.

ON BEHALF OF THE BOARD

(signed) Gregory J. Binning Director and Chief Financial

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THE VANCOUVER STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENTS OF THIS NEWS RELEASE.

CONTACT: Foran Mining Corp.

Gregory J. Binning, 604/899-0677