Foran Obtains Development Permits for North Star Gold Project

Foran Mining Corporation wishes to announce receipt of government approvals to proceed with the underground development on its advanced exploration North Star Gold Project, 36 km west of Snow Lake Manitoba.

The contract for development, which is scheduled to start January 12, 2004, has been given to Alex MacIntyre and Associates Ltd. MacIntyre will develop the portal and ramp (declining mining tunnel) down to the first mining level, where a 10,000 ton bulk sample will be taken along the main North Star Vein. This ramp or decline will also give access to the parallel West Vein located 20 to 30 yards west of the North Star Vein. The decline will provide a jump- start on full mine development with a production decision and would form the main entrance into the mine.

A 20-25 man camp will be set up once the portal (entrance to declining mining tunnel) has been blasted out. Following the portal construction, the mechanics shop, generators and mine heaters will also be set near the portal.

The assay results from sampling the face and back (roof) excavation of the underground 10,000 ton bulk sample along a horizontal tunnel in the North Star vein will determine if Foran will proceed with the next stage of building a mill and mine complex. Foran is confident that assay results, as suggested from the 2003 summer drilling program, will be similar as those obtained during the excavation of the previous bulk sample, which gave values of .30 to .40 ounces gold/ ton on average (undiluted) over widths of 5 to 29 feet. The North Star Vein exceeds 600 feet in length and is open (not closed off by drilling) to the south and at depth.

Foran’s goal is, with positive results and on schedule permitting, to be in full production at the end of 2004. This is important not only for Foran shareholders, but for the town of Snow Lake, where its main employer, the New Britannia Gold Mine is scheduled for shut down this year.

For further information please contact Foran Mining Corporation
Stephen L. Masson, President at (204) 687-7595, fax (204) 687-7630, by e-mail: more@mts.net or visit our web site at www.foranmining.ca

ON BEHALF OF THE BOARD

“SIGNED”

Stephen L. Masson, M.Sc. P.Geo., President, CEO and QP