In reading back through some old 2006 press releases for Foran, it came to my attention that their flagship project is not wholly owned by Foran, but rather owned 75% by Foran, with Copper Reef Mining owning 25%. Consequently, the per share value of the stock based soley on Foran's McIlvenna Property should be discounted by 25%. Thus, the paragraph in my previous report should be changed to read as follows.

"However, it should be noted that the property is only 75% owned by Foran (with Copper Reef Mining holding the remaining 25%).This was a result of a settlement ending litigation between the parties in May of 2006.The current outstanding shares of Foran are 46,256,072.However, almost as many warrants were recently issued as shares.So, to have a more conservative figure, let us double this number and assume this number will be all of the outstanding shares ‘fully diluted’ (i.e., after all the warrants are exercised within the next 2 years).That gives us about 92.5 million shares.Dividing the ‘in situ’ discounted value of the deposit, $217 million, by 92.5 million, we arrive at a price of about $2.35.Then multiplying this by 75% (since Copper Reef Mining owns 25% of the project), this provides an approximate value of each share of Foran stock based on the value of the McIlvenna Bay deposit alone of approximately $1.76.The stock traded at 57 cents last Friday (7/9/2010).I would say that presently, the stock is undervalued by the market."