is close to bankrupcy
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Thank you for exciting offer.Hahahahaha.... You know I have never moderated any board so far and of course no body ever offered me to do so. I have no objection if I can be of any help. May be you are thinking that this board is going to be very busy in near future. That is the reason you are adding man power to moderation. May be you will share that info once I will become insider of this board. Just joking.
I will definitely give it a try.
No doubt it will help increase foreign investment in natural resources of Bolivia.
Just wanted to shares with those who have any interest associated with this land locked country.
News
"Peru leases Bolivia a piece of its Pacific coast for 99 years." Deal signed by Morales and Alan Garcia.
The deal allows Bolivia to build a dock, moor naval vessels and operate a free trade zone. in theory giving it an alternative to shipping exports such as zinc,tin and silver via Chile.
Above is the extract from a news item published in today's Globe and mail. Sorry tried to find a link from on line edition but failed. Bolivian papers have published this news in Spanish.
Last one year at least, we only know one thing about FMNJ and that is Antimony. Look like you have jumped in from no where with lot of concerns about the future of this company.
My advice to you is just read company PRs including those from PRRY(JV partner in Antimony). Also you can read posts on this forum for last two or three months.
You missed Antimony.....Hahahahahah Presently it is a Antimony company. Forget about Gold and Silver etc.
Another reference was made in report about something being done in Thailand(nice place to hide and have fun at the same time for scamers).
Does the following statement in the report, mean end all the hopes associated with TFN part of this stock?
"The Company has become aware of the investment in The Fight Network may have to be written down in the coming months as The Fight Network may be involved in a re-structuring of its business and as a result current shareholders may be diluted and/or their investment may become impaired and realization of it may not be feasible in the future."
If that figure is right, then I think profit sharing from Antimony will only pay for his pay and perks. But before passing any judgment one should need to post a link in support of that figure($500K) b/c I remembered Mr. Petty once said that he is not taking any pay.
We need to call it BS if it smell like one. Otherwise what is the difference between the slaves and share holders.
We old timer can only warn newbies but if some one like you still want to ride this, you are welcome. We will be here, may be for many more years talking the same thing.
We are not spectators here we are part of this and have been on this voyage with our captain. We have invested with our hard earned money and we rode this ship trusting on the words of our captain. It is not one month or a year but almost half a decade and we reserved the right to discuss the wisdom of any decision of our captain.
By doing that I am sure it does not help my investment but it might give a pause for those who will decide to ride this ship and stay hanging with the thread for years.
Therefore Teddy Roosevelt quotation do not apply on us.
'Sargeant-Preston' This license will only benefit Franklin if they have their own mineral or ore production to market. Otherwise there are giants in the trading business in the market and to compete with them for the piece of pie is very competitive if not impossible. My company is also in trading business. Although I had committed buyer for Iron Ore in Asia, I was not able to convince any producer/miner or big trader to promise to supply 300,000tons of Iron Ore. You need to have a full authorization of a miner to sell a certain amount of his/her production. All the big miners, these days have their own trading dept to conduct business with the world. This is the case with big and medium size mine while there can be small ones who have to have a trader company to market their mineral. But then comes the question of market of scale and the associated cost.
There are various issues related with international trading from Bolivia and major one is shipping details. Due to land locked country, shipping rates will be higher compare to other neighboring countries like Brazil, Chili and Peru. However they will save the dollars usually goes to trader provided they have there own producing mines. For that purpose Franklin has to prioritize the mining of there own mineral. I will be excited if they let us know the names of the minerals and miners who have authorized them to sell there production. Those contracts will really matters for the trader.
One big competition in Bolivia is Glen-core. That is a big trader, with well established offices all over the world. This is one example and I'm sure their must be more like them in the market.
Therefore today's PR is not much different then the one we are used to read over the period of half a decade here.
"Perhaps next time you'll pay more attention to what the company actually says."
I loved this reply. Hahahahahaha
'bandybout' Sorry! that is not what I think.
'imanjen13' I appreciate your optimistic view of the latest increase of AS by Mr.Petty. My view regarding the same is that if the stated reason is taken on its face value, I must say that convertible debenture could have been issued against the existing 100B A/shares. I don't understand why Petty needed another 100B increase.
I'm sure, in near future we will see another PR stating that negotiations for $32Million have failed and the only available option for the company to meet its expenses is by selling more and more shares. This is my prediction and after being here for such a long time I can say I am able to read between the lines of what Mr. Petty's PRs contain. JMHO
"Under this Condition, some additional increase in common shares would probably be required."
We were told about some additional increase, but here we have got whole 100% increase in A/S.
New. I warned but some board members were not happy about that and wrote that some people here are always negative. Here is the post.
Posted by: vozmil Member Level Date: Tuesday, August 03, 2010 10:36:11 PM
In reply to: imanjen13 who wrote msg# 36383 Post # of 36489 Send a link via email Share on Facebook Tweet this post
The dreadful part is hidden in the last line of this paragraph from memo on web site.
" On January 4, 2010, Franklin entered into an agreement with an accredited institutional investor to provide $32 million for project financing. These funds are intended for use in developing our mining projects (principally our Escala Mina I joint-venture in Bolivia) as well as other energy, real estate and infrastructure projects. The agreement specified that funds would be received in tranches and would include a Bridge Loan, Working Capital, Term Loans and Equity. Terms and conditions of the agreement further stated that funds could be tied to the equity structure of the Company, could be structured as a convertible debenture or (in the case of a loan) might, at some future point, become a convertible debenture. Under this Condition, some additional increase in common shares would probably be required."
Sorry! do not know how high lighting the sentence works.
I have submitted my sell order @$1.00 for two million shares. It has been accepted and BMO is going to charge me a commission of $30,000.00. For two million order I will be more then willing to pay them that much commission.
'imanjen13' thanks for explaining all that but at the end of the day, Petty has opened itself to more dilution. That means we might end up having 100 Billion O/S. We were hoped that with the earning from Antimony, we might get out of this 0.0001 in near future without depending upon the Escala.
In my view Petty should not go along the easier path for equity financing. Instead he should let the Antimony mines generate a stream of income and that will help eliminate the existing skepticism of potential financiers. That will let the existing share holders take some sigh of relief.
It s not some how questioning Petty's contributions but without us, shares holders, he would have gone no where and we retain our right to question his strategy since we are sailing in the same boat. JIMHO
The dreadful part is hidden in the last line of this paragraph from memo on web site.
" On January 4, 2010, Franklin entered into an agreement with an accredited institutional investor to provide $32 million for project financing. These funds are intended for use in developing our mining projects (principally our Escala Mina I joint-venture in Bolivia) as well as other energy, real estate and infrastructure projects. The agreement specified that funds would be received in tranches and would include a Bridge Loan, Working Capital, Term Loans and Equity. Terms and conditions of the agreement further stated that funds could be tied to the equity structure of the Company, could be structured as a convertible debenture or (in the case of a loan) might, at some future point, become a convertible debenture. Under this Condition, some additional increase in common shares would probably be required."
Sorry! do not know how high lighting the sentence works.
Thank u 'SilverDog' . One month is too long. Even knowing that Bert is still there and few words about the progress on the ground should be enough at this time. Keep it in mind that his mere presence at the site signals that work is in progress.
'imanjen13' well said. I agree one 100%. I prefer one step at a time. Question about Cash and buy back left to the future. At this stage I want to see some progress on the ground even if it is incremental and more important then that is to know whether or not Bert's enthusiasm is still intact. I pray his enthusiasm do not fades away. It is really very tough stage when a mining company is born. Once this company over come this stage successfully it will change the perception and lift the spirit as well as the SP.
'SilverDog' isn't a time now for PR from Bill for getting the Commercial License? It was to be issued within a month according to his last PR.
Your contact with Bert was a great relief in such frustrating situation. If he has not specifically refuse to provide you any update, I will suggest you try one more time for the sake of whole board. Forget about Lord Pity's confusing PRs. We will be better of with unofficial one.
'diddi'Don't know how much longer I have to beat this drum. There was no way except to put in more good money to salvage it and in a process end up holding that much. There are number of posters here, holding many more then me.
The only credit I can give to Bill is for finding buyer during all these years. Therefore it was never dead here like lot of other Pink Shit stocks.
But I'm sure today's volume is b/c of your ensuring post. That has lifted the mood of those watching from the side line.
'SilverDog' I, one 100%, agree with you about shares buy back. That is the excellent way Bill can do, without any grand announcement about the revenue. That will help elevate the image of our CEO and will prove a great boost to SP as well as to hundreds of depressed souls here.
I will be the last man to wish your reputation spoiled with Mr. Bert. Some time we cross the line and wish more then what is reasonable. I apologize for that.
It looks like the big part of today's volume comes from you. If I would have left some dry powder, I would have definitely done the same b/c my average is around 0.001. But doing that with the load of more than 44M, require lot of dry powder and that seems too far off dream in the given situation.
'Silverdog' your indirect update has been more encouraging for us compared to, so called, official updates. Yes, Bill has applied for commercial license but I will prefer, some update from you, right from the Antimony mine site. We have read many PR but without any back up on the ground. Therefore it is imperative that we know what is happening on the ground.
Have PRRY installed plant and what about the road etc or if nothing is being done due to the start of raining season and every body has gone home and Hummer of Mr. Bert is parked in his garage until such time he will come back from some where in USA.
Please call Mr. Bert, if u can, it is almost a week since your last update and let every body know factual position. Thanks in advance
It reminds me another CEO, Rufus Paul Harris, of CSHD.OB. His mother used to come out in full support of his son on Message board. It is a horrible dream and people are looking for their lost money for 4 years and still no end in sight.
I pray our Billy and his mother of all nations has nothing to do with that and may be we will hear some great news within this month and his 62nd birth day celebrations will coincide with some solid news for investors.
May be mining permit and commercial license are two different documents. Commercial mean permit or license to sell or market the ore or metal. But I think no body want at this time to know what FMNJ has applied for b/c Bill has applied for so many things so far over the years without any result. He should update with what has been achieved that is worth to know. Here we no body knows whether or not Bolivian Govt. will issue this license or not.
"Franklin Mining Waiting to Receive Commercial License"
Why couldn't he wait until he receives the license and then issue PR? Perhaps some die hard habit have no cure. I do not remember he ever issued any PR saying he had accomplished some thing. He should learn from his new partner, PRRY about investor's relations.
It sounds like you got some latest update from horses mouth. Hope you will share with the board as usual. Thanks
You better treat this company as an Antimony mining company instead of Silver mining company. There performance regarding all the project for Silver has been disappointing so far. If JV will really be successful in Antimony, we will be better of and our investment resurrected.
press release
http://www.marketwatch.com/News/Story/Story.aspx?guid={5AC27697-23CF-4189-8A5F-3AC826BD6806}&siteid=nbsh
June 17, 2010, 11:17 a.m. EDT · Recommend · Post:
Franklin Seeks to Expand Scope of Escala Joint-Venture
LAS VEGAS, NV, Jun 17, 2010 (MARKETWIRE via COMTEX) -- Franklin Mining, Inc. (PINKSHEETS: FMNJ) (FRANKFURT: FMJ) Chairman, CEO and President William Petty is pleased to announce that he has met with Jose Antonio Pimentel Castillo, Bolivia's Minister of Minerals and Mines to discuss expanding Franklin's Escala Mina I concession and joint-venture.
Following the meeting, Franklin submitted a formal proposal to expand Franklin's current joint-venture at the Escala.
Last month's meetings in La Paz, Bolivia followed completion of a technical audit of Franklin's joint-venture to develop mining operations at Escala Mina I. Prepared by Dr. Michael Biste, the audit recommended expansion of the current Franklin - COMIBOL - Cooperativa Minera LTDA joint-venture to include the remaining two areas of Escala, Mina II and III.
About the Escala: A 2,000 hectare compound owned by COMIBOL, the Escala is located in the Sud Lipez Province near Bolivia's border with Argentina. Established during the Spanish colonial period, the Escala has, intermittently, been mined for lead, zinc, gold and silver.
About Dr. Michael Biste: A respected geologist with 30+ years' mining experience including nine years as a consultant to several of South America's largest and best-known underground, open pit and alluvial operations. Additional information is available at www.michaelbiste.com .
About Franklin Mining, Inc: Franklin Mining, Inc. has mining interests in the United States and Bolivia; additional information is available at http://www.franklinmining.com/ .
'newnubie' thank you for the link. I'm happy to read this report. Looks like PRRY people are really serious and are highly professional. They have documented it well and presentation is excellent. Matter of the fact report and no pie in the sky kind of statements.
It looks like they are little behind the schedule set in this report for April to June comparing to what our friend SilverDog's conversation with Mr. Bert. But that is usual in such things. I will again say that it is very impressive report.
In my view, correct me if I'm wrong, public tenders are called in such big construction contracts and lowest qualified bidder get the contract. Exception to this practice is understandable in cases where specialized expertize is required. This company looks like having that expertize to development a mine. That means some sort of monopolization. That means higher cost of the contract. Who will pay that additional cost? Of course we share holders will pay. Already this pie is divided into several parties before we can see any green in our portfolio.
The contract looks like a design, built, install and commission type. MOU contains only what the 2nd party will do and there is no mention of how FMNJ is going to pay for their services. May be it in MOU and was intentionally left out of the PR.
What are the terms and conditions of this service contract? It is very tall work order but how FMNJ is going to pay for their service is unknown. Obviously they will be paid from the profit out of the Antimony JV.
Company's resume look very rich and the person responsible has excellent credentials. May be he has yet to know Mr. Petty well and as soon as he will come to know, he will be become a part of history as many other did so far.
press release
June 7, 2010, 9:47 a.m. EDT · Recommend · Post:
Franklin Mining, Inc. -- Bolivian Oil Services, Ltda. Enter MOU for Development at Escala Mina I
LAS VEGAS, NV, Jun 07, 2010 (MARKETWIRE via COMTEX) -- Franklin Mining, Inc. (PINKSHEETS: FMNJ) (FRANKFURT: FMJ) Chairman, CEO and President William Petty is pleased to confirm that Franklin Mining has completed a Memorandum of Understanding with the Bolivian Oil Services Company, BOLSER Ltda, for their joint development of mine construction at Franklin's joint-venture, Escala Mina I.
Effective immediately, today's announcement forms the basis of a service contract between Franklin and BOLSER designed to include specific exploratory and development stages including: benching (earth moving to a depth of one meter necessary for subsequent mapping and sampling); trenching (to a four meter depth, ten kilometer length); providing water needed for diamond drilling; rail and roadway construction; and, excavation and foundation work required for mine site, camps, the mineral processing plant and other mechanical and civil works.
The Escala Mina I development activity will be coordinated by a Management Committee with William Petty representing Franklin and Executive Vice-President Pedro Pablo Hinojosa representing BOLSER.
Mr. Hinojosa participated in BOLSER's mine development at Newmont Mining's Khorichaca Mine, Apex Silver and Sumitomo Corporation's Minera San Cristobal S.A. and Coeur d'Alene's San Bartolome silver mine. Prior to returning to his native Bolivia to begin his career in mining, Mr. Hinojosa attended Hargrave Military Academy (Chatham, VA) and Yale University before earning a BBA (Business Economics) at Emory University.
A 2,000 hectare compound owned by COMIBOL, Escala Mina I is located in the Sud Lipez Province near Bolivia's border with Argentina. Escala was established during the Spanish colonial period and has, intermittently, been mined for lead, zinc, gold and silver. Franklin Mining, Bolivia has been awarded a joint-venture agreement to resume mining operations.
About Franklin Mining, Inc: Franklin Mining, Inc. has mining interests in the United States and Bolivia; additional information is available at www.FranklinMining.com.
About BOLSER, Ltda: With more than 30 years experience, BOLSER Ltda. is a leader in the construction and maintenance of civil and mechanical facilities in Bolivia's mining, oil and gas industries; additional information is available at www.bolserltd.com.
DISCLOSURES: "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining, Inc.'s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining, Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Franklin Mining, Inc.
For additional information, please visit our website (www.FranklinMining.com) or contact our Investor Relations firm, A S Austin Company, 210-204-5068 or FMNJ@asaustinco.com.
Contact
In my view he should have waited another couple of days and announce once production has already started. He is always tempted to to do this and we do not know as yet whether or not other two participating parties in agreement with the content of his PR.
Let us hope this time things really fall in line.
Thank you very much. By the way I have read all your posts on the subject. I was thinking the SP will suffer until Govt. will sell all 7.7Billion shares. In view of the existing rate of sale i.e. 1.7B, which is still on going and its affect on SP give me an idea that perhaps it will loose its value until all the 7.7B shares are sold which may take up to the end of the September. If it is the right scenario, then it should be help those who are short on this stock at least until such time. In the long run I agree with you $5 and more is very much in the card.
Theo, what is the best combination of call and put options to buy on Monday or the day after? Or what is the best way to play Citi at this time? I will appreciate your opinion.