Franklin Mining, Inc. (FMNJ)

[Big Mur]

If I may:

This is more for general penny stocks, and not specifically for mining, but it's a free "e-book" that may clear up some of the attributes that are unique to penny stocks. It should, in part, fill in some of the blanks.
And for the purpose of disclosure: I am not a subscriber of the site I'm suggesting... I simply think the "free book" is a good primer for penny stocks.

http://www.rollercoasterstocks.com/book/page7.html