FMNJ NEWS.............
Press Release Source: Franklin Mining, Inc. On Wednesday December 23, 2009, 9:10 am
LAS VEGAS, NV--(Marketwire - 12/23/09) - Franklin Mining, Inc. (Pinksheets:FMNJ - News) (Frankfurt:FMJ - News) Chairman and CEO William Petty confirms approval by the company's Board of Directors of a recommendation received from senior managers and consultants to formally accept both the findings and recommendations contained in the recently completed Technical Report: Exploration Activities of Franklin Mining, Bolivia on the (Escala) Lease.
Prepared by Michael Biste, Ph. D, Consulting Geologist, Santa Cruz, Bolivia, the October 2009 technical report is in fulfillment of reporting requirements of the U. S. Securities and Exchange Commission (SEC) Industry Guide 7 and of the Regulation CESR/05-055b of "The Committee of European Securities Regulators."
In announcing the Board's decision and confirming the company's commitment to fully developing three-party joint-venture at the Escala, Mr. Petty commented, "As I've said before, our internally prepared reports and analysis were sufficient to justify the investment in Dr. Biste's Technical Report. And Dr. Biste's Report is sufficient to justify further investment in his recommendation of an aggressive two-phase exploration program to define the Escala's mineral resource potential.
"Phase I will define future exploration targets and establish the basis for future claim staking. The budget for Phase I has been set at $48,000 USD.
"Phase II will consist of exploring two targeted areas of our concession in detail in order to define an inferred mineral resource of a vein or disseminated mineralization of base or precious metals. The work completed in Phase II will depend greatly on results obtained in Phase I but has been budgeted at $800,000 USD."
Included in Dr. Biste's Report is confirmation of a polymetallic vein mineralization containing known silver-rich epithermal base metal deposits in at least four areas of the Franklin joint-venture. In addition, two main systems of mineral-rich silver-lead-zinc veins occur in areas near the mine camp site. These veins are up to 2.0 meters wide. Electromagnetic survey and underground mapping results indicate these systems are oxidized up to a depth of 15 meters below the surface. Work completed in Phase II will confirm whether or not the Escala's vein structures are a continuation of the system included in the nearby San Cristobal.
While Franklin's internally prepared estimates of probable reserves do not meet the SEC definition of "probable reserves," they could -- with some additional work -- be classified as "Inferred Mineral Resources" as defined by the Society of Mining Engineers (of the US).
Mr. Petty concluded today's comments with confirmation of his plan to return to Bolivia in mid-January 2010 in order to launch Phase I of Dr. Biste's two-phase recommendation.
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 The Escala Mine: Established during the Spanish colonial period, the Escala is a 2,000 hectare compound located in the Sud Lipez Province near Bolivia's border with Argentina. In September 2007, Franklin Mining, Bolivia finalized a three-party joint-venture agreement with COMIBOL (National Mining Company of Bolivia) and the Cooperative Mina INTI, Ltda for the development of mining and metallurgical activity within a 500 hectare portion of the original concession.
About Michael Biste, Ph. D: A world renowned Consulting Geologist with more than two decades experience in Bolivia's mining industry, Dr. Biste's current and past client list includes many of the best-known mining companies in South America, Behre Dolbear & Company (mining industry consultants and financial advisors) and the Sumitomo Corporation (one of Japan's major integrated trading and investment business enterprises). Bolivia's Banco de la Union S.A. is among Dr. Biste's financial clients.
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 further information, please visit our website (www.FranklinMining.com) or contact our Investor Relations firm, A S Austin Company, 210-204-5068
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