Franklin Mining, Inc. (FMNJ)

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Franklin Confirms Favorable Production Results for Bolivia's La Joya Mine Joint-Venture

Dec 12, 2012 08:42:00 (ET)


LAS VEGAS, Dec. 12, 2012 /PRNewswire via COMTEX/ -- FRANKLIN MINING, INC. - Chairman and CEO, William Petty has confirmed initial results of the company's La Joya joint-venture mining operation, and is pleased to announce that they have exceeded expectation. Franklin Mining and its Bolivian joint-venture partner, Huiracocha International Service, SRL, previously announced that the anticipated gold content from their La Joya operation would be in the range of 5.0 grams per ton. A gratifying Initial result achieved from the approximate 1,100 tons indicates gold will be averaging a robust 6.0 grams per ton, exceeding the initial anticipation by a substantial 20 percent.

In light of these results, Mr. Petty has stated, "I recently visited our La Joya joint venture and was very pleased to see the progress made these past two months. Almost all equipment is now on site and very little remains to be done in completing improvements and additions to the infrastructure. Our early production results are extremely encouraging and I look forward with great anticipation to the confirmation of resulting revenues and cash flow in 2013's first quarter financial reports."

In conclusion, Mr. Petty also confirmed that progress has been made at the company's Escala Mina I joint-venture with Huiracocha International Service, SRL. COMIBOL (Corporacion Minera de Bolivia) has confirmed their team will visit Escala on December 11 and 12 for inspection and approval of the housing and medical facilities recently completed. Production is expected to be underway at the Escala mine by late January, 2013.