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Franklin CEO Returns to Bolivia, Acquires Second Processing Plant for Escala Mine Franklin Mining, Inc. (PINKSHEETS: FMNJ) (FRANKFURT: FMJ) CEO William Petty arrived in Bolivia on Monday, April 7, 2008, and has begun implementing the multi-part action plan approved by Franklin's Board of Directors in March 2008.
This three-part plan is designed to provide the Escala Mine with immediate access to processing capacity sufficient for current requirements and scaleable to meet future needs and requirements.
Part I of the plan authorized a small pilot plant be erected on-site at the Escala. A plant was located, purchased and transported to the Escala Mine. The plant will provide Escala a limited on-site processing capability within the month. Initially, the plant will perform production tests helpful to Franklin's engineer in designing Part III's permanent processing facility. The permanent plan is to be located near Escala Mina, probably in the Uyuni area.
Part II authorized the immediate expansion of Franklin's processing facility in the Alto area of La Paz. Expanding the plant to its full 100 ton per day capacity will be accomplished incrementally while continuing to provide processing capacity to local independent operators. Expanding the Alto area plant provides processing capacity dedicated to the Escala's production until Part III's permanent facility is complete.
Part III funded construction of a permanent processing facility designed to meet the Escala's 2008 processing needs and expandable to meet all long term requirements. The plant has been placed under contract and is being readied for delivery and erection in the Uyuni area, near Escala Mina.
Dr. Jaime Arancibia and members of Franklin's La Paz-based engineering staff are in Potosi finalizing their plans for constructing Franklin's permanent processing facility. They will return to La Paz on April 10 to meet with Mr. Petty on Friday, 11 April.
Comprising three separate mining applications, COMIBOL's Escala Mine concession totals 2,000 hectares located in the Sud Lipez Province, near Bolivia's border with Argentina. Franklin Mining, Bolivia has been awarded a contract to mine 500 hectares within the original concession. Escala II and Escala III mining applications are currently assigned to another company.
The original Escala Mine was established during the Spanish colonial period and has been mined for lead, zinc, gold and silver. In 2007, Franklin Mining, Bolivia negotiated an agreement with COMIBOL, National Mining Company of Bolivia, to resume mining operations within the area of the original concession.
About Franklin Mining, Inc: Franklin Mining, Inc. holds mining and energy interests in the United States and Bolivia as well as energy interests in Argentina. Franklin Mining, Bolivia is a wholly owned subsidiary.
Franklin Mining, Inc. holds 51% ownership in both Franklin Oil & Gas, Bolivia S.A. and Franklin Oil & Gas, Argentina S.A.
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.
Has FMNJ´s time come now? :) Well.....I´ve been a shareholder for 3 years now......and must say that I´m waiting for this blast-off!!!!! I bought the stock from 4 cents all the way down!!!! Hope to see a nice run-up like April 2006! That would be really nice! At those prices FMNJ is a Christmas present but that is just MHO! Good to see ya mick thinking about FMNJ!
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