LAS VEGAS, Aug. 29, 2012 /PRNewswire/ -- FRANKLIN MINING, INC. (Pink Sheets: FMNJ.pk - News) – Chairman and CEO, William Petty has confirmed that total accumulated mineralized material at the Escala Mina I, joint-venture mining operation, has been discovered to be in the anticipated range of 11.0 million tonnes. Initial SGS assay results have indicated that the property's probable silver content could reach as high as 64.41 ounces per tonne.
Escala Mina I is situated in the in the San Antonio de Lipez mining district of southwestern Bolivia, where numerous silver-rich, mostly inactive polymetalic mines exists. The work site lies at an altitude of 3,900 m to 4,200 m, about 125 km south of the town of Uyuni in a relatively remote, sparsely populated region. From Uyuni, Escala Mina I is accessible by a 171 km all-weather gravel road which passes the San Christobal mine at 91 km.
In today's announcement, Mr. Petty stated, "Within the next month, I or an associate of the Company's will personally travel to Potosi to negotiate the processing agreement to develop an accurate forecast of Franklin's estimated needs and projections, and to make a determination on the expectation regarding the property's high value mineral contents. Franklin's consulting geologist, Dr. Michael Biste, has reviewed SGS assay results and has confirmed all findings."
Dr. Biste's states in his report, "The Escala mine district is in many aspects similar to the nearby San Cristobal project. It exhibits Miocene aged intrusive/extrusive volcanic rocks of dacite to rhyolite composition which cross cut or overlay the red bed sequence of the Oligocene Potoco formation. These have been affected by syn- and post-volcanic faulting, intense hydrothermal silicic, argillic alteration, quartz-sulfide veining and pervasive sulfide mineralization in places."
Michael Biste, Ph.D (Dipl.-Geol., Dr. rer. nat.) prepared his technical report in fulfillment of reporting requirements under U.S. Securities & Exchange Commission (SEC) Industry Guide 7 and Regulation CESR/05-055b of 'The Committee of European Securities Regulators.'
About Franklin Mining, Inc. – Franklin Mining, Inc. is a publicly traded international exploration and mining company, headquartered in Las Vegas, Nevada, with offices in Santa Cruz, Bolivia. The Company adheres to the highest standards of quality and efficiency by optimizing the Company's resources through a system which places the preservation of the environment among the Company's top objectives. Franklin Mining, Inc. endeavors to find value in fields in which the projects can be explored and exploited while contributing to the socio-economic and cultural development of its society. The Company has developed model mining operations through safe, cost effective and innovative technologies. Franklin Mining, Inc. has purposed to uphold a great social commitment and respect for the environment while creating a robust value for its shareholders, employees, and the region within which it operates. Additional information can be found at the Company's corporate website: www.FranklinMining.com.
Safe Harbor Act: This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report.
SOURCE Franklin Mining, Inc.