Franklin Mining, Inc. Prepares to Embark on Escala Mining Project with Bolser Ltda. of Bolivia Company Estimates 6 Month Project Potentially Valued in the 32 Million Dollar Range
LAS VEGAS, Jan. 17, 2012 /PRNewswire/-- FRANKLIN MINING, INC. (Pink Sheets: FMNJ.pk - News) – is pleased to announce that the Company has finalized the highly anticipated agreement with Bolser Ltda. which will be instrumental in providing civil and mechanical work services; including construction and maintenance, mass earth movement, camp and plant construction and maintenance, and railroad construction for the Escala Mine.
According to the terms of this 6 month agreement, Franklin Mining will collaborate and provide all drawings and specifications, and will provide in the range of $800,000 to perform the Escala Project objectives to completion.
The Monthly Production is anticipated to be in the range of 3600 tons per month. The Company estimates the value of this project to fall into the range of $1500 per ton for 1 tunnel, based on the last 80 tons delivered and reported to Comibol. This brings the estimated potential value into the range of 5.4 Million Dollars per month in revenue.
Bolser Ltda., former Lead Contractor of the notable San Cristobal Mine, will be undertaking their tasks imminently at the Bolivian Mine. In 2009 Franklin Mining entered into a Strategic Alliance agreement with Bolser Ltda., during which period Bolser has become familiar with the anticipated goals and day to day operations of the Company. Franklin Mining's management has developed great confidence in the belief that Bolser's experience and track record in the territory will serve as a key benefit to the future success and implementation of an increasingly productive and streamlined operation.
A recent Certificate of Analysis, from a SGS Report (SGS Research Limited of Lakeland, Ontario) wherein 34 samples were taken from the Escala mine was analyzed for their content of Gold, Silver, Zinc, Lead, Arsenic, Cadmium, Bismuth, and Copper. The results revealed that the minerals at the mine continue to retain a highly advantageous commercial value.
Gold content ranged from .02 g/t to .13 g/t and silver ranged from 3.2 g/t to 253 g/t. The other mineral elements spanned over various ranges and are not being factored as integral to our commercialization plan at this time.
Franklin Mining has also recently completed their financials which have been finalized and submitted to Pink Sheets. The status is expected to reflect the update imminently.
"We are very excited to be standing on the threshold of production on the Escala Mine. Bolser Ltda. is familiar with the property, and we believe that this project is the launch of what we anticipate will be a series of great successes. 2012 is expected to be an extraordinary new year for the Company," stated Mustafa Dar, President, Franklin Mining, Inc.
About Franklin Mining, Inc. – Franklin Mining, Inc. is a publically 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.
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For more information visit our website at www.FranklinMining.com or contact
Investor Relations: (818) 370-1426
SOURCE Franklin Mining, Inc.