Franklin Mining Announces Cerro Rico Mine Development Plan Is Progressing Towards Completion
Franklin Mining, Inc. (FMNJ) announced today that their developmental plan of the Cerro Rico Mine -
is progressing towards completion.
In early 2006, COMIBOL, The Mining Corporation of Bolivia and Franklin Mining -
signed a contract for the area containing the five veins -
of the Cerro Rico Mine -
the world's largest silver deposit.
As agreed in the joint venture with COMIBOL,
Franklin Mining -
is investing $140,000 (USD) in a developmental plan
of the Cerro Rico Mine.
The plan is scheduled to be completed mid-December 2006
and accomplishes a variety of milestones including
confirming the location and quantity of veins,
ore sizes, and mineral values, environmental study,
confirmation of the required investment,
advising proposed scheduling and methods of works,
prospective costs, and profit margins.
"We have been working towards the completion of this study
for the last several months and we are excited at
the progress that is being made towards completion,"
declared Jaime Melgarejo, President of
Franklin Mining, Inc.
Upon review and approval in mid-January 2007,
Franklin Mining -
will move forward with the commencement of their
production plan and COMIBOL will participate with
Franklin Mining -
on a 50/50 profit basis after repayment of capital.
For more information about the Palivari II Project
in the Cerro Rico -
and other projects please visit our website at
franklinmining.com
About Franklin Mining, Inc.:
Franklin Mining -
currently has interests in Bolivia and the United States
and opened a wholly owned subsidiary in Bolivia.
Franklin Mining, Inc. -
owns a majority interest in
Franklin Oil & Gas -
Bolivia.
For information about -
Franklin Mining, Inc. -
visit our website:
franklinmining.com.
About Cerro Rico Mine:
The Cerro Rico Mine is considered by many to be
the richest silver mine in the world.
Rich in zinc and silver, it has been actively mined
since the 1500s and is in operation today.
Cerro Rico is owned by Bolivia's national mining company, COMIBOL -
investorshub.com
About COMIBOL:
COMIBOL -
is the government-owned mining company in Bolivia.
COMIBOL owns the CERRO RICO mines -
as well as many other properties and mineral rights
in Bolivia.
DISCLOSURES:
"Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995----to differ materially from
those expressed in any forward-looking statements made by,
or on behalf of, Franklin Mining Inc.
Source: Market Wire (October 24, 2006 - 9:15 AM EST)
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