A new service for Silver savers in Mexico -
January 17, 2007.
By Hugo Salinas Price
plata.com.mx
Banco Azteca, which has about 1,000 branches throughout Mexico,
is about to launch a new service for those who like to save silver.
It is the first bank in Mexico to offer this service;
other banks are expected to follow suit, sooner or later.
The new service is called “Silver in the Vault”.
This service will provide savers with a safe place to store
their one ounce silver “Libertad” coins, which Banco Azteca
has been selling for some time now, having taken over
the sale of these coins from its parent company,
Grupo Elektra, which operates stores that retail
durable household goods.
Only “Libertad” one ounce coins will be accepted for
“Silver in the Vault”.
The coins in the Banco Azteca vault will remain
the exclusive property of the depositor
and the custody is
the responsibility of the Bank.
The service will entail a small charge, payable quarterly.
Buyers of silver will be able to buy silver from Banco Azteca
and place the silver coins in the Vault, all on-line, with
a charge to their Banco Azteca account.
They may also take delivery of their coins, at any time.
Sellers may also sell their coins to Banco Azteca, on-line, with a credit to their account.
Buyers may also continue to purchase their silver coins at the teller windows of Banco Azteca and take immediate physical possession of them, and sellers may also bring their coins to the tellers, for immediate sale.
Those who already own coins may bring them to the Bank
for deposit in “Silver in the Vault” accounts.
Since the “Libertad” coin is legal tender, albeit with restrictions which impede its use as money, the purchase and sale of these coins causes no Value Added Tax, which exists in Mexico.
All the details will be made public very shortly and this service should be in operation throughout Mexico in the course of the month
of February, after an initial pilot run and gradual introduction
to all branches.
This service is available only to Mexican residents.
**************
This is an important preparatory step to the possible monetization
of the “Libertad” ounce, which is the objective of
the Mexican Civic Association Pro Silver.
A Bill to this effect will shortly be presented in the Mexican Congress. There is vast popular support for this Bill;
the only opponent, the Central Bank, may be hard
pressed to defeat its approval.
Once monetized, the “Libertad” ounces held in the custody of Banco Azteca would acquire an ascertained monetary value, closely based on the value of silver; the monetary value would rise as the price of silver in pesos rises, but not be reduced in the event of a fall in the price of silver. (At present, the value of the “Libertad” ounce fluctuates in accord with the international price of silver.)
After monetization, these custody accounts in Banco Azteca would immediately serve as unquestionable collateral for instant loans by the Bank, at low interest rates. The silver would remain the property of the borrower (who has borrowed fiat pesos) but blocked in guarantee against the payment of the loan. Once the loan is paid back, the owner of the silver can once again dispose of it.
The monetization of the silver ounce would provide a great incentive to saving, without the need to entice the saver to save by means of paying interest on his banked funds, which are actually a loan to the bank holding the depositor’s funds.
This would ensure that the population of Mexico would always have at hand at least a small amount of real, tangible money savings outside the scope of the banking system which, like banking systems throughout the world, is vulnerable to unexpected financial events.
The monetization of the silver ounce would thus place silver permanently in circulation in Mexico, in parallel with paper money and bank deposits. The fiat peso would remain the official currency of the country.
Hugo Salinas Price, President
Asociación Cívica Mexicana Pro Plata, A.C.
Mexico City.
WILLIAM PETTY WILL BE INTERVIEWED ON
WWW.MN1.COM
BY RICH HANCOCK AND BOB LEONARD at 11:00AM EST on Wednesday
you can listen in live on their site and
I think they take call in questions.
Check it out tomorrow!!!!!!
mn1.com
Franklin Updates Status of Bolivian Projects -
Jan 23, 2007 8:30:00 AM
LAS VEGAS, NV -- (MARKET WIRE) -- 01/23/07 --
Franklin Mining, Inc. -
(FMNJ) today released an updated summary of mining, oil and
gas and other projects and relationships in Bolivia.
Government Relations:
Despite changes being faced by other foreign investors
in Bolivia's mining and oil and gas sectors,
Franklin Mining, Inc. was the first American partnership
agreement issued by the Mining Corporation of Bolivia
(COMIBOL) since 1952.
The agreement was signed by COMIBOL in early 2006 and
operations were guaranteed by Bolivia's Minister
of Mines and Metallurgy.
Mining: Franklin's wholly owned subsidiary,
Franklin Mining, Bolivia SA,
is the majority partner with COMIBOL in multiple mining
projects in the Department of Potosi; included are
both mining and tailings projects.
A 2006 Letter of Guarantee from Walter Villarroel Morochi,
Bolivia's Minister of Mines and Metallurgy, recognized
Franklin as the first foreign owned investor permitted
to establish an operation in the historic
Cerro Rico de Potosi,
the world's fifth largest undeveloped Silver deposit - (http://gold.seekingalpha.com/article/23676).
A Report of Operations for Franklin's planned
Cerro Rico project -
is in final review prior to presentation
for COMIBOL's acceptance.
This third party review is intended to protect
the interests of Franklin Mining, Inc.
and FMNB shareholders
as the required and final investment is about
to be made by Franklin Mining, Bolivia SA.
As previously announced, an expanded due diligence in
nearly complete prior to the start of processing of
the Pulacayo Tailings.
An initial 100 Kg test produced test results greater than
anticipated and a second, larger sample of 1,000 Kg was
collected and has been sent to a COMIBOL approved laboratory;
results of this confirming analysis are expected
in about two weeks.
With the first delivery of product, cash flow will be
realized for the partnership and the proven values of
both mining projects can be added to Franklin's
balance sheet.
Oil and Gas: Franklin Oil and Gas, Bolivia SA possess a Memorandum
of Understanding dated April 25, 2006 with YPFB (Yacimientos Petroliferos Fiscales Bolivianos, Bolivia's state-owned
oil company) to build Gas-to-Liquid facilities.
The original MOU was resigned May 25, 2006 for the purpose
of confirming that the relationship was in compliance and understanding of Bolivia's May 1, 2006 nationalization of
the oil and gas sector and was the first such signing
following nationalization.
Franklin Oil and Gas,
Bolivia SA also possess agreements with the city of Ayo-Ayo
and the Department of Tarija (both in Bolivia) to build
smaller GTL facilities for local sales and distribution
of diesel fuel.
Construction and Development: Franklin Oil and Gas,
Bolivia SA has finalized a separate partnership agreement
with Ayo-Ayo for development of a small GTL plant and
a free trade zone.
Social Benefit Programs: As part of a commitment to support programs of social benefit, Franklin Mining, Inc. and
Franklin Oil and Gas, Bolivia SA
recently completed several projects.
A 10,000 liter water tank was contributed to the city of
Ayo-Ayo and its 7,000 inhabitants.
Uniforms for both
COMIBOL and Hotel Europa employee soccer teams were provided.
During the Christmas Holidays, food and toys were
contributed so that more than 500 orphans could enjoy an
afternoon of happiness and joy.
Later, Franklin will work on reconstruction of
a local hospital.
In cooperation with ISTEC
(Ibero-American Science and Technology Education Consortium, Albuquerque, NM,
(http://www.istec.org/liblink)),
Franklin Oil and Gas Bolivia, SA
has developed a digital hospital to
serve Tarija and surrounding remote areas.
Franklin's long-term relationship with ISTEC
is designed to eventually build an additional
nine digital hospitals in other remote areas
of Bolivia.
Additional information on Franklin projects can be found at franklinmining.com.
About Franklin Mining, Inc.
Franklin Mining, Inc.
has interests in the United States, Argentina and Bolivia
which include a wholly owned subsidiary,
Franklin Mining, Bolivia, as well as 51% interest in
Franklin Oil & Gas, Bolivia
and 51% interest in Franklin Oil & Gas, Argentina.
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.
For Further Information check out our website www.franklinmining.com or
contact:
Investor Relations:
Mr. Andrew Austin
1-702-386-5379
investorshub.com
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