Franklin Announces GTL Plant in Tierra del Fuego, Argentina -
Agreement Is for Development and Operation of First GTL -
Facility of This Size in South America -
LAS VEGAS, NV, Feb 28, 2007 (MARKET WIRE via COMTEX) --
Franklin Mining, Inc. -
(FMNJ) President Jaime Melgarejo, Jr. has returned from
Argentina where he and an engineer visited possible
construction sites for a gas-to-liquid (GTL) facility
to be constructed in the Province of Tierra del Fuego,
Argentina.
William Petty -
has traveled to Zurich, Switzerland to secure necessary -
financing.
Franklin Oil & Gas, Argentina, S.A.,
was formed in December 2006 as the first step toward
fulfillment of an agreement for the construction and
operation of a 10,000 barrel-per-day GTL processing
facility.
The agreement, signed by Hugo Cocarro, Governor
of Tierra del Fuego, is accompanied by a 25 year
guarantee of the required natural gas resource
issued to Franklin Oil & Gas, Argentina S.A.
on November 16, 2006 by Cristian A. Folgar,
Argentina's National Undersecretary of Fuels.
Announcement of Franklin Oil & Gas' contract comes
three weeks following Royal Dutch Shell Plc's cornerstone
ceremony at the site of their Pearl GTL facility in Qatar.
Franklin's development and production agreement with Argentina
-- similar to agreements reached by major oil companies
in other countries, including Shell in Qatar --
will result in the first such facility of this size
in South America.
When fully operational, Argentina's Tierra del Fuego Province
will begin using an existing abundant natural resource
(natural gas) to gradually achieve energy independence
while creating local economic growth through reduced
energy costs and increased export revenues.
Long term benefits include production and export of
additional energy resources including naphtha and electricity.
Benefit to local, Province and National governments include
taxes and royalties as well as participating in production
profits.
During the next thirty months (the planning and construction
phases), development and construction of the GTL plant
will have created 400 direct and 2300 indirect jobs.
Operating the plant will create 140 direct and 500 indirect
permanent jobs.
Additional information on Franklin Mining, Inc.'s GTL projects
in Bolivia and Argentina is available at
www.franklinmining.com
About Franklin Mining, Inc.:
Franklin Mining, Inc. has mining and exploration interests
in the United States, Argentina and Bolivia;
Franklin Mining, Bolivia S.A. 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: ---- 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, please visit our website
(www.franklinmining.com) or contact our
Investor Relations firm,
A. Austin & Company,
1-702-386-5379.
A. Austin & Company
Investor Relations
1-702-386-5379
www.franklinmining.com
----
The national territory of the Argentine -
part of Tierra del Fuego -
the Argentine-claimed sector of Antarctica -
and several South Atlantic islands -
the national territory of
Tierra del Fuego a province -
Belief in and respect for multilateralism -
led to Trinidad and Tobago's respect for all -
major global and regional fora -
Are active participants in the creation of
the Free Trade Area of the Americas -
which, when maybe realized? -
will stretch from Alaska in the North -
to Tierra del Fuego in the South;
creating a market of over 800 million consumers -
and generating tremendous opportunity for economic
and social development -
The region's commitment to this hemispheric integration
process has led Trinidad and Tobago and its
CARICOM partners to offer our -
Capital City, Port-of-Spain, as the ideal location -
for the seat of the proposed permanent -
secretariat of the Free Trade Area of -
the Americas -
The length of Argentina from north to south -
is about 3,330 km (about 2,070 mi);
its greatest width is about 1,384 km (about 860 mi) -
The country includes the province of Tierra del Fuego -
which comprises the eastern half of
the Isla Grande de Tierra del Fuego -
and a number of adjacent islands to the east -
including Isla de los Estados.
The Argentine coastline measures
about 4,989 km (about 3,100 mi) long.
Argentina also claims a total of 2,808,602 sq km
(1,084,407 sq mi) of disputed territory.
Since the 1950s, Argentina has claimed a pie-shaped section
of Antarctica between longitude 25° west and
longitude 74° west -
Argentina also claims several sparsely settled southern Atlantic
islands, including the Falkland Islands -
or Islas Malvinas, currently controlled by Britain -
The two nations fought a brief war in 1982 -
over control of the islands, and sporadic discussions -
about the political fate of the islands continue -
Several major oil fields also are in Patagonia -
at the southern tip of Patagonia is Tierra del Fuego,
a large mountainous island shared by
Argentina and Chile -
In terms of value, the chief mineral product is petroleum.
In 2004 production of crude petroleum -
was 271 million barrels, furnishing the country’s -
needs and allowing Argentina to become a -
net energy exporter.
Major petroleum reserves are located in Patagonia
and offshore near the Falkland Islands (Islas Malvinas) -
Natural gas production has doubled since the 1980s
to about 41 billion cubic meters in 2003 -
with reserves located mainly in Patagonia
and Tierra del Fuego -
Hydrocarbon resources play an important role in
the economies of both the Argentine and Chilean
sides of the island -
Numerous oil and gas fields are exploited on land
and offshore, particularly in the northeastern sector
of the island -
Nearly all of the Argentine oil and gas is sold to Chile.
The vegetation in the foreground is typical of
the steppeland throughout Patagonia -
This photo was taken at Punta Catalina,
the northeasternmost point of Tierra del Fuego.
The Straits of Magellan stretch to the west -
Few people realize that Chile has an Atlantic coast -
The northeasternmost part of Tierra del Fuego -
where the Straits of Magellan enter
the South Atlantic Ocean, and the coastline
for about 15 km to the southeast are in Chilean territory.
In addition, several Chilean islands on the south side
of Tierra del Fuego, including Cape Horn,
face the Atlantic -
Franklin Mining, Inc. Is Forming Franklin Oil & Gas, Argentina -
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