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Microcap & Penny Stocks : FKCM- a turnaround story for 0.09 -- Ignore unavailable to you. Want to Upgrade?

To: bazan who wrote (198)	5/18/1998 9:03:00 AM
From: hopeful	Respond to of 213

The main problem here is that the only thing that would have turned this company around as far as mining was the hook up with Durango's potential. I think we will be told eventually that the company doesn't have a profitable mine and the mill can't mill outside ore. (they were planning to mill Durango's ore by way of forming new joint company. That is were Newmineco came from - see annual reports and news releases from 1995 and early 1996. The problem being that though Franklin let Durango down and now is being sued by Durango, the benefit/profit of milling Durango's ore was lost. The news releases about the Mogul Mine in 1997 was misleading at the least and in reality didn't understand where the ore was coming from, it was coming from Durango's leases and not the Franklin(Island)/Rugg lease. Indeed, the Franklin/Rugg lease itself was canceled. NO MORE ORE POTENTIAL. That doesn't leave much to support the price of the stock. I don't see the company having enough working capital to pay Martucci back (were ever the money went, I don't know ) and Martucci will have the assets of the company turned over to him as payment for his lien -1997 annual report. The company will have changed hands again, in a "nice" easy take over and the independent stock holders can't do a thing about it. Whatever is said at the meeting probably will only be "big talk and promises like any other time". I have put a sale order on my shares but I don't expect that it will go through because as a small stock holder I am not given priority. That is our plight.

To: bazan who wrote (198)	5/20/1998 10:12:00 AM
From: hopeful	Respond to of 213

It is hard not to continue to comment on the disaster that Franklin has turned out to be. From a company which had a future when it aligned with Durango through Newminco to a company that can only survive if it finds the "existance of economically recoverable reserves", continued loans to try to continue to develop the Franklin (though USM has not committed any funds beyond the first of the year (1999), or sale of it's exploration properties. (last paragraph on page 4 or March 1998 report). One has to ask what kind of judgement did the management team have and what were they thinking of. Not only did they give up the deal with Durango, they are now in legal battles related to that mix up (see litigations). One would have to ask why "Durango would just default and abandon it's ore reserve, equipment and mined ore, such as Franklin is reporting. Who defaulted or misled whom?! Franklin looks like that have a track record of making commitments and promises and turning around not to be able to follow through. What is the truth behind all of this?) Does the company have a strong defense such as they suggest in the reports? The point being here is that nothing that Franklin reports can be used to make investment judgements on this company. We now find that they never had the appropriate mining expertise, that they have been using stock to cover up bad debts, that they don't know if the Franklin mine is economically profitable enough to be successful, or what their future is with the USM deal. Their stock can't be supported above $1 even with the reverse split unless you can say that the real estate, equipment (and that is even being challenged by Durango as partially theirs - see March 1998 report ), and other unknown assets are worth over the $3 million value. There are only seven months before the end of the year and to be able to develope the mine, and start to mine, and to mill the ore since it is low grade, and to get adequate cash flow returned from the smeltor to run the company beyond Jan.1999 is just not going to happen, if you know anything about the process of mining. These are the concerns and questions that should be asked at the stock holder meeting. What concrete independent information and independent assaying is there out there that would support the Franklin mine to be a profitable mine.