Franklin Mining has in addition to its contract with COMIBOL a contract to participate in hard rock mining at the Cerro Rico Silver Mine. The estimated silver, tin and zinc reserves in the five announced veins and branches of the Cerro Rico Silver Mine have current market values of approximately $2.2 Billion USD.
Zinc will be obtained from BOTH the tailings project and the hard rock mining project of the Cerro Rico Mine. Prices of zinc are expected to increase 7% on year to an average o $3,500 a metric ton in 2007 as demand continues to outstrip supply noted a March 2007 report by the state-run Australian Bureau of Agricultural & Resource Economics, or Abare.
Reuters noted this week: Zinc prices and European physical premiums recovered in March but were expected to be volatile in coming months. Three-months zinc prices have recovered to trade at $3,300 a ton after hitting a low at $2,990 in February. “We wouldn’t be surprised to see rallies back towards $4,000 a ton in the next three months,” Standard Bank said in a report.With global zinc demand expected to outstrip output for the fourth year in a row in 2007, there may be a further drawdown in global zinc stocks.
Franklin Mining Bolivia, S.A. is under contract to deliver 50,000 tons of Zinc concentrate at 47% minimum to a consortium representing multiple entities in Japan.
This contract will permit Franklin to consolidate ore concentrates from both its Cerro Rico and Pulacayo resources. Japanese refineries recovering the zinc will also pay for the gold and silver content of the concentrate.
In late 2005, Franklin Mining, Inc entered into a M.O.U. with COMIBOL and FENCOMIN to work on a specific area of the Cerro Rico Mine. COMIBOL reports on the five main veins indicate they hold over 5.5 million metric tons of ore. The veins are San Miguel, San Pedro, San Pedro 1, Mesapata and Alkco Barreno.
The combined estimated reserves are about 938,130 kgs of silver, 250,004 tons of zinc and over 72,377 tons of tin, yielding approximately 33,018,564 ounces of silver, 550,784,040 lbs of zinc and 159,518,908 lbs of tin.
Sources: Franklin Mining, ABARE and Reuters
Contact:
Investor Relations
A. Austin & Company
1-702-386-5379
Jaime Melgarejo Jr., President
Franklin Mining, Inc.
2764 Lake Sahara Driveoli
Suite 111
Las Vegas, NV 89117
Website: http://www.franklinmining.com
Phone: 702-944-8972
Fax: 702-838-5130
About Franklin Mining, Inc: Franklin Mining, Inc. has mining and exploration interests in the United States, Argentina and Bolivia including a wholly owned subsidiary, Franklin Mining, Bolivia S.A, and 51% ownership in both Franklin Oil & Gas, Bolivia S.A. and Franklin Oil & Gas, Argentina S.A.
“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.
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