Franklin Mining (OTC: FMNJ)
Franklin Oil & Gas, Bolivia S.A. (a Bolivian corporation) is a subsidiary of Franklin Mining, Inc. has entered into a joint venture with YPFB. Their joint venture company will maintain a regional office in La Paz and an operations office in the city of Santa Cruz. The joint venture’s GTL processing plant is planned to be constructed in the Grande River region of the Department of Santa Cruz, in the eastern portion of Bolivia.
Jorge Alvarado, president of YPFB, (Yacimientos Petroliferos Fiscales Bolivianos) which is Bolivia’s state-owned oil company, confirmed that Bolivia’s proven and probable natural gas reserves have been understated for several years and that steps are being taken to correct all reports.
YPFB executives have traveled to the U.S. to confirm the suspected errors in calculating reserves. YPFB technicians have traveled to Argentina to better understand the determination and reporting process for proven and probable natural gas reserves.
Bolivia holds Latin America’s second largest natural gas reserves. This increased natural gas availability together with an increasing worldwide demand for Gas To Liquid (GTL) -produced fuels provides the YPFB and Franklin joint venture with a promising export market.
FRANKLIN RETAINS SUPPORT FOR FUTURE ACTIVITIES IN BOLIVIA
Franklin has retained international companies in Bolivia to aid them in preparation for this international joint venture, including: Pricewaterhouse Coopers – audit and assurances, Salazar and Salazar – Bolivian Law Firm, and Behre Dolbear International Ltd. – business plan preparation.
Franklin Mining, Inc. has retained the local office of Behre Dolbear International Ltd. (www.dolbear.com ) to assist Franklin Mining, Bolivia S.A. with business plan preparations and to review mineral reserve reports for all mining projects in Bolivia. Behre Dolbear is one of the oldest, continually operating minerals industry consulting firms in the world and has extensive experience in Bolivia.
PricewaterhouseCoopers International Limited ( www.pwcglobal.com ) has been retained to provide audit and assurance services and to assist Franklin Mining, Bolivia S.A. and Franklin Oil & Gas, Bolivia, S.A. with tax compliance issues.
Salazar and Salazar has now become part of Franklin Mining’s team in Bolivia. Salazar and Salazar’s extensive knowledge of the Potosi area and politics has helped and will continue to help move Franklin Oil & Gas’ Letter of Intent with COMIBOL. Salazar and Salazar will also aide with the M.O.U. from Y.P.F.B.
With these important international professionals Franklin Mining is bringing the best talent that available on an international scale to ensure success in their endeavors in Bolivia.
Source:
2 June 2006
eSource Canada Business News Network
Business Information Group
SOURCE: Franklin Mining, Inc.
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