Franklin Mining gained 4,900% the first time we covered them. A Little Bit of History, a Whole Lot of Action.
Franklin has a contract to process the tailings of the Cerro Rico Mine in Bolivia and has a fifty-one percent interest in this project. This is called the Pulacayo Project.
Who has the other forty-nine percent?
Franklin is in powerful company. Franklin has a joint-venture mining agreement with COMIBOL, the state owned Corporacion Minera de Bolivia (Comibol). Through extensive negotiations with Comibol a specific plan has been defined supported by a cash flow statement for this project. While this statement is in Spanish the keywords are “Ingresos” which means “Income” and “Egresos” which means “Expenditures.” The numbers in black show income, the numbers in red reflect expenditures. The positive cash flow anticipated in a conservative mode is positive.
The History of the Cerro Rico Mine
The Cerro Rico was not born yesterday, but then neither was Franklin which began in the mid 1880’s. The Cerro Rico Mine has a venerable history in production. Dr. Adrian Boyce, Senior Research Fellow, Scottish Universities Environmental Research Centre in Glasgow, has written that the Cerro Rico’s production has never been matched, having produced almost five times more silver than any other BPV deposit.
The Cerro Rico de Potosi is universally recognized as the world’s single most productive silver mine. It is perched high in the Andes Mountains where stands the soaring pyramid of the Cerro Rico. The 15,800-foot-high peak, whose name means “Rich Hill” in Spanish looms over the city of Potosi and the tons of silver Cerro Rico once held dramatically altered the course of world history. It funded the growth of the Spanish empire and jump-started the development of the Americas. Cerro Rico exists 460 years after its founding as the world’s highest city.
By the year 1610, Potosi had grown to include 160,000 residents, matching the population of such cities as London and Tokyo and far surpassing that of any other city in the Americas. Modern era silver mining of the Cerro Rico de Potosi has been ongoing since 1544 when the Conquistadores discovered the immense wealth. A study by Mark Abbott of Univ. of Pittsburgh’s Dept. of Geology and Planetary Science and Alexander Wolfe of the University of Alberta’s Dept. of Earth and Atmospheric Sciences published in the Sept. 26, 2003 issue of Science, concludes that New World metallurgy was under way as early as 1000 to 1200 A.D. Abbott and Wolfe believe these large scale smelting operations continued through early Colonial times (1400 to 1650 A.D.) and provide evidence of a major pre-Incan silver industry.
Potosi’s splendor is found in its enormous stone cathedral and colonial buildings beautifully preserved with the city’s labyrinthine former mint, which turned tons of Cerro Rico silver into imperial Spanish coinage.
Now it’s Franklin’s turn to turn the tailings into gold, silver and zinc!
Literally a golden opportunity from a company that has proven its ability before.
Contact:
Investor Relations
A. Austin & Company
1-702-386-5379
SOURCE: Franklin Mining, Inc.
Jaime Melgarejo Jr., President
Franklin Mining, Inc.
2764 Lake Sahara Drive
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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