OTC: FMNJ – Franklin Mining, Inc. — Stock Guru Profile
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Franklin Mining, Inc. Executives and Board Members announced in February 2007, that they were conferring with corporate legal counsel to prepare a plan for the buy-back of shares. The plan, if approved, will not be effective until after cash-flow from recent contracts has been established. The timing of the buy-back and the exact number of shares will depend on market conditions.
Jaime Melgarejo, Jr., Franklin’s CEO said, “With the addition of our new Zinc contract in Japan and a pilot plant being relocated to the Pulacayo Tailings work site, we are confident we have sufficient resources in place to consider a buy-back of shares plan along with several other plans by which the corporation’s $30 million tax loss carry forward can best be utilized for the benefit of shareholders.”
2006 represented a year in which share buy back occurred at an unprecedented pace including Microsoft’s announcement to buy back another $40 billion of its stock. Standard & Poor’s calculates that members of the S&P 500 spent $100 billion in the first quarter alone. That is fifteen per cent higher than the previous year’s record level, and more than double total repurchases in 2004.
In general, investors view buy-backs as a good thing. Buy-backs send a signal that the company believes in its prospects.
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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