Franklin Mining
(OTC: FMNJ)
Agreement Is for Development and Operation of First GTL Facility of This Size in South America
LAS VEGAS, NV–(MARKET WIRE)–Feb 28, 2007 — Franklin Mining, Inc. (Other OTC:FMNJ.PK – News) President Jaime Melgarejo, Jr. has returned from Argentina where he and an engineer visited possible construction sites for a gas-to-liquid (GTL) facility to be constructed in the Province of Tierra del Fuego, Argentina. William Petty has traveled to Zurich, Switzerland to secure necessary financing.
Franklin Oil & Gas, Argentina, S.A, was formed in December 2006 as the first step toward fulfillment of an agreement for the construction and operation of a 10,000 barrel-per-day GTL processing facility. The agreement, signed by Hugo Cocarro, Governor of Tierra del Fuego, is accompanied by a 25 year guarantee of the required natural gas resource issued to Franklin Oil & Gas, Argentina S.A. on November 16, 2006 by Cristian A. Folgar, Argentina’s National Undersecretary of Fuels.
Announcement of Franklin Oil & Gas’ contract comes three weeks following Royal Dutch Shell Plc’s cornerstone ceremony at the site of their Pearl GTL facility in Qatar.
Franklin’s development and production agreement with Argentina — similar to agreements reached by major oil companies in other countries, including Shell in Qatar — will result in the first such facility of this size in South America.
When fully operational, Argentina’s Tierra del Fuego Province will begin using an existing abundant natural resource (natural gas) to gradually achieve energy independence while creating local economic growth through reduced energy costs and increased export revenues. Long term benefits include production and export of additional energy resources including naphtha and electricity. Benefit to local, Province and National governments include taxes and royalties as well as participating in production profits.
During the next thirty months (the planning and construction phases), development and construction of the GTL plant will have created 400 direct and 2300 indirect jobs. Operating the plant will create 140 direct and 500 indirect permanent jobs.
Additional information on Franklin Mining, Inc.’s GTL projects in Bolivia and Argentina is available at www.franklinmining.com.
About Franklin Mining, Inc.: Franklin Mining, Inc. has mining and exploration interests in the United States, Argentina and Bolivia; Franklin Mining, Bolivia S.A. is a wholly owned subsidiary. Franklin Mining, Inc. holds 51% ownership in both Franklin Oil & Gas, Bolivia S.A. and Franklin Oil & Gas, Argentina S.A.
DISCLOSURES: “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.
For further information, please visit our website (www.franklinmining.com) or contact our Investor Relations firm, A. Austin & Company, 1-702-386-5379.
Contact:
A. Austin & Company
Investor Relations
1-702-386-5379
Source: Franklin Mining, Inc.
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