Franklin Mining
(OTC: FMNJ)
Franklin Oil & Gas, Argentina, S.A. Will Use Proceeds to Construct Tierra del Fuego GTL Plant
LAS VEGAS, NV–(MARKET WIRE)–Apr 12, 2007 — Franklin Mining, Inc. (Other OTC:FMNJ.PK – News) announces that a debt financing arrangement is being negotiated to provide for the design and construction cost of a 10,000 barrel-per-day gas-to-liquid (GTL) processing facility in Tierra del Fuego, Argentina. These arrangements will provide debt financing in an amount not to exceed the project’s anticipated $470 USD million budget.
GDR Privée, a New York investment bank with a specialization in debt and asset based financing, is presently negotiating terms and conditions of the financing with third-party institutional lenders. Under Argentina’s industrial laws act, the financing is to be structured as a debt instrument secured by product sales contracts and agreements signed by Hugo Cocarro, Governor of Tierra del Fuego, and a 25-year guarantee for the required natural gas resource issued to Franklin Oil & Gas, Argentina S.A. by Cristian A. Folgar, Argentina’s National Undersecretary of Fuels.
The financing’s closing and first draw is expected to take place following acceptance of a final feasibility study. Franklin Mining, Inc.’s President Jaime Melgarejo, Jr., is presently in Argentina meeting with local natural gas producers and other partners prior to preparing the final feasibility study.
In discussing today’s news, Mr. Melgarejo concluded, “Franklin Mining is pleased to report that GDR Privée has reached this stage in negotiating our financing. When finalized, these funds will enable us to immediately move forward on one of the most exciting new energy projects in South America.”
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. Additional company information is available at www.franklinmining.com.
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.
Contact:
For further information, please visit our website (http://www.franklinmining.com)
or Contact:
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A. Austin & Company
1-702-386-5379
Source: Franklin Mining, Inc.
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