StockGuru Welcomes Franklin MiningFranklin Mining
(OTC: FMNJ)
Franklin Mining, Inc.
Franklin Mining, Inc. (OTC: FMNJ) is engaged in the exploration, development and mining of precious and nonferrous metals, including gold, silver, lead, copper and zinc. The company has a long history that originates with the original Franklin Mines in Colorado back in the 1800s. Franklin Mining. Inc was formerly WCM Capitol, a Delaware Corporation. In 2003 a new board of directors was elected and this new board changed the name to Franklin to reflect the history of the Franklin Mines. Since 2003 the company’s management has been active in trying to grow the company and expand the companies opportunities. In 2004 Franklin Mining, Bolivia was formed in order to start operations as well as build a presence in Bolivia. In 2004 a division was opened named Franklin Oil & Gas. This division was formed to pursue Oil opportunities in Greneda and to pursue Gas Opportunities in Bolivia. In 2006 Franklin Oil & Gas, Bolivia was formed.
Franklin Mining Company was established as a Colorado exploration and mining company in 1864. The Franklin Mines, located near Idaho Springs in Clear Creek County, Colorado, were a significant producer of ore in the area. The company acquired the exclusive right to explore, develop, mine, and extract all minerals located in approximately 51 mining claims of which 28 are patented; and the Franklin Mill, a crushing and flotation mill, which is located on the site of the Franklin Mines. The company is actively looking to divest itself out of this property.
A Franklin Mining wholly owned subsidiary has operated a gold mine in Bolivia since 2004. Franklin Mining, Inc. also operates an Oil & Gas Division in Bolivia.
Cerro Rico Silver Mine
Potosi, Bolivia
Franklin Mining President, Jaime Melgarejo, recently presented a final study for mine operations at the Cerro Rico de Potosi to the Board of Directors of Bolivia’s state owned mining company, COMIBOL. The study was prepared and presented by Z&H Consultora, Santa Cruz, Bolivia, consultants with mining expertise. This $145,000 investment fulfills Franklin’s Phase I requirements under terms of the COMIBOL agreement. Cerro Rico is generally considered to be one of the largest silver mines in the world and UNESCO has designated Potosi as a World Heritage Site.
COMIBOL reports on Franklin’s assigned Cerro Rico veins indicate yields totaling 36,274,137 troy ounces of Silver; 586,117,434 pounds of Zinc; and 159,518,908 pounds of Tin. The value of the five veins is estimated to be approximately $2.2 Billion USD. Profits from the mining operations will be shared equally with COMIBOL after Franklin’s initial investment has been repaid.
The discovery of ore in silver-rich Cerro Rico by Diego Huallpa in 1544 led to the founding of Potosi, Bolivia and the building of what was to become the world’s largest industrial complex of the 1600’s. Around two billion ounces of silver were extracted from the city’s Cerro Rico (Rich Mountain) during the Spanish colonial era. Cerro Rico silver paved Potosi’s streets, fuelled the European Renaissance and helped fund the “Invincible Armada”, the Spanish fleet that sailed against Elizabethan England in 1588.
Mining has always been Potosi’s lifeblood. Modern prospecting technology has discovered that the mountain still contains at least as much silver as the Spaniards extracted from it. The Bolivian government has invited foreign firms to bid for the contract to mine it.
Projects
Hard Rock Projects
Cerro Rico Palivari II Alternative III – Bolivia
The Cerro Rico is located in Potosi Bolivia and is known for its silver production but also is rich in Zinc and tin in some areas of the mine.
A recent study, realized by the North Americans scientists Mark B. Abbott and Alexander P. Wolfe published in the review Science in September 2003, concluded categorically that the exploitation of Silver on the Potosi Cerro Rico goes back to the Tiawanacota Period. The conclusion is based on sediment studies, extracted near the Cerro Rico, in which metal evidence where found that could have been the result of silver refination process. Carbon 14 testing, revealed that the sediments antiquity to be 1,000 years before Christ.
In late 2005, Franklin Mining, Inc entered into a M.O.U. with The Mining Corporation of Bolivia (COMIBOL) and FENCOMIN to work on a specific area of the Cerro Rico Mine. COMIBOL advised us the following on the five main veins. The five veins are projected to hold over 5.5 million metric tons of ore. The name of those veins are San Miguel, San Pedro, San Pedro 1, Mesapata and Alkco Barreno. The combined estimated reserves are about 938,130 kgs of silver, 250,004 tons of zinc and over 72,377 tons of tin, yielding approximately 33,018,564 ounces of silver, 550,784,040 lbs of zinc and 159,518,908 lbs of tin.
Franklin Mines – United States of America
The Franklin Mines and Franklin Mill are located in Clear Creek County, Colorado approximately 2.7 miles north of the town of Idaho Springs, which is accessible from Interstate 70 approximately 33 miles west of Denver. From Idaho Springs, a county maintained gravel road connecting Idaho Springs with Central City in Gilpin County passes within 1/4 of a mile of the Franklin Mine facilities and offices. A minor roadway, also maintained by the County, allows access to the Franklin Mine within 1/8 of a mile. The mine location is accessible year round, except in the case of a major snowstorm in winter months. Currently the company has about 11 claims that sit on about 20 + acres.
The company was originally looking to divest itself out of this property. However, with the strong metals market the company is now rethinking that strategy. The company has begun discussions to bring on a consultant who knows that area very well. They are going to try and put together the claims that originally comprised this mine.
Tailings Project
Pulacayo Tailings Project
On August 18th, 2006. Franklin Mining, Bolivia entered into a contract for a tailings project. Franklin Mining, Inc owns 51% of this project in exchange for capital.
Franklin Mining, Inc. executives and advisors have recently returned to La Paz, Bolivia to complete the purchase of the pilot plant that will be used in processing the Pulacayo Tailings. The plant will immediately be relocated to the Pulacayo Tailings work site where engineers have begun work in anticipation of the plant being operational by the end of February. Once the plant is operating, Franklin will begin fulfilling the Zinc contract announced on January 30, 2007.
Since the pilot plant intended for use at the Pulacayo worksite was located, Franklin staff and consultants researched all engineering processes thought to be appropriate for use in mineral recovery. There is German technology that will be further reviewed; this technology will eliminate additional environmentally dangerous materials. Franklin is aware of the environment in Bolivia and continues to work toward identify all known hazards.
Oil & Gas Projects
Rio Grande GTL project
The project is in development and the information below is based upon 4th quarter, 2005 market conditions.
The shortage of diesel is a long term problem for Bolivia due to lack of crude and refining capacity. GTL (gas-to-liquid) is a good substitute for crude refined diesel due to the reserves that Bolivia has in natural gas. The 10,000 barrel facility is mainly for the local market. The additional capacity would sold to neighbors. Franklin Mining management believes the facility should be built in the Rio Grande Area. This is ideal due to its location to the gas transport infrastructure and its locale to the biggest consumer of diesel, Santa Cruz, Bolivia.
Tierra Del Fuego Gas Industrialization Project
This is a project in development and is in the initial stages.
Franklin Oil & Gas has had meetings in Buenos Aires and Tierra del Fuego to explore the possibility of doing a gas industrialization project in Tierra del Fuego, Argentina. The company management was invited by Governor Hugo Coccaro to have initial discussions with him. Franklin Oil & Gas and Governor Coccaro signed an M.O.U where several options will be reviewed for a gas industrialization project.
Subsidiaries
Franklin Mining, Bolivia
Franklin Mining, Bolivia is a wholly owned subsidiary of Franklin Mining, Inc. The company was established in 2004 in order to give Franklin Mining, Inc. a presence in Bolivia. Franklin Mining, Bolivia had a joint venture with a gold operator in which the Mayaya area where Franklin Mining, Bolivia would invest money to provide capital for operations. Franklin Mining, Bolivia started gold operations in Mid 2004. The joint venture was with a company called Mayaya Ltda. Gold was mined starting in December of 2004. However, due to diesel shortages and the inability to maintain consistent operations, Franklin Mining, Bolivia withheld further investment. Upon further investigation, Franklin Mining, Bolivia withdrew from the joint venture.
In 2005, new alliances were formed in the mining sector. These alliances started showing progress in late 2005 when a letter of intent was signed with COMIBOL & FENCOMIN. In 2006, the letter of intent was converted to a contract where Franklin Mining, Bolivia now has the rights to an area that has been reported to contain 5 veins. The project is referred to as Palivari II alternative 3. In 3rd quarter 2006, Franklin Mining, Bolivia signed a contract to do a tailings project. This project is called the Pulacayo Tailings project where it has been reported over 4 million tons of tailings exist. Franklin Mining, Bolivia has a 51% interest in this project in exchange for providing capital.
Franklin Oil & Gas, Bolivia
Franklin Oil & Gas, Bolivia was formed in early 2006. Franklin Mining, Inc. owns a 51% interest in Franklin Oil & Gas, Bolivia.
Franklin Oil & Gas, Bolivia was formed to promote and sign a GTL project in Bolivia and to review other energy related opportunities. The company has three engineers that are working with them in Bolivia for this project. Franklin Oil & Gas, Bolivia has also visited other areas where opportunities have presented themselves.
The company has visited Apolo, Bolivia where an Oilfield of undetermined size exists. This town is in the State of La Paz. The Governor of La Paz has agreed to work with the company in aiding in the developement of these fields and other areas as well as the local people have shown support for Franklin Oil & Gas, Bolivia.
The company has also visited Tarija where talks have already have started with the possibility of doing an industrialization project with Tarija.
Contact Info
Franklin Mining, Inc.
2764 Lake Sahara Drive, Suite 111
Las Vegas, NV 89117
Franklin Mining, Bolivia Sucursal
Calle Sanchez Lima # 2600
Esq. Pinilla Edif. Tango 5th Floor
La Paz, Bolivia
Franklin Oil and Gas, Bolivia Av. Las Cusis #2176
Santa Cruz, Bolivia
Phone:
(702) 944-8972
Fax:
(702) 838-5130
Email:
info@franklinmining.com
Website:
www.franklinmining.com
View the StockGuru Profile for Franklin Mining:
http://www.stockguru.com/profiles/fmnj/
We Invite you to Visit the All New StockGuru Blog!
Here you will find updates on all our covered companies, including Profiled Companies and StockGuru Picks.
Click HERE to visit the Blog, or go to:
http://stockguru.com/blog/
StockGuru.com is owned and operated by Pentony Enterprises LLC, 9555 Lebanon Road, Suite 103, Frisco, Texas 75035. Telephone: (469) 252-3030. Web: StockGuru.com. Email: Publisher@stockguru.com. Disclosure: Pentony Enterprises LLC has been compensated a total of five million two hundred sixty five thousand free trading shares from a non-controlling third party for profile coverage. Pentony Enterprises LLC is not a registered investment advisers or broker/dealers. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person or that an investment such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk. It is the policy of Pentony Enterprises LLC to sell all shares of this and any company featured. Anyone considering any company we feature in consideration for free trading shares should consider this. Pentony Enterprises currently holds one million free trading shares and John Pentony holds two hundred twenty five thousand shares purchased in the open market.
