SOURCE: Franklin Mining, Inc.

January 02, 2008 08:30 ET

Escala to Resume Production Following Holiday Break

Franklin Mining CEO William Petty Returns to Bolivia as Escala Prepares for Increased Productivity in 2008

LAS VEGAS, NV--(Marketwire - January 2, 2008) - Franklin Mining, Inc. (PINKSHEETS: FMNJ) CEO William Petty has returned to Bolivia to meet with his senior management and engineering staff prior to their return to the Escala Mine. Production is set to resume at the Escala the week of January 7, following the traditional break for Christmas and New Year's Holidays.

"Now that we've completed the majority of the clean-up and tunnel preparations at the Escala, our crews are set to begin rapidly increasing daily productivity in the initial two shafts." In confirming this week's travel schedule, Mr. Petty added, "I look forward to meeting with Franklin's on-site managers and engineers. December's reports indicated significant improvements in the Escala's mineral reserves and while we've not yet completed our testing and analysis, we have gathered and confirmed sufficient data that we're excited about values exceeding expectations."

Mr. Petty concluded his remarks concerning the Escala's 2008 schedule reminding shareholders that while the project remains in Phase I of its restarted operation (probably through March), product will continue to be delivered to a nearby processing plant via truck; the plant Franklin uses is approximately 70 Km from the mine. As previously announced, recommendations for erecting an on-site processing plant are being evaluated and preliminary studies will be reviewed with Franklin staff prior to their returning to the work-site. Until an on-site plant is erected, both direct sales and deliveries for later processing will continue as begun in December 2007 and finished product will be held in inventory.

About The Escala Mine: Comprising three separate mining applications, COMIBOL's Escala Mine concession totals 2,000 hectares located in the Sud Lipez Province, near Bolivia's border with Argentina. Franklin Mining, Bolivia S.A. has been awarded a contract to mine 500 hectares within the original concession. Escala II and Escala III mining applications are currently assigned to another company.

The original Escala Mine was established during the Spanish colonial period and has been mined for lead, zinc, gold and silver. In 2007, Franklin Mining, Bolivia S.A. negotiated an agreement with COMIBOL, National Mining Company of Bolivia, to resume mining operations within the area of the original concession.

About Franklin Mining, Inc.: Franklin Mining, Inc. holds mining and energy interests in the United States and Bolivia as well as energy interests in Argentina. 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. S. Austin & Company, 1-702-386-5379.

Contact Information

  • Investor Relations
    A. S. Austin & Company
    1-702-386-5379