Franconia Minerals Corporation
TSX VENTURE : FRA
OFEX : FRA

Franconia Minerals Corporation

May 15, 2006 10:30 ET

Franconia Begins Titan 24 Geophysical Surveys on Red Knoll Copper Target, Arizona

SPOKANE, WASHINGTON--(CCNMatthews - May 15, 2006) - FRANCONIA MINERALS CORPORATION (TSX VENTURE:FRA)(OFEX:FRA) announces that it has begun a Titan 24 geophysical survey on the 8,000 acre Red Knoll property in Graham County, Arizona, adjacent to and northeast of Phelps Dodge's porphyry copper deposits in the Safford District. Franconia is targeting concealed porphyry-style copper mineralization buried beneath post-mineral volcanic cover. Contingent upon favorable results from the geophysical surveys, a drilling program is planned for the fall of 2006.

The Red Knoll Property is in an area of favorable geology between the Morenci mine, the largest copper producer in the US, and the Safford porphyry copper district. The property is on the northeast-trending structural zone thought to control mineralization at the Safford district and also lies on a regional northeast-trending magnetic low connecting the Safford and Morenci camps.

The Red Knoll property is subject to a Property Acquisition Agreement with Teck Cominco American Incorporated (Teck Cominco) whereby Franconia can earn a 100% interest in the unpatented mining claims by spending US$2,000,000 in exploration expenditures over four years and issuing shares to Teck Cominco. Upon Franconia completing expenditures on the property, Teck Cominco has a one-time option to elect to back-in to a 70% interest in the property by spending US$5,000,000 over four years (see Franconia's news release of June 27, 2005 for more details).

Franconia Minerals Corporation trades on both the TSX-V in Canada and OFEX in the UK under the symbol FRA. (For additional information see www.franconiaminerals.com.) The directors of Franconia Minerals Corporation accept responsibility for this announcement. Franconia presently has 36,238,803 shares issued and outstanding.

Brian Gavin, President

This document, which has been issued by Franconia Minerals Corporation (Franconia), has been approved solely for the purposes of Section 21 of the Financial Services and Markets Act 2000, by Lion Capital Corporation Limited (Lion), 4th Floor, 2 Cromwell Place, London SW7 2JE, who is authorised to carry on Investment Business by the Financial Services Authority. Lion, is acting as advisers for Franconia and to no-one else and will not be responsible to anyone other than Franconia for providing protections afforded to customers of Lion for providing advice in relation to any investment made pursuant to this announcement and makes no recommendation for the suitability of any investment, which is the subject of this announcement. FORWARD-LOOKING STATEMENT: Although Franconia Minerals Corporation believes many of its properties have promising potential, its properties are in the early stages of exploration. None have yet been shown to contain proven or probable mineral reserves. There can be no assurance that such reserves will be identified on any property, or that, if identified, any mineralization may be economically extracted. Incorporated in Alberta Canada No. 207953670

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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