Franconia Minerals Corporation
TSX VENTURE : FRA
OFEX : FRA

Franconia Minerals Corporation

June 06, 2006 10:30 ET

Franconia Receives 43-101 Resource Estimate on Maturi Copper-Nickel-PGM Resource at Birch Lake, Minnesota

SPOKANE, WASHINGTON--(CCNMatthews - June 6, 2006) - Franconia Minerals Corporation ("Franconia") (TSX VENTURE:FRA)(OFEX:FRA) is pleased to announce it has received a resource estimate for the Maturi copper-nickel-platinum group metal (PGM) target, part of the Birch Lake Project in Minnesota. The Maturi target lies on a package of mineral rights acquired in 2005 by Franconia from American Copper & Nickel Company, Inc. (ACNC). The Maturi target is located about 3 miles north of Franconia's 39 million tonne Birch Lake copper-nickel-PGM resource. A supporting Technical Report, prepared by Roscoe Postle Associates to NI 43-101 standards, will be filed and made available on SEDAR within 45 days.

Brian Gavin, president of Franconia, said, "The 51 million tonne Maturi Inferred Resource complements our 39 million tonne Inferred Resource at Birch Lake and raises the possible scenario of two nearby underground copper-nickel-PGM mines feeding one central processing facility - all controlled by Franconia. Conceptually, the capital costs of one plant would be split between two mines giving a big boost to the 'bottom line'. Also, neither Maturi nor Birch Lake has been fully drilled out as yet".



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Inferred Resource Estimate,
Maturi Zone, Birch Lake Project, Minnesota
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Cut Off Tonnes Copper Nickel Cobalt Palladium Platinum Gold
NSR (millions) (%) (%) (%) (g/t) (g/t) (g/t)
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$25.00 51.2 0.74 0.28 0.02 0.27 0.10 0.05
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Metal price assumptions: copper $1.20/lb, nickel $4.50/lb, cobalt
$10.00/lb, palladium $300/oz, platinum $800/oz, gold $450/oz.
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This estimate was prepared by Graham Clow and Richard Routledge, of Roscoe Postle Associates Inc. (RPA), both appropriately qualified persons according to NI 43-101.

ACNC, and its parent company Inco Limited, did extensive drilling at Maturi between 1950 and 1974 and developed a 1,100 feet deep exploration shaft. This estimate is based on 41 surface drill holes and 12 underground drill holes totaling 46,178 feet including material re-sampled and re-assayed in 2000 from 26,246 ft of core (1,400 samples) for copper, nickel, cobalt, platinum, palladium, gold and sulfur. No further exploration or evaluation has been done since that time. The mineralized zone is about 75 feet thick and dips at approximately 45 degrees to the southeast. The uppermost portion of the zone reaches within 170 feet of the surface.

Maturi is three miles northeast of the Inferred Resource at Birch Lake. The resource estimate summarized below was completed in 2005 by RPA to 43-101 standards using different long-term metal prices.

A re-estimation of the resource at Birch Lake to include drill data from 2005 and updated long term metal prices is currently underway. The resource estimates at Birch Lake and Maturi will form the basis of an independent Preliminary Economic Assessment, which will include a "scoping-level" economic evaluation, including a cash flow analysis, of the potential viability of mining the Birch Lake and Maturi resources concurrently.



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Inferred Resource Estimate,
Birch Lake Zone, Birch Lake Project, Minnesota
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Cut Off Tonnes Copper Nickel Cobalt Palladium Platinum Gold
NSR (millions) (%) (%) (%) (g/t) (g/t) (g/t)
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$30.86 39.3 0.72 0.22 0.01 1.01 0.49 0.23
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Metal price assumptions: copper $1.05/lb, nickel $5.00/lb, cobalt
$10.00/lb, palladium $225/oz, platinum $750/oz, gold $410/oz.
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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 37,165,054 shares issued and outstanding.

Brian Gavin, President

Franconia Minerals Corporation

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.

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