SOURCE: Franklin Mining, Inc.

Franklin Mining, Inc.

February 02, 2010 09:30 ET

Franklin Mining - Planet Recovery Announce Joint-Venture to Operate Bolivia's San Antonio de Turiri Antimony Mine

LAS VEGAS, NV--(Marketwire - February 2, 2010) - Franklin Mining, Inc. (PINKSHEETS: FMNJ) (FRANKFURT: FMJ) is pleased to announce having formed a joint venture with Planet Resource Recovery, Inc. for development and operation of Bolivia's San Antonio de Turiri antimony mine.

Franklin holds the operating agreement for the Turiri. Planet Recovery manufactures and markets PetroLuxus™ and other "green" technologies for the remediation and recovery of base and precious metals. Each company will share equally in joint-venture revenue distributions after recovery of development costs and operating expenses.

Terms of the joint-venture divides mining operations into two phases: Phase One is the immediate mining of high grade antimony with an estimated initial production of 50 tonnes per month building to incremental increases of an additional 50 tonnes per month.

Phase Two, enhanced mining recovery, will commence with deployment and implementation of Planet's enhanced mining recovery technology which includes unique environmentally friendly proprietary chemical compounds and processes.

The Turiri's main ore bodies range between 60 and 67% pure antimony; secondary ore bodies consist of 5 to 10% antimony. And a recent geological study and laboratory analysis has indicated that less than 5% of the Turiri's antimony has been mined.

With commodity pricing for antimony having recently reached $6,400 USD per ton (in January 2010), the joint-venture anticipates a quick recovery of Phase One development costs.

About Franklin Mining, Inc: Franklin Mining, Inc. has mining interests in the United States and Bolivia. Additional 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.

For further information, please visit our website (www.FranklinMining.com) or contact our Investor Relations firm, A S Austin Company, 210-204-5068.

Contact Information

  • Contact:
    Investor Relations
    A S Austin Company
    210-204-5068