FRANC-OR RESOURCES CORPORATION
TSX : FOR

FRANC-OR RESOURCES CORPORATION

October 16, 2006 09:00 ET

Franc-Or Announces the Appointment of George R. Jones and Daniel F. Hachey as Directors

MONTREAL, CANADA--(CCNMatthews - Oct. 16, 2006) - Franc-Or Resources Corporation (TSX:FOR) is pleased to announce the appointment of George R. Jones and Daniel F. Hachey to the Board of Directors, subject to regulatory approval.

Mr. Jones brings a diverse background of marketing, business development, and executive management to the Franc-Or Board. Mr. Jones currently serves as a business and management coach to several resource companies, and sits on the boards of Teal Mining and Exploration (TSX), Noranda Income Trust (TSX), and Logistec Ltd. (TSX). Until a recent buyout transaction, Mr. Jones was President of Novicourt (TSX) and previously was President of Noranda Zinc, which at the time was one of the worlds largest zinc companies. In addition, Mr. Jones has served as Chairman of the International Zinc Association, the Canadian Manufacturers and Exporters Association, and the Canadian Fertilizers Association.

Mr. Hachey brings to Franc-Or a strong investment banking background with approximately twenty years of experience in the capital markets, largely in the area of public equity financing including initial public offerings (IPOs) and private placements. Currently, Mr. Hachey is President and CEO of Greenwich Global Capital Inc. (TSX-V), a public capital pool company. Previously, Mr. Hachey has held senior executive management positions in corporate finance and investment banking at HSBC and Midland Walwyn, amongst others.

The addition of George Jones and Dan Hachey to the Franc-Or Board of Directors will bring a level of business, management, and financing experience necessary to elevate the Company's Mario base and precious metals property in Peru to its full potential and provide maximum value to shareholders.

Dennis H. Peterson and Michael A. Steeves have resigned as directors of the Corporation. The Board of Directors now consists of Jean Depatie, Robert J. Casaceli, Ian H. Mann, George R. Jones, and Daniel F. Hachey. The current Franc-Or management and remaining board members wish to express sincere thanks and appreciation to the two departing members, Dennis H. Peterson and Michael A. Steeves, for their devoted service to the Company over many years.

With the departure of Michael A. Steeves from the board, Jean Depatie will assume the roll as acting Chairman of the Franc-Or Board of Directors. The officers of the Corporation remain as Robert J. Casaceli, President and Chief Executive Officer, and Vatche Tchakmakian, Chief Financial Officer and Corporate Secretary.

Franc-Or is currently exploring the Mario base and precious metal property located in central Peru, some 50 kilometers southwest of Huancayo. Franc-Or currently controls the property through an option agreement with Teck Cominco Peru S.A. Franc-Or has the right to earn up to 100% interest in the Mario property, subject to certain royalty and back-in rights of Teck Cominco as described in detail in the Franc-Or Press Release of April 19, 2006.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of Franc-Or, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Franc-Or's expectations are the risks detailed herein and from time to time in the filings made by Franc-Or with securities regulators.

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