Franconia Minerals Corporation
TSX VENTURE : FRA
OFEX : FRA

Franconia Minerals Corporation

May 30, 2006 10:30 ET

Franconia Commences Drill Program at San Francisco Zinc Property, Utah

SPOKANE, WASHINGTON--(CCNMatthews - May 30, 2006) - Franconia Minerals Corporation (TSX VENTURE:FRA)(OFEX:FRA) ("Franconia" or the "Company") announces that it has begun a 5-hole, 7,500 foot diamond drilling program on the Company's 100%-controlled San Francisco zinc property in Beaver County, in southwestern Utah.

Franconia is targeting the discovery of high-grade zinc manto-style mineralization with a minimum size of at least 2 million pounds contained zinc. The project, which was originally brought to the attention of Franconia by Teck Cominco American Incorporated ("TCAI"), lies in a region of extensive past and present day mining operations. This includes Franconia's lands over the historic Horn Silver mine, which operated from 1875 to 1952 producing silver, lead, zinc and occasionally copper from oxidized breccia ore. Historic drilling and sampling on the property revealed the presence of high-grade sphalerite (zinc sulfide) manto-style mineralization, with up to 55 feet of 19% zinc in drilling and 105 feet of 14.5% zinc in underground drift sampling.

Franconia shall present the results of the current drill program to TCAI under the terms of a January 2, 2002 agreement with TCAI. If the agreement is satisfied, TCAI will have 60 days from receipt of the data to elect to form a 60/40 TCAI/Franconia joint venture on the San Francisco project. In connection with the formation of the joint venture TCAI is responsible for the next US$3 million in expenditures, which it must incur over a four-year term. If TCAI does not elect to form the joint venture within the 60-day period it shall lose its rights to the property. (Details are available at www.franconiaminerals.com.)

In 2002, as part of a larger exploration program including the rehabilitation of underground workings, underground mapping and sampling, and the compilation of all available historical data, Franconia drilled three diamond drill holes, SF-1 through SF-3 with the goal of extending known mineralization below the 1,000 ft level. The table below summarizes the results of that positive drill program. Franconia's president, Brian Gavin, a qualified person as defined by National Policy 43-101, reviewed this information.



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Results of 2002 Drill Program, San Francisco Property, Utah
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Total
Drill Hole Depth From To Interval Interval Zn
(ft) (ft) (ft) (ft) (m) (%)
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SF-1 949 657.0 663.5 6.5 1.98 3.71
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SF-2 1,257 928.0 940.0 12.0 3.66 5.86
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1170.0 1225.7 55.7 16.98 14.01
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includes 1170.0 1230.0 60.0 18.29 12.00
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includes 1170.0 1207.0 37.0 11.28 16.58
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SF-3 1,322 1177.6 1189.0 11.4 3.48 18.01
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1228.5 1278.0 49.5 15.09 16.63
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includes: 1244.0 1278.0 34.0 10.36 20.18
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includes: 1244.0 1270.0 26.0 7.93 24.59
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includes: 1256.3 1270.0 13.7 4.18 34.30
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Franconia Minerals Corporation trades on both the TSX-V in Canada and OFEX in the UK under the symbol FRA. The directors of Franconia Minerals Corporation accept responsibility for this announcement. Franconia presently has 36,727,804 shares issued and outstanding. (For additional information see www.franconiaminerals.com.)

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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