Franconia Minerals Corporation

Franconia Minerals Corporation

December 12, 2006 11:51 ET

Franconia Commences Drilling at Red Knoll Copper Project, Arizona; Gravity Surveys Completed

SPOKANE, WASHINGTON--(CCNMatthews - Dec. 12, 2006) - FRANCONIA MINERALS CORPORATION (TSX VENTURE:FRA)(OFEX:FRA) announces the start of a program of core drilling at the 8,000 acre Red Knoll property in Graham County, Arizona. Four holes totaling 10,000 feet are planned and assay results are expected in early 2007. Franconia is targeting concealed porphyry-style copper mineralization in Laramide-age volcanic rocks buried beneath post-mineral volcanic cover in an area between Phelps Dodge's Morenci mine, the largest copper producer in the US, and the Safford porphyry copper district.

Geophysical data collected from a 4 line, 17-line kilometer Titan 24 survey completed earlier this year identified a resistivity contrast between post-mineral Tertiary volcanic cover and the underlying rocks. The results of the resistivity survey, in conjunction with geologic confirmation from previous drilling, indicate that potential host rocks for a Laramide porphyry copper system are present beneath Tertiary volcanic cover. The results of recent gravity surveys are currently being analyzed to further define the potential drill targets.

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 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).

Franconia Minerals Corporation trades on both the TSX-V in Canada and PLUS Market in the UK under the symbol FRA. (For additional information see The directors of Franconia Minerals Corporation accept responsibility for this announcement. Franconia currently has 43,120,120 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

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