Franconia Minerals Corporation
TSX VENTURE : FRA
OFEX : FRA

Franconia Minerals Corporation

November 21, 2006 10:30 ET

Franconia Minerals Closes Non-Brokered Private Placement Financing

SPOKANE, WASHINGTON--(CCNMatthews - Nov. 21, 2006) -

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

FRANCONIA MINERALS CORPORATION (TSX VENTURE:FRA)(OFEX:FRA) (the "Corporation") has completed a non-brokered private placement financing of Cdn$6,000,001 through the issuance of units at Cdn$1.45 per unit.

Each unit consisted of one Common Share and one-half Common Share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of Cdn$1.85 at any time prior to the earlier of: a) the date that is the 15th trading day after receiving notice from the Corporation that the weighted average price of the Common Shares on the TSX Venture Exchange or TSX Exchange has been equal to or greater than Cdn$3.00 for a period of 15 consecutive trading days commencing at least 120 days after the date of issuance of the warrants; and b) May 20, 2008. The common shares, warrants and common shares to be issued on exercise of the warrants are subject to a 4 month and one day hold period expiring March 21, 2007.

The Corporation will pay a finder's fee in cash equal to 6% of the gross proceeds and issue brokers warrants equal to 6% of the units issued. The broker warrants have terms identical to the warrants issued pursuant to the unit offering and are subject to the same hold period.

The net proceeds from the offering will be used for drilling at the Corporation's Red Knoll, Arizona copper target; drilling and a pre-feasibility study on the Maturi-Birch Lake combined operation, and for general corporate purposes.

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 www.franconiaminerals.com.) The directors of Franconia Minerals Corporation accept responsibility for this announcement. Franconia currently has 43,120,120 shares issued and outstanding.

FRANCONIA MINERALS CORPORATION

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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