Franconia Minerals Corporation
TSX VENTURE : FRA
OFEX : FRA

Franconia Minerals Corporation

October 24, 2006 07:30 ET

Franconia Minerals Corporation: Drilling Continues to Reveal Copper-Nickel-Pgm Mineralization at Birch Lake, Minnesota

SPOKANE, WASHINGTON--(CCNMatthews - Oct. 24, 2006) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Franconia Minerals Corporation (TSX VENTURE:FRA)(OFEX:FRA) is pleased to present a progress report on the on-going 2006 core-drilling program at the Birch Lake copper-nickel-PGM (platinum group metals) inferred resource located in the Duluth Complex of Minnesota. Birch Lake, and the nearby Maturi deposit, were the subjects of a recent independent preliminary economic assessment (see Franconia news release of October 3, 2006) prepared by Scott Wilson Roscoe Postle Associates to NI 43-101 standards (available at www.SEDAR.com).

The interim results of this latest drilling program continue to confirm the thickness and lateral continuity of the deposit in the areas tested (see map) and contribute to the overall goals of the on-going drill program. The planned program of 23 holes (32,300 meters) has the following goals:



- Collect 700kg of sample for bench scale metallurgical
tests to optimize nickel recoveries to concentrate
(expected to be completed in the first quarter of 2007).
- Provide material for a 45-tonne bulk sample for pilot-scale
metallurgical testing (expected to be completed in 2008) prior
to a feasibility study.
- Provide sufficient assay data to enable the conversion of the
inferred resource at Birch Lake to measured and indicated resources
for use in a feasibility study.


Brian Gavin, Franconia's president, comments, "These results represent the first step in our pre-feasibility study to evaluate the economic viability the Birch Lake and Maturi resources considering a possible scenario whereby both resources would be mined concurrently and benefit from the efficiencies of one central processing plant."

Holes BL06-1 and -2, as well as seven associated wedged-offsets totaled 2,605 meters (8% of the total program). Hole locations were chosen to increase the drill hole density in order facilitate the conversion of the inferred resource at Birch Lake to measured and indicated resources. Due to the depth of the target zone, a pilot hole is first drilled at each location through the target zone to the basement. Subsequently one or more wedged-offsets are drilled so that several intercepts through the target zone are achieved.

All technical data have been reviewed by Brian Gavin, Franconia's president and an appropriately qualified person as defined by National Instrument 43-101.

Franconia Minerals Corporation trades on both the TSX-V in Canada and OFEX 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 presently has 36,966,138 shares issued and outstanding.

Brain Gavin, President




Drill results, Birch Lake, Minnesota
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Down
Hole Plati- Palla-
Drill Hole From To Inter- Copper Nickel Gold num dium
(m) (m) val(i) (%) (%) (g/t) (g/t) (g/t)
(m)
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BL06-1 634.4 673.1 38.6 0.695 0.167 0.101 0.215 0.440
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incl. 634.4 663.9 29.5 0.748 0.179 0.115 0.256 0.520
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BL06-1W1 626.0 665.8 39.8 0.527 0.147 0.085 0.195 0.380
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incl. 636.0 660.5 24.6 0.636 0.150 0.087 0.170 0.341
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incl. 646.4 660.5 14.1 0.745 0.164 0.100 0.196 0.373
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BL06-1W2 625.7 664.5 38.8 0.512 0.153 0.080 0.185 0.369
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incl. 636.5 658.3 21.8 0.600 0.153 0.084 0.157 0.356
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647.8 664.5 16.7 0.711 0.162 0.097 0.197 0.420
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incl. 647.8 658.3 10.5 0.753 0.175 0.104 0.205 0.452
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BL06-1W3 634.4 642.9 8.5 0.666 0.189 0.120 0.193 0.423
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incl. 657.1 667.3 10.2 0.635 0.144 0.095 0.151 0.357
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BL05-1W4 636.4 662.6 26.2 0.638 0.147 0.108 0.184 0.477
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incl. 646.6 662.6 15.9 0.748 0.155 0.125 0.187 0.492
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BL06-2 716.3 780.2 63.9 0.525 0.178 0.139 0.323 0.670
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720.3 780.2 59.2 0.541 0.177 0.146 0.332 0.697
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BL06-2W1 727.6 777.0 49.4 0.535 0.189 0.175 0.317 0.665
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BL06-2W2 719.4 771.0 52.1 0.408 0.134 0.119 0.289 0.552
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incl. 719.4 730.1 10.6 0.486 0.179 0.192 0.568 1.706
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BL06-2W3 721.4 730.6 9.2 0.568 0.221 0.233 0.533 1.078
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742.6 759.7 17.1 0.474 0.158 0.144 0.279 0.587
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770.0 778.3 8.3 0.644 0.191 0.187 0.418 0.860
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(i) BL06-1 was drilled at -90 degrees and BL06-2 was drilled
at -83 degrees
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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

To view the map of the Drillhole locations at Birch Lake Project, Minnesota, please click the following link: www.ccnmatthews.com/docs/fr1024.pdf.

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