Franconia Minerals Corporation
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OFEX : FRA

Franconia Minerals Corporation

November 03, 2005 10:30 ET

Franconia Minerals Corporation: Drilling Reveals Higher Grade Copper-Nickel-PGM Results At Birch Lake Project, Minnesota

SPOKANE, WASHINGTON--(CCNMatthews - Nov. 3, 2005) - Franconia Minerals Corporation (TSX VENTURE:FRA)(OFEX:FRA) is pleased to announce the results of its 2005 core-drilling program at the Birch Lake copper-nickel-PGM (platinum group metals) inferred resource located in the Duluth Complex of Minnesota. A recent independent preliminary economic assessment at Birch Lake recommended the sinking of a prospect shaft for bulk sampling as part of a feasibility study.

The results of this drill program confirm the general continuity of the deposit in the area tested and also identified a previously unknown zone of substantially higher grade nickel values with accompanying copper in an apparent footwall depression as indicated by drill hole BL05-3 and its two wedges under the southern part of Birch Lake (see table).

Brian Gavin, Franconia's president comments, "These results are some of the highest grade intercepts we have seen at Birch Lake to date. We plan to update the inferred resource estimate at Birch Lake. Plans also call for a NI 43-101 compliant audit of the historic copper-nickel-PGM resource estimate at Maturi, located three miles northwest of the Birch Lake resource. The short-term goal is to evaluate the economic viability of both resources considering a possible scenario whereby both resources could be mined concurrently and benefit from the efficiencies of one central processing plant".



Drill results, Birch Lake, Minnesota
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True
Drill From To Thickness Copper Nickel Gold Platinum Palladium
Hole (m) (m) (m) (%) (%) (g/t) (g/t) (g/t)
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BL05-1 653.5 747.2 11.1 0.615 0.172 0.149 0.331 0.678
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769.3 787.9 18.7 0.850 0.226 0.171 0.401 0.855
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incl. 770.8 777.9 7.1 1.271 0.312 0.285 0.650 1.350
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BL05
-1W1 748.6 752.7 4.7 1.043 0.231 0.209 0.642 1.146
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770.3 790.0 19.7 0.727 0.185 0.132 0.307 0.660
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incl. 770.3 784.6 14.3 0.853 0.210 0.159 0.378 0.814
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BL05-2 798.3 801.7 3.4 0.590 0.253 0.055 0.151 0.313
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BL05-3 750.5 767.6 17.1 0.783 0.234 0.153 0.288 0.623
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823.7 832.7 9.0 0.856 0.321 0.396 0.621 1.259
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incl. 826.3 832.7 6.4 1.201 0.382 0.467 0.736 1.489
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BL05
-3W1 750.4 768.2 17.8 0.758 0.233 0.152 0.299 0.676
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incl. 752.7 763.3 10.5 0.843 0.258 0.194 0.362 0.838
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833.3 844.9 11.7 1.240 0.623 0.188 0.606 1.204
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BL05
-3W2 752.4 767.6 15.2 0.844 0.236 0.216 0.469 1.049
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819.8 843.5 23.7 0.879 0.423 0.220 0.564 1.122
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incl. 832.8 838.3 5.5 1.107 0.822 0.141 0.694 1.168
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BL05-4 748.3 756.7 8.4 0.425 0.170 0.119 0.510 0.708
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768.6 772.4 3.7 0.491 0.201 0.132 0.392 0.706
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BL05
-4W1 748.3 755.9 8.2 0.530 0.206 0.213 0.672 1.177
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incl. 748.3 751.6 3.3 0.525 0.203 0.218 1.105 1.836
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762.7 766.0 3.3 0.501 0.217 0.105 0.424 0.596
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A total of four holes and six associated wedge offsets were drilled for 4,022 meters (13,197 ft). Hole locations were chosen in order to provide closer drill spacing in selected areas of the outlined resource (see attached map).

Due to the depth of the target zone at each location a pilot hole is first drilled 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. Using this method the 2005 drill program yielded ten intercepts through the target zone, eight of which contained copper-nickel-PGM mineralization. Two intercepts were not sampled.

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 22,464,923 shares issued and outstanding.

FRANCONIA MINERALS CORPORATION

Brian Gavin, President



Franconia Minerals Corporation Lion Capital Corporation Ltd.
111 East Magnesium Road, Suite A 4th Floor, 2 Cromwell Place
Spokane, WA 99208,USA London SW7 2JE, UK


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 Drillhole locations at Birch Lake Project, Minnesota map please click the following link: http://www.ccnmatthews.com/docs/fr1102.pdf

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