Franconia Minerals Corporation
TSX VENTURE : FRA
OFEX : FRA

Franconia Minerals Corporation

October 19, 2006 10:30 ET

Franconia Minerals Corporation: Geophysics Identifies Promising Targets on Red Knoll Copper Project, Arizona

November Drill Program Planned

SPOKANE, WASHINGTON--(CCNMatthews - Oct. 19, 2006) -

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FRANCONIA MINERALS CORPORATION (TSX VENTURE:FRA)(OFEX:FRA) announces the results of a Titan 24 multi-channel geophysical survey conducted on the 8,000 acre Red Knoll property in Graham County, Arizona. The survey indicates that potential host rocks for a porphyry copper system are present beneath volcanic cover in an area between Phelps Dodge's Morenci mine, the largest copper producer in the US, and the Safford porphyry copper district. Franconia is targeting concealed porphyry-style copper mineralization in Laramide-age volcanic rocks buried beneath post-mineral volcanic cover.

Data collected from the 4 line 17-line kilometer Titan survey identified a resistivity contrast between the post-mineral Tertiary volcanic cover and the underlying prospective volcanic rocks of Laramide age. The results of the resistivity survey, in conjunction with geologic confirmation from previous drill hole data, indicate that potential host rocks for a Laramide porphyry copper system are present beneath the post-mineralization volcanic cover.

The IP survey data appears to indicate the presence of chargeable zones in the Laramide age rocks on two of four profiles examined. Sulfide mineralization is one possible cause of these anomalies. Inversion modeling of the data by Quantech Consulting has identified four IP chargeability anomalies that are believed to warrant further investigation. Franconia plans a drill campaign starting in late November to test these anomalies. The initial drilling program is expected to consist of four 750 meter drill holes. Results from the drill program are expected early in the New Year.

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 in the unpatented mining claims 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).

Titan 24 Survey

The Titan 24 system is a multi-channel, distributed-array geophysical data acquisition system recording magnetotelluric (MT) resistivity data, direct current (DC) resistivity data and induced polarization (IP) chargeability data. The Titan 24 system is a proprietary geophysical system of Quantech Geoscience Ltd. The 17 line kilometers of MT and DC/IP were surveyed on four profiles designed to cover the 400 claim property. Data acquisition and 2D inversion modeling was conducted by Quantech Consulting, Reno, NV.

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.

Brian Gavin, President



Franconia Minerals Corporation
111 East Magnesium Road, Suite A
Spokane, WA 99208,USA

Lion Capital Corporation Ltd.
4th Floor, 2 Cromwell Place
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.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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