Franconia Minerals Corporation
TSX VENTURE : FRA

Franconia Minerals Corporation

August 15, 2005 10:30 ET

Franconia Plans Evaluation of Nickel-Copper Massive Sulfide Target in Minnesota

SPOKANE, WASHINGTON--(CCNMatthews - Aug. 15, 2005) - Franconia Minerals Corporation (TSX VENTURE:FRA)(OFEX:FRA) is pleased to announce that it intends to further evaluate the Dunka target, a nickel-copper massive sulfide exploration target located in northeastern Minnesota, following the recent consolidation of its land position. This separate target area is about one mile southwest of Franconia's inferred PGM-copper-nickel resource at Birch Lake.

At the Dunka target nickel-copper sulfide mineralization occurs in four holes drilled between 1965 and 1981 by Exxon Minerals (holes D-2, D-5 and D-10) and Newmont (hole NM-9) over a strike length of more than one mile (1800 meters). The mineralization is coincident with a magnetic geophysical feature within the South Kawishiwi intrusive member of the Duluth Complex. All assay data are on file at the Minnesota Department of Natural Resources in Hibbing MN. This information was reviewed by Franconia's exploration manger William F. Rowell. Mr. Rowell is an appropriately qualified person as defined by National Policy 43-101. Franconia recently completed the acquisition of key lands at the Dunka target.

Drill hole D-5 intersected 32 feet (9.7 meters) with a reported grade of 1.7% copper and 1.3% nickel, including 12 feet (3.7 meters) of massive sulfide mineralization with a reported grade of 3.5% copper and 2.8% nickel. Hole D-5W1, a wedged offset from D-5 drilled by the Beaver Bay Joint Venture in 2001, contained 22.2 feet of 1.76% copper and 0.6% nickel, including 2.9 feet (0.9 meters) of 3.0% copper and 2.8% nickel (see Table below). (All intercepts are "down hole" lengths and do not necessarily represent true widths.)

Copper and Nickel Assays, Dunka Target, Birch Lake, Minnesota



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From To Interval Copper Nickel Year
Drill Hole (feet) (feet) (feet) (%) (%) drilled
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D-2 1577 1591 14.0 1.06 0.52 1977
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D-5 1609 1641 32 1.70 1.30 1978
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includes 1609 1621 12 3.51 2.95
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D-5W1 1614.7 1636.9 22.2 1.76 0.60 2001
(wedge)
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includes 1634.0 1636.9 2.9 3.00 2.80
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D-10 1591 1605 14.0 0.73 0.70 1980
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includes 1603.5 1605 1.5 0.78 2.20
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NM-9 1568.5 1578.5 10.0 1.16 0.76 1969
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Drill hole D-2, located about 4800 feet (1460 meters) to the northeast of D-5 and also on the magnetic feature, is reported to have intersected 14 feet (4.3 meters) of 1.06% copper and 0.52% nickel. Hole NM-9, a further 1600 feet (490 meters) northeast, is reported to have intersected 10 feet (3.3 meters) of 1.16% copper and 0.76% nickel.

The assay results quoted for holes D-2, D-5 and D-10 are averages of assay done "in-house" by Exxon and later check assays done at Lerch Brothers in Hibbing, Minnesota. D-5W1 was assayed at Bondar Clegg. No details regarding the assays are available for hole NM-9 drilled by Newmont in 1969.

All the intercepts occur about 1550 to 1650 feet below the surface. The geometry of the mineralization remains to be determined.

"This important, potentially high grade copper-nickel massive sulfide target lies within the area subject to our agreement with Beaver Bay but is distinct and separate from our Birch Lake zone and merits substantial further evaluation. This mineralization may be indicative of a separate, higher grade type of nickel copper deposit than has previously been identified in the Duluth Complex." said Mr. Brian Gavin, president of Franconia Minerals. "In the Birch Lake project area we plan to continue to move forward on three fronts: in-fill drilling, expansion drilling and prospect shaft construction and bulk sampling on the PGM-copper-nickel resource; evaluation of the Dunka massive sulfide target; and evaluation of the Maturi copper-nickel target recently acquired from INCO."

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 22,459,903 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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For more information contact:

Brian Gavin
Franconia Minerals Corporation
111 East Magnesium Road, Suite A
Spokane, WA 99208,USA
Tel: +1 509 340-1328
Fax: +1 509 696-9680
E-mail: franconia@franconiaminerals.com
www.franconiaminerals.com

Colin Bird
Lion Capital Corporation Ltd.
4th Floor, 2 Cromwell Place
London SW7 2JE, UK
Tel: +44 (0)207 581 4477
Fax: +44 (0)207 589 7806
E-mail: cbird@lionmining.com


111 E. Magnesium Road
Suite A
Spokane, WA 99208
E-mail: franconia@franconiaminerals.com
Tel: (509) 340 1328
Fax: (509) 696 9680


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

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