SOURCE: Franklin Mining, Inc.

July 10, 2006 08:30 ET

Franklin Mining, Bolivia Signs Contract With COMIBOL for Partnership in the Cerro Rico Mines

LAS VEGAS, NV -- (MARKET WIRE) -- July 10, 2006 -- Franklin Mining, Inc. (PINKSHEETS: FMNJ) CEO Jaime Melgarejo announced today the partnership between COMIBOL and Franklin Mining is official. This is the first time COMIBOL has partnered with a corporation outside of Bolivia since the 1950s. COMIBOL is Bolivia's national mining company. Franklin Mining, Bolivia (a Bolivian corporation) is a subsidiary of Franklin Mining, Inc.

"We signed the Letter of Intent back in November. One of the last hurdles was the Board of Directors approval, which we cleared a couple of weeks ago. Our team has worked diligently to finalize negotiations with COMIBOL and to sign the contract. This is the biggest event for our company to date. The fact that we were able to do a partnership with COMIBOL is significant. The fact that we were able to do this partnership with COMIBOL on the CERRO RICO MINE is phenomenal," stated Jaime Melgarejo.

This partnership encompassed four veins in the Cerro Rico de Potosi Mine (San Miguel, San Pedro, Mesa Pata and Alco Barreno). The Cerro Rico (located southeast of the city of Potosi, Bolivia), under COMIBOL's ownership, is considered the world's largest silver deposit and one of the most popular tourist attractions in Bolivia.

In April 2006, FMNJ.PK announced COMIBOL's assignment of the four veins in the Cerro Rico de Potosi Mine and requested analysis of each vein's potential value from COMIBOL. An analysis of the San Miguel vein, the first of four reports to be received, was released on May 18 describing a mineral vein 1,600 meters in length and believed to contain 154,000 kilos of silver, 9,881 tons of tin and 28,758 tons of zinc. The San Miguel vein is in the northwest quadrant of Cerro Rico de Potosi, approximately 1,600 meters in length with a width that reaches 2 meters. The remaining analysis are under review at this time. An important note: concentrating plants have also been authorized by COMIBOL.

Franklin Mining, Bolivia S.A.'s joint venture with Bolivia's COMIBOL expects to initiate operations following a full review of its assigned four mineral veins. Behre Dolbear, mining consultants to Franklin Mining, Bolivia S.A, will review all four reports.

Additional information on silver, its uses and demand, is available from two non-profit groups -- The Silver Institute in Washington, DC ( and the Silver Users Association in Fairfax, VA ( The World Silver Survey is published annually by GFMS Limited, London, and is available from The Silver Institute.

Franklin Mining, Bolivia S.A. (a Bolivian corporation) is a subsidiary company of Franklin Mining, Inc. COMIBOL is Bolivia's state-owned mining company.

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