Franklin Mining, Inc. -- Bolivian Oil Services, Ltda. Enter MOU for Development at Escala Mina I
07 Giugno 2010 - 3:46PM
Marketwired
Franklin Mining, Inc. (PINKSHEETS: FMNJ) (FRANKFURT: FMJ) Chairman,
CEO and President William Petty is pleased to confirm that Franklin
Mining has completed a Memorandum of Understanding with the
Bolivian Oil Services Company, BOLSER Ltda, for their joint
development of mine construction at Franklin's joint-venture,
Escala Mina I.
Effective immediately, today's announcement forms the basis of a
service contract between Franklin and BOLSER designed to include
specific exploratory and development stages including: benching
(earth moving to a depth of one meter necessary for subsequent
mapping and sampling); trenching (to a four meter depth, ten
kilometer length); providing water needed for diamond drilling;
rail and roadway construction; and, excavation and foundation work
required for mine site, camps, the mineral processing plant and
other mechanical and civil works.
The Escala Mina I development activity will be coordinated by a
Management Committee with William Petty representing Franklin and
Executive Vice-President Pedro Pablo Hinojosa representing
BOLSER.
Mr. Hinojosa participated in BOLSER's mine development at
Newmont Mining's Khorichaca Mine, Apex Silver and Sumitomo
Corporation's Minera San Cristóbal S.A. and Coeur d'Alene's San
Bartolomé silver mine. Prior to returning to his native Bolivia to
begin his career in mining, Mr. Hinojosa attended Hargrave Military
Academy (Chatham, VA) and Yale University before earning a BBA
(Business Economics) at Emory University.
A 2,000 hectare compound owned by COMIBOL, Escala Mina I is
located in the Sud Lipez Province near Bolivia's border with
Argentina. Escala was established during the Spanish colonial
period and has, intermittently, been mined for lead, zinc, gold and
silver. Franklin Mining, Bolivia has been awarded a joint-venture
agreement to resume mining operations.
About Franklin Mining, Inc: Franklin
Mining, Inc. has mining interests in the United States and Bolivia;
additional information is available at www.FranklinMining.com.
About BOLSER, Ltda: With more than 30
years experience, BOLSER Ltda. is a leader in the construction and
maintenance of civil and mechanical facilities in Bolivia's mining,
oil and gas industries; additional information is available at
www.bolserltd.com.
DISCLOSURES: "Safe Harbor" statement under
the Private Securities Litigation Reform Act of 1995: This press
release contains forward-looking statements that are subject to
risk and uncertainties, including, but not limited to, the impact
of competitive products, product demand, market acceptance risks,
fluctuations in operating results, political risk and other risks
detailed from time to time in Franklin Mining, Inc.'s filings with
the Securities and Exchange Commission. These risks could cause
Franklin Mining, Inc.'s actual results to differ materially from
those expressed in any forward-looking statements made by, or on
behalf of, Franklin Mining, Inc.
For additional information, please visit our website
(www.FranklinMining.com) or contact our Investor Relations firm, A
S Austin Company, 210-204-5068 or FMNJ@asaustinco.com.
Contact Investor Relations firm A S Austin Company 210-204-5068
FMNJ@asaustinco.com
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