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Franklin Mining Announces Cerro Rico Holds Over 33 Million Ounces of Silver, Fourth Vein Shows Potential Reserves of Over 11 Million Market Wire - August 01, 2006 7:30 AM ET
Franklin Mining, Inc. (PINKSHEETS: FMNJ) is pleased to announce today the significant value estimated by the COMIBOL reports on the Cerro Rico Mine reserves. It is believed to hold over 33 million ounces of silver. San Pedro (the fourth vein) reserves are projected to be over 11 million ounces of silver. The results were provided by the combined reports from COMIBOL (Bolivia's national mining company).
According to the COMIBOL prospective reserve reports, San Pedro is believed to contain approximately 11,937,569 tons of ore, 208,320 kilos of silver and 62,496 metric tons of zinc, roughly 7,346,196 ounces of silver and 137,741,184 pounds of zinc.
This partnership encompasses the four veins of the famous Cerro Rico de Potosi Mine (San Miguel, San Pedro, Mesapata and Alkco 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.
The four veins are projected to hold over 5.5 million metric tons of ore.
The combined estimated reserves are about 938,130 kgs of silver, 250,004 tons of zinc and over 72,377 tons of tin, yielding approximately 33,018,564 ounces of silver, 550,784,040 lbs of zinc and 159,518,908 lbs of tin.
"The Cerro Rico history's most fabulous silver strike, changed Bolivia's social fabric 450 years ago. Now, thanks to modern mining, it may do so again. Legend has it that enough metal was extracted from the deposit to build a bridge of silver from South America to Europe. 'It is an impressive amount of mineral wealth,' Roland Jordan Pozo, secretary general of Bolivia's association of medium-sized miners, said. 'Industry officials say the deposit could vault Bolivia back into the vanguard of global silver production.'" www.latinamericanstudies.org/bolivia/silver.htm
Metal prices today show silver at $ 11.38 USD per ounce, tin at $3.78 USD per ounce and zinc at $ 1.52 per lb USD.
Franklin Mining, Bolivia S.A. (a Bolivian corporation) is a subsidiary company of Franklin Mining, Inc. COMIBOL is Bolivia's state-owned mining company.
For additional information on Franklin Mining, Inc, please visit our web site, www.franklinmining.com To receive Franklin Mining news by e-mail, please send contact information to info*franklinmining.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.
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This one had just started to do gr8 untill the counrty president "Bolivia" i think is was -took over all the oil wells..... every one got scared and it droped like a rock.... I made some money on the run up recently.... I guess everyone is a little unsure of the Country CONTROL Eventho FMNJ GOT A GUARANTEE.... dosent mean a thing with such a goofy president where they own their overseas mining operations.... IMO
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You might want to do a search on FMNJ, there are 31 other threads on it. Maybe you will find some DD there. Probably most have just a few comments, because they open a new thread everytime a stock upticks. You might find a few with some history and information.
quote:Originally posted by Gordon Bennett: I don't hold this stock, but it looks very interesting. Anyone have any DD or thoughts on it?
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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