Does this following mean the first vein of four will gross $67 million dollars of silver at the current price of 12.50 an ounce.
FMNJ -- Franklin Mining, Inc. Com ($0.001)
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Franklin, COMIBOL Joint Venture Is Structured to Revitalize Mining Operations at Historic Cerro Rico de Potosi
Additional Potosi Area Mine Operators Will Help Rebuild Economy
LAS VEGAS, NV, May 24, 2006 (MARKET WIRE via COMTEX) -- Franklin Mining, Inc. (PINKSHEETS: FMNJ). Franklin Mining, Bolivia's Joint Venture with COMIBOL for four veins of the Cerro Rico de Potosi, has been designed and structured in anticipation of returning this historic mine to full operations and enhancing multiple aspects of the local economy. Franklin's MOU with EcoSystem Partners, LLC, Sarasota, FL to provide Broadband technology and services designed specifically to help improve mine safety was one of the first such commitments. The value of FMNJ's Bolivian subsidiary's Joint Venture with COMIBOL is not yet fully defined. What is known is that the Cerro Rico, under COMIBOL's ownership, is considered the world's largest silver deposit. Dr. Adrian Boyce, Senior Research Fellow, Scottish Universities Environmental Research Centre in Glasgow, has written that the Cerro Rico's production has never been matched, having produced almost five times more silver than any other BPV deposit.
The San Miguel, the first Joint Venture vein to be publicly identified, is estimated to contain 154,011 Kilo of silver. Results from COMIBOL's three other analysis reports have not yet been released.
In releasing today's information, Franklin CEO Jaime Melgarejo confirmed FMNJ's position in Bolivia, "Our agreement with COMIBOL is to be their partner in their goal of returning the Cerro Rico to full production. With Franklin Mining, Bolivia providing capital and technology, with FEDECOMIN providing workers and with COMIBOL having assigned the Joint Venture its four veins, work is set to begin."
Three other foreign-owned mining operations in the Potosi area are also projected to make contributions to improving local economies. Coeur d'Alene Mines is projecting their San Bartolome operation will be online in 2007. Apex Silver Mines, Ltd has two projects including the multi-million dollar San Crisotbal. This multi-national project is expected to be operating by the third quarter, 2007.
Mining is a crucial part of Bolivia's history and is playing a pivotal role in President Evo Morales' plan to reinvigorate the economy. Modern era silver mining of the Cerro Rico de Potosi has been ongoing since 1544 when the Conquistadores discovered the immense wealth. A study by Mark Abbott (Univ. of Pittsburgh's Dept. of Geology and Planetary Science) and Alexander Wolfe (Univ. of Alberta's Dept. of Earth and Atmospheric Sciences) published in the Sept. 26, 2003 issue of Science, concludes that New World metallurgy was under way as early as 1000 to 1200 A.D. Abbott and Wolfe believe these large scale smelting operations continued through early Colonial times (1400 to 1650 A.D.) and provide evidence of a major pre-Incan silver industry.
FEDECOMIN is Bolivia's management council responsible for providing guidance and supervision to all Cooperatives Societies. COMIBOL is Bolivia's national mining company. Franklin Mining, Bolivia (a Bolivian corporation) is a subsidiary of Franklin Mining, Inc.
For additional information on Franklin Mining, Inc, please visit our web site, www.franklinmining.com. To receive future 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.
To receive future company information via e-mail, please send your contact information to info*franklinmining.com.
Posted by Sigma on :
Yes, but $67 million worth of silver doesn't mean diddily if it costs $100 million to get it out of the ground. That's exactly why a lot of these penny mines are sittin' in the pennies despite what appear to be in some cases extraordinarily high reserves. They have high reserves spread so thinly that the costs to recover the minerals are too much for today's markets.
You can often still ride momentum on them though.
And I have no idea if that is the case for this company, but it is for most pinks. Particularly those that don't seem to mention the yields in their releases. If they were viable yields they usually mention them.
You also want to be careful of mining companies in places like Bolivia. One day it is likely the company will cease to exist and/or its' contracts will be wiped out. Again, not generally a concern if you're just riding momentum, but not good for a long-play (as virtually no pinks are).
Posted by Sith Trader on :
![[Smile]](smile.gif)
is estimated to contain 154,011 Kilo of silver.