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Franklin Mining, Bolivia Has Achieved Positive Cash Flow 3/14/2005 1:05:01 PM
SAN ANTONIO, Mar 14, 2005 (BUSINESS WIRE) -- Franklin Mining, Bolivia, wholly-owned subsidiary of Franklin Mining Inc. (OTC Pink Sheets:FMNJ). Franklin Mining is excited to announce that Franklin Mining, Bolivia has gone cash flow positive for January! CEO Mr. Melgarejo commented, "According to a report that we received from Ing. Rocha (the project engineer) from Dec. 29 to Jan. 30, our gold sales were about $34,600.00 USD. Our cost of operations and administration during this time was about $16,720.00 USD; this does not include loan repayment and other obligations. This left a cash surplus of about $17,900.00USD." Mr. Melgarejo added, "As per our business plan this money was re-invested in the mine during the shut down for repair, maintenance and expenses in February. This should minimize our down time for the next couple of months and allow us to increase our production. We have also asked one of our technical advisors, with extensive expertise in placer mines in the area we are working, to review the operation and advise recommendations."
About Franklin Mining Inc.
Franklin Mining Company was established as a Colorado exploration and mining company in 1864. The Company incorporated on Dec. 1, 1976 and owns the Franklin Mines in Idaho Springs, Colo. In 2003, the Company shifted its focus and now operates from its headquarters in San Antonio. In 2004 the company opened a wholly-owned subsidiary in Bolivia; it has an active mining operation in Bolivia and acquired Santa Catalina Minera in Colombia.
For more information on Franklin Mining, please visit our Web page at www.franklinmining.com
SOURCE: Franklin Mining Inc. Franklin Mining Inc., Houston Terri Moran, 832-248-6211
Posts: 320 | Registered: Feb 2005
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Jaime Melgarejo, Jr., President, is back in the USA now after 7+/- months of slogging around the jungle in Bolivia.
FMNJ's website (..currently down..) was on a Hosting company server that got smoked by a virus. As luck would have it, FMNJ's website data wasn't backed-up there either. FMNJ's website consultant is moving the website to a new Hosting service and there will be upgrades including a stockholder's guestbook added.
The IR/PR outfit failed to get the company info on Pinksheets.com updated as they were instructed, so that will be taken care of soon as well. Or, I would guess that some heads will roll. Jaime was really surprised to hear about that.
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