LAS VEGAS, Oct. 11, 2012 -- FRANKLIN MINING, INC. (Pink Sheets: FMNJ) –announced today that the Company's CEO and Chairman William Petty has returned to Bolivia and is pleased to disclose that an evaluation on its Escala mine has been concluded, and the report indicates that activity on the mine has been mobilized.
The mine has been set up for the occupancy of in the range of 60 people. The portable camps are equipped with sleeping accommodations, kitchens, and the necessary facilities to make its excavation team comfortable. Currently the existing camp is housing 15 workers, and provision has been made for another 45 workers to be added to the mine's crew.
The Company reports that there are now 2 tunnels which have been cleared out and ready for continued production. William Petty, CEO and Chairman stated: "We are very pleased that our initial production has been launched on the Escala mine. I have met up and collaborated with the President of Bolser Ltda. and anticipate that with full scale production being in the Mine's eminent future, that we will have positive reports coming soon."
Franklin Mining recently announced that the Company has finalized the highly anticipated agreement with a local Bolivian Corporation, Huiracocha International Service SRL, which has provided Bolser Ltda. with the required funding to mobilize and launch production. Huiracocha International is a local Bolivian corporation recently established by its distinguished President, Tim Turner, the coinciding President of Mogul Energy International, Inc. of Houston, Texas. Mr. Tim Turner is highly recognized as an expert in his industry, bringing in the range of 3 decades of varied experience in the oil and gas industry to the table. He will be an instrumental key to the success of the mining projects by overseeing the operations, and providing the required funding to bring the projects to completion.
Bolser Ltda. is the Company's Lead Contractor in providing civil and mechanical work services; including construction and maintenance, mass earth movement, camp and plant construction and maintenance, and railroad construction for the Escala Mine. Production is expected to commence imminently, with documented small sales anticipated in the third quarter of this year.
Bolser Ltda., former Lead Contractor for the notable San Cristobal Mine, will be undertaking their tasks imminently at the Bolivian Mine. In 2009 Franklin Mining entered into a Strategic Alliance agreement with Bolser Ltda., during which period Bolser has become familiar with the anticipated goals and day to day operations of the Company. Franklin Mining's management has developed great confidence in the belief that Bolser's experience and track record in the territory will serve as a key benefit to the future success and implementation of an increasingly productive and streamlined operation.
About Franklin Mining, Inc. – Franklin Mining, Inc. is a publically traded international exploration and mining company, headquartered in Las Vegas, Nevada, with offices in Santa Cruz, Bolivia. The Company adheres to the highest standards of quality and efficiency by optimizing the Company's resources through a system which places the preservation of the environment among the Company's top objectives. Franklin Mining, Inc. endeavors to find value in fields in which the projects can be explored and exploited while contributing to the socio-economic and cultural development of its society. The Company has developed model mining operations through safe, cost effective and innovative technologies. Franklin Mining Inc. has purposed to uphold a great social commitment and respect for the environment while creating a robust value for its shareholders, employees, and the region within which it operates. Additional information can be found at the Company's corporate website: www.FranklinMining.com.
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For more information visit our website at www.FranklinMining.com or contact Investor Relations: 858-537-7439 or FMNJ@asaustinco.com
SOURCE Franklin Mining, Inc.