Mon Dec 3, 2007 Franconia Files 42-101 Resource Estimate on Spruce Road Copper-Nickel Deposit at Birch Lake Project, Minnesota
Updates Drilling Plans for Birch Lake Project
December 3, 2007, Spokane, Washington: Franconia Minerals Corporation ("Franconia") (TSX: FRA) is pleased to announce the filing on SEDAR (www.sedar.com) of its Technical Report, prepared to NI 43-101 standards, which provides resource estimates for both underground and open pit scenarios for the Spruce Road copper-nickel deposit, part of the Birch Lake Project in Minnesota (see Franconia News release of October 16, 2007.) This report was prepared by Scott Wilson Roscoe Postle Associates (Scott Wilson RPA), which estimated an underground Inferred Resource at Spruce Road of 124.4 million tonnes grading 0.59% copper and 0.21% nickel. The Spruce Road resource is in addition to Franconia's 100 million tonne Birch Lake copper-nickel-PGM inferred resource (located six miles to the south) and to Franconia's 83 million tonne Maturi copper-nickel-PGM inferred resource (three miles to the southwest), bringing the total underground resource at Franconia's Birch Lake Project to 307.9 million tonnes. (The report also considers an alternate open-pit scenario for Spruce Road consisting of an Indicated Resource of 377 million tonnes grading 0.39% copper and 0.14% nickel.)
Franconia expects to complete the 18-hole, 23,000-foot drill program at Birch Lake by yearend (see Franconia news release of October 4, 2007). This program is aimed at converting the current inferred resource to an indicated resource and providing samples for bench-scale and pilot plant-scale metallurgical testing, planned for 2008. A similar program is planned at the Maturi inferred resource early in 2008.
"Combining our recent transfer from the TSX Venture Exchange to the TSX with the filing of the Spruce Road Technical Report and our latest drilling plans for Birch Lake, we are showing Franconia's commitment to aggressively advancing our most advanced assets in order to provide the significant and tangible value that our investors have come to expect", said Brian Gavin, President and CEO of Franconia.
Franconia Minerals Corporation trades on the TSX under the symbol FRA. (For additional information see www.franconiaminerals.com.) Franconia currently has 58,024,744 shares issued and outstanding.
Brian Gavin
President and CEO
For more information:
In the US: Douglas Sherk: 415 896 6820
In Toronto: Greg Taylor: 905 337 7673
In Vancouver: Farah Alibhai: 604 731 7340
FORWARD-LOOKING STATEMENT: Although Franconia Minerals Corporation believes many of its properties have promising potential. These properties are in the early stages of exploration. None have yet been shown to contain proven or probable mineral reserves. There can be no assurance that such reserves will be identified on any property, or that, if identified, any mineralization may be economically extracted. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
You can view the Next News Releases item: Wed Dec 12, 2007, Franconia Minerals Announces Latest Drill Results From Birch Lake Copper-Nickel-Pgm Project
You can view the Previous News Releases item: Mon Nov 19, 2007, Franconia Minerals Now Listed on the Toronto Stock Exchange (TSX)
You can return to the main News Releases page, or press the Back button on your browser.
