 |
|
|
| | Thu Mar 25, 2010
Franconia Minerals Options Land Parcels For Birch Lake
|
| | March 25, 2010 Spokane, Washington: Franconia Minerals Corporation ("Franconia") (TSX: FRA) is pleased to announce that it has signed option agreements with two parties holding a total of 1,495 acres within the Superior National Forest of northern Minnesota. These arrangements are being made to provide Franconia with the flexibility of having a "land bank" that can be used in a potential "land swap" to optimize surface rights within and near the Birch Lake copper-nickel-platinum-palladium resource property. Birch Lake is one of three properties that make up Franconia's holdings in the Duluth Complex.
One option covering a total of 1,365 acres is exercisable in part from time to time as to each contiguous parcel (a group of surveyed lots or 40 acre parcels) at any time before March 31, 2013. The exercise price is to be determined by appraisal at the time of exercise. $25,000 was payable on signing the option, and there are additional option payments of $35,000 on March 31, 2011 and $45,000 on March 31, 2012. The option payments are fully creditable to the purchase price.
The second option, covering 130 acres, is exercisable only in its entirety and is also for three years. Payments for the option ($2,400 on signing and $3,300 on the first anniversary of the agreement and $4,300 on the second anniversary) are also fully creditable to the purchase price.
About Franconia Minerals Corporation (TSX: FRA): Franconia is currently focused on the development of the Birch Lake copper-nickel-platinum-palladium property. Franconia also holds - but has no current plans to advance -- the Maturi and Spruce Road deposits in the highly prospective Duluth complex in northeastern Minnesota. The most recently updated NI 43-101 report estimates an underground Indicated Resource of 131.2 million tonnes, plus an Inferred Resource of 37.5 million tonnes for the Birch Lake deposit (see news release dated September 23, 2009). Underground mining at Birch Lake would minimize the surface impact of the operation. Also, storage of mine wastes underground would further minimize the surface impact. Additional resources held by Franconia in the Duluth Complex include Inferred Resources at the Maturi deposit (see news release of September 6, 2006) and at the Spruce Road deposit (see news release of December 3, 2007). Independent reports prepared to NI 43-101 standards by Scott Wilson RPA are available at www.SEDAR.com and www.franconiaminerals.com.
In the US: Douglas Sherk: 415 896 6820
dsherk@evcgroup.com
In Toronto: Greg Taylor: O: 905 337 7673 / M: 416 605-5120
gtaylor@franconiaminerals.com
In Vancouver: Farah Alibhai: 604 731 7340
info@franconiaminerals.com
The TSX has neither approved nor disapproved the contents of this press release. |
| |
| | You can view the Next News Releases item: Wed Mar 31, 2010, Franconia Minerals Receives Shareholder Approval At Annual Meeting To Extend And Reprice Warrants Issued In 2007 Financing
You can view the Previous News Releases item: Wed Mar 17, 2010, Franconia Minerals To Present At John Tumazos Very Independent Research, Llc Metals Conference In New York
You can return to the main News Releases page, or press the Back button on your browser.
|
|
|
|
