Franconia Minerals Corp.

Published : March 03rd, 2010

Begins New Drill Program At Its Birch Lake Project, Duluth Complex

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Franconia Minerals Corp. News Release
Wednesday, March 03, 2010
 
 
TSX: FRA

Franconia Minerals Begins New Drill Program At Its Birch Lake Project, Duluth Complex


March 03, 2010 Spokane, Washington: Franconia Minerals Corporation ("Franconia") (TSX: FRA) is pleased to announce it has initiated a new core-drilling program at its Birch Lake copper-nickel-PGM (platinum group metals) project in the highly prospective Duluth Complex in northeastern Minnesota. The planned 6-month, 13-hole, 33,000-foot program is designed to provide additional data to upgrade to Indicated Resources some of the existing Inferred Resources at the Birch Lake deposit -- one of three underground resources identified so far at the project. In addition, this latest round of drilling is intended to expand the resource area and add additional Inferred Resources.

The results from this latest round of drilling will also be used for pre-feasibility work to examine the potential of building a 20,000-tonne-per-day underground mine and production facility at the Birch Lake deposit.

The latest resource report, which estimates an Indicated Resource of 131.2 million tonnes, plus an Inferred Resource of 37.5 million tonnes for the Birch Lake deposit, was prepared to NI 43-101 standards by Scott Wilson RPA (see news release dated September 23, 2009).

Franconia has already completed a three-year, 118,200-foot core-drilling program around the Birch Lake resource using large-diameter "PQ" Diamond drill core, enabling the Company to collect sufficient bulk sample (60 tonnes) for metallurgical testing planned for later this year. Having this sample in hand will now enable Franconia to use smaller "NQ" Diamond drill core, which allows for faster and more economical drilling.

"Now that the worst of the global financial crisis seems to have passed, we are seeing upward pressure on commodity prices and with the financial resources from our recent private placement, we are determined to advance the Birch Lake deposit as quickly as possible," said Brian Gavin, Franconia's President and CEO. "Our goal is to build the first new underground mine in the Duluth Complex and this drill program is another step in that direction."

About Franconia Minerals Corporation (TSX: FRA): Franconia is currently focused on the development of the Birch Lake copper-nickel-platinum-palladium project - consisting of the Birch Lake, Maturi and Spruce Road deposits - in the Duluth complex. Underground mining at Birch Lake will minimize the surface impact of the operation. Also, storage of mine wastes underground would further minimize the surface impact. In addition to the Birch Lake resource, the Birch Lake project includes additional 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

FORWARD LOOKING STATEMENTS:

This news release contains certain "forward-looking statements" and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "except", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Assumptions upon which such forward-looking statements are based included that all required third party regulatory and governmental approvals will be obtained. Many of these assumptions are based on factors and events that are not within the control of Franconia and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions and other risk factors discussed or referred to in the annual information form of Franconia dated December 21, 2009 and in the annual Management's Discussion and Analysis for Franconia filed with the applicable securities regulatory authorities and available at www.sedar.com. Although Franconia has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Franconia undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

The TSX has neither approved nor disapproved the contents of this press release.

HOME STOCK QUOTE NEWS RELEASES CORPORATE CONTACT US

� 2010, Franconia Minerals Corp., All Rights Reserved.

Franconia Minerals Corp.

CODE : FRA.TO
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Franconia Min. is a exploration company based in United states of america.

Franconia Min. is listed in Canada and in United States of America. Its market capitalisation is CA$ 75.6 millions as of today (US$ 77.9 millions, € 56.1 millions).

Its stock quote reached its highest recent level on February 01, 2008 at CA$ 1.95, and its lowest recent point on March 06, 2009 at CA$ 0.10.

Franconia Min. has 86 954 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Franconia Minerals Corp.
7/5/2008Duluth Complex: A World-Class Value Play
Annual reports of Franconia Minerals Corp.
2006 Annual report
2007 Annual report
Project news of Franconia Minerals Corp.
5/12/2010(Birch Lake)Intercepts 124 Feet Of 0.67% Copper And 0.17% Nickel At Dulu...
5/4/2010(Birch Lake)Increases Ownership at Birch Lake to 70%
3/25/2010(Birch Lake)Options Land Parcels For Birch Lake
3/3/2010(Birch Lake)Begins New Drill Program At Its Birch Lake Project, Duluth ...
9/23/2009Announces 21% Increase In NI 43-101 Indicated Resource At Bi...
2/9/2009(Birch Lake)Summarizes Results Following Drilling & Bulk Sample Collecti...
1/15/2009(Birch Lake)Receives Final Loan And Grant Payments From The State Of Min...
8/25/2008(Birch Lake)Files Technical Report Supporting Latest Ni 43-101 Resource ...
7/9/2008(Birch Lake)Franconia Doubles NI 43-101 Resource Estimate On Birch Lake ...
6/20/2008(Birch Lake)Earns 60% Interest In Birch Lake Project
6/2/2008(Birch Lake)Second Drill Turning at Birch Lake
3/26/2008(Red Knoll)Launches New Drill Program at Red Knoll Copper Project, Ariz...
1/16/2008(Birch Lake) Intersects "Longest & Strongest" Mineralization To Date At ...
1/14/2008(Birch Lake)Reports "No Change in Water Quality" from Birch Lake Copper-...
Corporate news of Franconia Minerals Corp.
3/3/2011Shareholders Approve Arrangement With Duluth Metals
2/22/2011Announces that Institutional Shareholder Services and Glass ...
3/25/2008Adopts Shareholder Rights Plan
3/25/2008 Adopts Shareholder Rights Plan
3/24/2008 To Present At John Tumazos Very Independent Research, LLC M...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (FRA.TO)Other OTC (FRALF)
0.870-1.14%0.910+1.11%
Last quotes and information before delisting
Prev close Open
0.880 0.880
Low High
0.870 0.870
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.870 -4.40%
Volume 1 month var.
19,775 -4.40%
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 1/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.93-1.00%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.58+7.05%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.49-1.41%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59+1.74%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02-25.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.79-0.36%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.85+0.44%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+1.72%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.26+3.92%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.11+0.48%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 56.65+3.96%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :