Franconia Minerals Corp.

Published : June 20th, 2008

Earns 60% Interest In Birch Lake Project

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Keywords :   Copper | Nickel | Platinum |
Franconia Minerals Corp.
News Release

Thursday, June 19, 2008
TSX: FRA

Franconia Minerals Earns 60% Interest In Birch Lake Project

June 19, 2008 Spokane, Washington: Franconia Minerals Corporation (TSX:FRA) is pleased to report that its 60% interest in the Birch Lake copper-nickel-PGM (platinum group metals) project in the Duluth Complex of Minnesota has vested and the Company has signed a joint venture agreement with the underlying property owners, through its wholly owned subsidiary, Franconia Minerals Corporation (US) Inc.

In accordance with the terms of the Birch Lake Option Agreement, signed in 2002 with the Beaver Bay Joint Venture (BBJV), Franconia has reached this milestone by spending US$10 million in exploration on the property, and by paying US$3.25 million in cash and US$1.25 million in Franconia's common shares to the BBJV (731,006 common shares were issued based on the previous month's average closing share price of Cdn$1.71). Franconia will continue as the project operator and will also take over primary responsibility for managing the approximately 15,000 acres of lands held in the project. Mr. Ernest K. Lehmann, a founder, and director of Franconia, owns a controlling interest in North Central Mineral Ventures Inc., which in turn owns 70% of BBJV.

"We are very pleased to have reached this important milestone in our ongoing ownership in and development of Birch Lake and we are aggressively working towards our next target of a 70% interest later this year," said Brian Gavin, President and CEO.

The newly signed joint venture agreement replaces the original option agreement and allows Franconia to advance its ownership interest in the project to 70% by spending an additional US$10 million on exploration and acquisition at Birch Lake and making an additional cash payment of US$1 million to BBJV.

Additionally, Franconia may further earn up to an 82% interest in the project by funding BBJV's portion of development costs of a mine to commercial production. Franconia will recoup these costs from BBJV's share of proceeds from production.

Franconia Minerals Corporation trades on the TSX under the symbol FRA. (For additional information see www.franconiaminerals.com.) Franconia currently has 59,017,572 shares issued and outstanding.

Brian Gavin, President and CEO

For more information:
In the US: Matthew Selinger: 415 896 6817
mselinger@evcgroup.com

In Toronto: Greg Taylor: 905 337 7673
gtaylor@franconiaminerals.com

In Vancouver: Farah Alibhai: 604 731 7340
info@franconiaminerals.com

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.

Franconia Minerals Corp.

CODE : FRA.TO
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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.

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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...
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