Franconia Minerals Corp.

Published : May 04th, 2010

Increases Ownership at Birch Lake to 70%

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

Tuesday, May 04, 2010
TSX: FRA

Franconia Minerals Increases Ownership at Birch Lake to 70%

May 4, 2010 Spokane Valley, Washington: Franconia Minerals Corporation (TSX:FRA) is pleased to report that its has increased its ownership interest from 60% to 70% in its Duluth Complex copper-nickel-PGM (platinum group metals) properties in northern Minnesota, including the Birch Lake deposit.

In accordance with the terms of the Birch Lake Joint Venture Agreement, an agreement between Franconia and the Beaver Bay Joint Venture (BBJV), signed in 2008, Franconia reached this milestone by meeting certain requirements regarding exploration expenditures and cash payments to BBJV. Franconia continues as the project operator and maintains primary responsibility for managing the approximately 15,000 acres of lands held in the project. Mr. Ernest K. Lehmann, a founder and former 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 another important ownership milestone in our ongoing development of the Birch Lake property where we are actively drilling and continuing the technical work as part of our pre-feasibility work," said Brian Gavin, President and CEO.

Under the terms of the Birch Lake Joint Venture Agreement, Franconia may earn up to an 82% interest in the project by exercising a further option to fund BBJV's portion of development costs of a mine to commercial production. Franconia would recoup these costs from BBJV's share of proceeds from production.

About Franconia Minerals Corporation (TSX: FRA): Franconia is currently focused on the development of the Duluth Complex copper-nickel-platinum-palladium properties - consisting of the Birch Lake, Maturi and Spruce Road deposits - in this highly prospective region of northeastern Minnesota. The latest NI 43-101 report estimates an 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 will minimize the surface impact of the operation. Also, storage of mine wastes underground would further minimize the surface impact. Additional resources at the Birch Lake project 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

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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