Franklin Agrees to Sell Bolivian Oil &Amp; Gas Holdings
Posted on: Tuesday, 11 September 2007, 12:00 CDT
Franklin Mining, Inc. (PINKSHEETS: FMNJ) and East Delta Resources Corporation (OTCBB: EDLT), Montreal, Quebec, have reached a tentative agreement by which East Delta will buy Franklin Mining's 51% ownership interest in Franklin Oil & Gas, Bolivia S.A. The purchase price has been set at twenty million shares of East Delta common with an anticipated closing on or before October 15, 2007. Franklin Oil & Gas, Bolivia S.A. will retain its full corporate name and continue operating as a Bolivian corporation.
Franklin Oil & Gas, Bolivia S.A. has two Bolivian projects under Memorandum of Understanding from YPFB (Yacimientos Petroliferos Fiscales Bolivianos), Bolivia's national petroleum company. Both projects include the construction and future operations of gas-to-liquid (GTL) facilities. One project is in the Department of Santa Cruz and the other in the Department of Tarija.
The Memorandum of Understanding with YPFB precedes the May 1, 2006 nationalization of gas fields and has since been reconfirmed.
About Franklin Mining, Inc: Franklin Mining, Inc. has mining and energy interests in the United States and Bolivia as well as energy interests in Argentina. Franklin Mining, Bolivia S.A. is a wholly owned subsidiary. Franklin Mining, Inc. holds 51% ownership in both Franklin Oil & Gas, Bolivia S.A. and Franklin Oil & Gas, Argentina S.A. Additional company information is available at www.franklinmining.com.
About East Delta Resources Corp: East Delta is a publicly traded Delaware corporation whose primary activity is in natural resources development and production. Until recently the geographic focus of the Company was specifically Southeast Asia but is also seeking lucrative opportunities worldwide.
DISCLOSURES: "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining, Inc.'s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining, Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Franklin Mining, Inc.
For further information, please visit our website (www.franklinmining.com) or contact our Investor Relations firm, A. S. Austin & Company, 1-702-386-5379.
Contact: Investor Relations firm, A. S. Austin & Company 1-702-386-5379
SOURCE: Franklin Mining, Inc.
Source: MARKET WIRE
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