Franklin, Synfuels Sign Letter of Agreement for Tierra Del Fuego Phase I GTL Plant
Franklin Mining, Inc. (PINKSHEETS: FMNJ) (FRANKFURT: FMJ) Chairman and President, William A. Petty, is pleased to announce that a letter of agreement has been signed with Synfuels International, Inc., Dallas, TX. Mr. Petty and Mr. Ben R. Weber, Jr, CEO and Chairman of Synfuels, yesterday reached an agreement addressing the environment and steps to be taken prior to finalizing the design of a Phase I gas-to-liquids plant to be constructed in the Province of Tierra del Fuego, Argentina.
Mr. Petty will return to Argentina on July 14, 2008 in anticipation of final negotiations for 1.5 million cubic meters of gas per day over the next 35 years. Franklin Mining, Inc. and Franklin Oil & Gas International SA signed a Letter of Intent on May 29, 2008, with Maria Fabiana Rios, Governadora, Provincia de Tierra del Fuego, to construct a GTL plant with an initial minimal daily production of 5,000 barrels per day. Mr. Petty and Franklin Oil & Gas International SA will host a tour of the proposed construction site by Synfuels International, Inc. officers and directors.
Synfuels International, Inc. (www.synfuels.com) holds exclusive licensing rights for a Texas A&M University developed GTL technology and has constructed a demonstration plant for the production of gasoline from natural gas using this revolutionary intellectual property. Located in Robertson County near Texas A&M University, the Synfuels demonstration plant has proven to operate efficiently and economically in the production of 95-octane fuel.
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 is a wholly owned subsidiary. Franklin Mining, Inc. holds 51% ownership in both Franklin Oil & Gas, Bolivia S.A. and Franklin Oil & Gas International S.A. Additional information is available at www.FranklinMining.com.
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, 702-386-5379.
Contact: Investor Relations A. S. Austin & Company 702-386-5379
SOURCE: Franklin Mining, Inc.