Franklin, Epsur Sign Letter of Intent to Develop Oil Projects in Argentinas Santa Cruz Province

Thursday, August 7th 2008

Franklin Mining, Inc. Chairman and President William A. Petty is pleased to announce that during his latest visit to Buenos Aires, a Letter of Intent was signed with Epsur for the possible future development of oil fields in the northern part of the Province of Santa Cruz, Argentina.

Mr. Fernando Infante, Executive Vice President, Franklin Mining, Inc., and Mr. Howard Dunn, Vice President for International Operations, remain in Buenos Aires and will visit several Epsur oil fields as part of their review and evaluation of multiple opportunities. Mr. Petty has returned to Franklin Mining, Inc.’s offices in Santa Cruz, Bolivia to continue monitoring progress at the company’s Escala Mine.

About Epsur: Headquartered in Comodoro Rivadavia Chubut, with additional offices in Buenos Aires, Epsur (www.epsur.com.ar) is actively engaged in oil exploration and development in the Chubut, Santa Cruz and Tierra del Fuego regions of Argentina.

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.