Franklin Mining Announces Cerro Rico Holds Over 33 Million Ounces of Silver, Fourth Vein Shows Potential Reserves of Over 11 Millionadmin
Wednesday, August 2nd 2006
Franklin Mining, Inc. is pleased to announce today the significant value estimated by the COMIBOL reports on the Cerro Rico Mine reserves. It is believed to hold over 33 million ounces of silver. San Pedro (the fourth vein) reserves are projected to be over 11 million ounces of silver. The results were provided by the combined reports from COMIBOL (Bolivia’s national mining company).
According to the COMIBOL prospective reserve reports, San Pedro is believed to contain approximately 11,937,569 tons of ore, 208,320 kilos of silver and 62,496 metric tons of zinc, roughly 7,346,196 ounces of silver and 137,741,184 pounds of zinc.
This partnership encompasses the four veins of the famous Cerro Rico de Potosi Mine (San Miguel, San Pedro, Mesapata and Alkco Barreno). The Cerro Rico (located southeast of the city of Potosi, Bolivia), under COMIBOL’s ownership, is considered the world’s largest silver deposit and one of the most popular tourist attractions in Bolivia.
The four veins are projected to hold over 5.5 million metric tons of ore.
The combined estimated reserves are about 938,130 kgs of silver, 250,004 tons of zinc and over 72,377 tons of tin, yielding approximately 33,018,564 ounces of silver, 550,784,040 lbs of zinc and 159,518,908 lbs of tin.
“The Cerro Rico history’s most fabulous silver strike, changed Bolivia’s social fabric 450 years ago. Now, thanks to modern mining, it may do so again. Legend has it that enough metal was extracted from the deposit to build a bridge of silver from South America to Europe. ‘It is an impressive amount of mineral wealth,’ Roland Jordan Pozo, secretary general of Bolivia’s association of medium-sized miners, said. ‘Industry officials say the deposit could vault Bolivia back into the vanguard of global silver production.’” www.latinamericanstudies.org/bolivia/silver.htm
Metal prices today show silver at $ 11.38 USD per ounce, tin at $3.78 USD per ounce and zinc at $ 1.52 per lb USD.
Franklin Mining, Bolivia S.A. (a Bolivian corporation) is a subsidiary company of Franklin Mining, Inc. COMIBOL is Bolivia’s state-owned mining company.
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Contact: Franklin Mining, Inc. Andrew Austin 702-386-5379