Franklin Resumes Phase I Operations at Bolivias Escala Mine Joint-Ventureadmin
Franklin Mining, Inc. CEO William Petty said the company has received funding necessary to resume operations at the Escala Mine effective May 1, 2009.
Phase I operations at Franklin’s Escala Mine joint-venture are set to be underway at the end of this week including the delivery of stockpiled ore for processing at nearby plants. Revenues recorded in 2009′s first quarter will be minimal; however, the processing of stockpiled material will result in revenue being recorded in 2009′s second quarter.
Franklin’s first three tonne shipment from the Turiri mine has been prepared and is awaiting shipment. “As I said before, the response to our Turiri announcement has been positive. We have received inquiries wanting to purchase antimony and are excited by this new opportunity,” said Mr. Petty.
A 2,000 hectare compound owned by COMIBOL, the Escala Mine is located in the Sud Lipez Province near Bolivia’s border with Argentina. Escala was established during the Spanish colonial period and has, intermittently, been mined for lead, zinc, gold and silver. In September 2007, Franklin Mining, Bolivia was awarded an agreement with COMIBOL to resume mining operations.
Privately owned and continuously operated for almost five decades, the San Antonio de Turiri mine is part of Bolivia’s primary antimony belt. In recent years, Bolivia has produced an estimated 3.5% of the world’s annual antimony consumption.