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Franconia drills 1.54% Cu over 14.5 m at Birch Lake

Thursday, August 2nd, 2007

Franconia Minerals Corp. has released additional, positive results from its current coredrilling program at the Birch Lake copper-nickel-PGM (platinum group metals) project located in the Duluth complex of Minnesota. Approximately 40 per cent of the planned 18-hole, 23,000-foot program at Franconia’s Birch Lake deposit has now been completed.
The test results from vertical drill hole BL07-3 and its wedged-offset drill holes further confirm the thickness and grade of copper-nickel-PGM mineralization in the central portion of the deposit. This hole, the latest in Franconia’s continuing program, also demonstrates greater thicknesses and grades of mineralization than initially identified last October when Scott Wilson Roscoe Postle Associates (Scott Wilson RPA), according to Canadian regulatory standards for mineral resource disclosure, performed the initial economic assessment upon which the current drill program is based.
Results from the program have consistently revealed mineralization that is generally similar to or higher than the average 0.59 per cent copper, 0.19 per cent nickel and 0.65 gram per tonne palladium, 0.32 g/t platinum and 0.14 g/t gold values previously found in the Birch Lake project, which contains an inferred resource of 100.4 million tonnes.
Additionally, progress on the drilling program is expected to accelerate as a second drill rig is now at work and will drill seven, 2,300-foot holes from a barge on Birch Lake.
August 2007, Drill Results, Birch Lake, Minnesota
Drill Hole, From(ft), To(ft), Interval(ft), Copper %, Nickel %, Platinum g/t, Palladium g/t, Gold g/t
BL07-03 2391.7 2553.6 161.9 0.65 0.19 0.28 0.59 0.12
incl. 2450.6 2494.9 44.3 1.00 0.26 0.48 0.84 0.20
BL07-03W1 2391.7 2572.8 181.1 0.73 0.17 0.26 0.58 0.12
incl. 2442.4 2480.1 37.7 0.97 0.21 0.34 0.82 0.17
incl. 2535.0 2556.7 21.7 1.10 0.20 0.46 0.82 0.14
BL07-03W2 2390.2 2410.3 20.1 0.96 0.22 0.27 0.72 0.11
and 2442.7 2514.9 72.2 0.99 0.28 0.33 0.98 0.15
incl. 2447.2 2461.7 14.5 1.50 0.47 0.57 1.86 0.24
and 2535.2 2553.6 18.4 0.73 0.20 0.26 0.69 0.13
BL07-03W3 2391.4 2507.6 116.2 0.71 0.21 0.29 0.67 0.13
incl. 2439.9 2464.7 24.8 0.94 0.31 0.39 1.10 0.17
BL07-03W4 2414.1 2529.5 115.4 0.70 0.19 0.28 0.65 0.16
incl. 2460.2 2494.2 234.0 0.81 0.23 0.35 0.81 0.26
“We expect our infill drilling program at Birch Lake to be completed around the end of the third quarter of 2007,” said Brian Gavin, president and chief executive officer of Franconia Minerals. “We will then be ready to move both rigs to our Maturi property and we plan to execute a similar infill drill program there.
“The goals at both Birch Lake and Maturi are to convert the current inferred resource to an indicated resource and provide samples for bench-scale and pilot plant-scale metallurgical testing in 2008,” he added.
An indicated mineral resource is a portion of a mineral resource for which quantity, grade and other characteristics can be estimated with a level of confidence sufficient to support mine planning and additional economic evaluation of the project. The Birch Lake deposit is currently classified as an inferred resource, which is that part of a mineral resource for which certain characteristics can be estimated based on geological evidence and limited sampling, and which can be reasonably assumed to have a consistent grade of mineralization.
For further information visit: www.franconianminerals.com

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