Carson City, NV, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Franklin Mining CEO William Petty (OTC Pink: FMNJ) and the Cooperativa Minera Las Piedras, a Bolivian Mining Co-op, have reached an agreement and signed a Letter of Intent outlining the future development plans of the area known as San Ramon. The Las Piedras hold the mining rights for a 62 Cuadricula Concession (nearly 4,000 acres) with indications of heavy mineralization. This region is located within the Precambrian Shield, a geological area rich in Gold, Wolfram, Tantalite, and other minerals located near the town of San Ramon, in the Department of Santa Cruz, Bolivia.
Within the Letter of Intent, both parties have expressed their interest in signing a Contract for the Provision of Services for Mining Operation, or an Associative Entrepreneurship, which are different forms of association between private and cooperative parties, as approved under current Bolivian mining law. In such an agreement, Franklin Mining Inc., via its fully owned local subsidiary, and the Cooperative would be responsible for the mining operation, as well as the processing and commercialization of the product(s) that become available, while maintaining a focus on Gold.
Franklin Mining is preparing to soon visit the area in order to obtain and verify information on the different legal, geological, technical, financial, and other aspects regarding the Cooperative and the mining location. Franklin Mining has already obtained all the necessary legal documentation from the Cooperative, who have offered their full collaboration for the facilitation of the planned trip objectives. Both parties used the Letter of Intent to declare their willingness to continue with the planning and negotiation process in order to fast track operations in the highly prospective area.
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