LAS VEGAS, May 18, 2012 /PRNewswire/ -- FRANKLIN MINING, INC. (Pink Sheets: FMNJ.pk) – is pleased to announce that the Company has finalized the highly anticipated agreement with a local Bolivian Corporation, Huiracocha International Service SRL, which has provided Bolser Ltda. with the required funding to mobilize and launch production.
Bolser Ltda. is the Company's Lead Contractor in providing civil and mechanical work services; including construction and maintenance, mass earth movement, camp and plant construction and maintenance, and railroad construction for the Escala Mine. Production is expected to commence imminently, with documented revenues anticipated in the third quarter of this year.
Huiracocha International is a local Bolivian corporation recently established by its distinguished President, Tim Turner, the coinciding President of Mogul Energy International, Inc. of Houston, Texas. Mr. Tim Turner is highly recognized as an expert in his industry, bringing in the range of 3 decades of varied experience in the oil and gas industry to the table. He will be an instrumental key to the success of the mining projects by overseeing the operations, and providing the required funding to bring the projects to completion.
Under Mr. Turner's direction Mogul Energy International, Inc. (NASD OTCBB:MGUY), an oil and gas exploration company with offices in Houston, Texas and Toronto, Ontario, has developed a proven track record for success in the oil and gas industry. Mogul was established to build an oil and gas exploration and production company, with a focus on prospects in the United States and International opportunities as well.
Bolser Ltda., former Lead Contractor for the notable San Cristobal Mine, will be undertaking their tasks imminently at the Bolivian Mine. In 2009 Franklin Mining entered into a Strategic Alliance agreement with Bolser Ltda., during which period Bolser has become familiar with the anticipated goals and day to day operations of the Company. Franklin Mining's management has developed great confidence in the belief that Bolser's experience and track record in the territory will serve as a key benefit to the future success and implementation of an increasingly productive and streamlined operation.
