In discussing the current status of Franklin's joint-venture operations in Bolivia, Mr Petty said, "Last month's inspection tour of our joint-venture facilities in Oruro, Bolivia was my most exciting and satisfying visit to Bolivia in many years. As I talked with the leadership of each of our partners, leaders of each Cooperativa and leaders of the local community, their enthusiasm was contagious." In reviewing his assessment of progress being made at the processing plant, Mr. Petty said, "It's easy for me to be excited about our future because I have phenomenal laboratory results to rely on. But our Bolivian partners have the added benefit of multiple-generations of hands-on work in the La Joya Mine. And their excitement is based on the benefit they see of the equipment and technology we've added. Intuitively, they know La Joya will continue to reward their hard work."
As previously announced, Franklin Mining and its joint-venture partner, Huiracocha International Service, SRL, conducted extensive laboratory testing as equipment was being installed, prepared for use. During the testing, gold recovery rates averaged 6.0 grams per ton.
Using Huiracocha's internal analysis of early processing results, Franklin Mining anticipates the joint-venture's annual revenue from the combined gold and silver processing will be about 37 Million USD by the end of 2016. Gold based revenue alone is projected to be about 10 Million USD within the next twelve months.
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