N.Y. 212-344-2828 FAX 212-344-4537
FRANKLIN CONSOLIDATED MINING CO., INC.
76 Beaver Street - Ste. 500
New York, New York 10005-3402
FOR IMMEDIATE RELEASE
New York, New York/Idaho Springs, Colorado - February 20, 1998 - FRANKLIN
CONSOLIDATED MINING CO., INC. (NASDAQ symbol FKCM) announced today that it will
be adding two new members to its Board of Directors, both of whom have extensive
experience in the Idaho Springs mining district of the State of Colorado, where
the Franklin Mine and Mill are located. George E. Otten, Jr., was the first
president of Franklin Consolidated Mining Company from 1976 through 1985.
Currently Mr. Otten is the president of Hunter Gold Mining, Inc., in Central
City, Colorado. Steven R. Schurman, a senior exploration geologist, is president
of MinSearch, Inc., located in Denver, Colorado. Mr. Schurman's company
specializes in mineral project evaluation, exploration, project permitting,
mapping and drill testing. Further, the Company will solicit stockholder
approval to amend its Certificate of Incorporation to increase the market price
per share. The proposed Charter Amendment is designed to comply with the new
NASDAQ requirement that all currently listed issues must have a minimum bid
price of $1.00 per share to assure continued listing on NASDAQ's Small Cap
Market. The Charter Amendment will effect a reverse split of the outstanding
shares of the Company's common stock on a 1 to 15 basis.
Franklin, U.S. Mining, Inc., and other companies owned by William C. Martucci,
New Jersey businessman, are diligently continuing their discussions concerning
future combined operations.
CONTACT: J. Terry Anderson, Pres. (320) - 693-2477
* Statements in this press release, other than statements of historical
information, are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that
forward-looking statements are inherently uncertain. Actual performance and
results may differ materially from that projected or suggested due to certain
risks and uncertainties including, without limitation, risks associated with
mining and milling operations, the availability of debt and equity capital on a
reasonable terms and the effects of government regulations and operations risks.
Additional information concerning certain risks and uncertainties that could
cause actual, results to differ materially from that projected or suggested is
contained in the Company's filings with the Securities and Exchange Commission
(SEC) over the past 12 months, copies of which are available from the SEC or may
be obtained upon request from the Company. The forward-looking statements
contained herein represent the Company's judgement as of the date of this
release, and the Company cautions readers not to place undue reliance on such
statements.
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