Franconia Minerals Hits 243 Feet of 1.28% Copper Equivalent at Birch Lake Copper-Nickel-PGM Deposit, Minnesota

SPOKANE VALLEY, WASHINGTON--(Marketwire - June 3, 2010) - Franconia Minerals Corporation ("Franconia") (TSX:FRA) is pleased to present results from hole BL10-04, part of the 2010 drilling program at the Birch Lake deposit in northern Minnesota (see table and map).

Results of the 2010 Drill Program, Birch Lake, Minnesota
Drill Hole	From	To	Down Hole	Copper	Nickel	Platinum	Palladium	Gold	Copper
	(ft)	(ft)	Interval*	(%)	(%)	(g/t)	(g/t)	(g/t)	Equivalent
			(ft)						(%)**
BL10-4	2634.7	2877.4	242.7	0.59	0.21	0.120	0.272	0.066	1.28
includes	2638.3	2801.5	163.2	0.68	0.19	0.157	0.342	0.086	1.35
includes	2651.0	2682.4	31.4	0.94	0.25	0.195	0.497	0.125	1.83
includes	2844.0	2872.4	28.4	0.93	0.64	0.061	0.215	0.037	2.70
includes	2851.8	2869.9	18.1	1.27	0.79	0.077	0.269	0.044	3.45
* True thickness is estimated to be approximately 90% of the down hole interval.
** Copper equivalent (CuEq%) = Cu% + 2.42 x Ni% + 3.09 x Co% + 0.25 x Au g/t + 0.71 x Pt g/t + 0.17 x Pd g/t Based on metal prices and expected process recovery.

"These results are particularly encouraging as this hole not only extends a zone of thickened mineralization to the southeast but also contains significant grades of copper and nickel," said Brian Gavin, President and CEO of Franconia. "This is further evidence that we have the vital combination of high grades and thickness that can make an orebody."

Drill hole BL10-04 is located on the eastern margin of the Birch Lake deposit and was stepped out approximately 500 feet from previous holes. The mineralized zone remains open in that direction.

Mr. Gavin added, "There is significant potential for continuing to increase the size of the deposit at Birch Lake. Also of potential importance for future exploration, is the fact that the high grade mineralization below 2,800 ft occurs in granitic rocks of the Giants Range batholiths - a mineralized geologic environment not previously recognized at Birch Lake."

A total of 13 holes for 33,000 feet are planned for 2010. The goal of the current program is to drill additional holes to convert as much as possible of the previously delineated inferred resource to the indicated category and to add additional, newly defined inferred resources. This work is part of a pre- feasibility program including metallurgical, geologic, environmental and waste characterization studies currently underway at Birch Lake.

Copper Equivalent is based on US metal prices of: copper - $2.25/lb; nickel - $7.50/lb; cobalt - $20.00/lb; gold - $950/oz; platinum - $1,300/oz; and, palladium - $350/oz. The methodology with metallurgical recoveries, refining costs and other charges are also being considered for all metals in accordance with the Net Smelter Return Factors contained in the May 29, 2009 NI 43-101 Resource Estimate produced by Scott Wilson RPA (see below).

This latest drilling is designed to follow on from the resource estimate completed in 2009 at Birch Lake. In that study Scott Wilson Roscoe Postle Associates (Scott Wilson RPA) estimates an Indicated Resource* of 131.2 million tonnes, plus an Inferred Resources of 37.5 million tonnes for the Birch Lake deposit. This represented a 21% increase in the amount of Indicated Resource from the previous estimates (see tables). Independent reports prepared to NI 43-101 standards by Scott Wilson RPA are available at [ www.SEDAR.com ] and [ www.franconiaminerals.com ].

MINERAL RESOURCES ESTIMATED AT $20 NSR CUT-OFF GRADE AS OF MAY 29, 2009

Franconia Minerals Corporation, Birch Lake Property, Minnesota

	Indicated Resources1,3,6,7
Cut-off	Tonnes5	Cu	Ni	Co	Pt	Pd	Au	CuEq4	NSR
NSR8	(000's)	%	%	%	g/t	g/t	g/t	%	US$
$20	131,213	0.561	0.175	0.010	0.263	0.569	0.127	1.332	51

	Inferred Resources1,3,6,7
Cut-off	Tonnes5	Cu	Ni	Co	Pt	Pd	Au	CuEq4	NSR
NSR8	(000's)	%	%	%	g/t	g/t	g/t	%	US$
$20	37,471	0.546	0.166	0.009	0.227	0.495	0.112	1.251	47

1. CIM definitions were followed for Mineral Resource estimation and classification. 2. Mineral Resources are estimated for the deposit as defined and wireframed based on Cu:Pd, Ni:Pt ratios, mineral occurrence and other lithologic and stratigraphic factors. 3. Mineral Resources were estimated using average long-term metal US$ prices of $7.50/lb nickel, $2.25/lb copper, $20/lb cobalt, $1,300/oz platinum, $350/oz palladium and $950/oz gold. 4. Copper equivalent (CuEq%) = Cu% + 2.42 x Ni% + 3.09 x Co% + 0.25 x Au g/t + 0.71 x Pt g/t + 0.17 x Pd g/t based on metal prices and expected process recovery. 5. Bulk density is 3.07 t/m3 as averaged from specific gravity testing. 6. Co, Au, Pt, Pd grades, that are lacking in historic drill holes, have been entered in the resource database based on regression of assay grades from Franconia drill hole assays. 7. Resources are estimated from approximately 336 m depth to approximately 830 m depth. 8. NSR=$43.76 x Cu% + $108.94 x Ni% + $134.00 x Co%+ $11.02 x Au g/t + $30.70 x Pt g/t +$7.51 x Pd g/t - $8.00 (treatment) 9. Scott Wilson RPA recommends reporting resources for the $20 NSR cut-off.

(*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.)

Core samples were prepared at the ALS Chemex Ltd. Laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples were analyzed for gold, platinum and palladium using a standard fire assay with an ICP finish, as well as for 34 base metals and trace elements using a four-acid (near-total) digestion and a combination of ICPMS and ICPAES. ICP over-limits were reanalyzed using sodium peroxide fusion and acid dissolution followed by ICPAES.

About Franconia Minerals Corporation (TSX:FRA): Franconia is currently focused on the development of the Duluth Complex copper-nickel-platinum-palladium project - consisting of the Birch Lake, Maturi and Spruce Road deposits - in this highly prospective region of northeastern Minnesota. The latest NI 43-101 report estimates an Indicated Resource of 131.2 million tonnes, plus an Inferred Resource of 37.5 million tonnes for the Birch Lake deposit (see news release dated September 23, 2009). Underground mining at Birch Lake will minimize the surface impact of the operation. Also, storage of mine wastes underground would further minimize the surface impact. Additional resources at the Birch Lake project include Inferred Resources at the Maturi deposit (see news release of September 6, 2006) and at the Spruce Road deposit (see news release of December 3, 2007). Independent reports prepared to NI 43-101 standards by Scott Wilson RPA are available at [ www.SEDAR.com ] and [ www.franconiaminerals.com ].

FORWARD-LOOKING STATEMENT: Although Franconia Minerals Corporation believes many of its properties have promising potential. These properties are in the early stages of exploration. None have yet been shown to contain proven or probable mineral reserves. There can be no assurance that such reserves will be identified on any property, or that, if identified, any mineralization may be economically extracted.

To view the map associated with this Press Release, please visit the following link: [ http://media3.marketwire.com/docs/Franconia_map.pdf ].

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Franconia Minerals Hits 243 Feet of 1.28% Copper Equivalent at Birch Lake Copper-Nickel-PGM Deposit, Minnesota