Franconia Minerals Announces Decision to Extend and Reprice Warrants Issued in 2007 Financing

SPOKANE, WASHINGTON--(Marketwire - March 9, 2010) -

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Franconia Minerals Corp. ("Franconia" or the "Company") (TSX: FRA) announces that, subject to receipt of the necessary disinterested shareholder approval, it will adjust the terms of 3,667,626 warrants issued following the brokered private placement financing that closed on April 13, 2007. Under the original terms, for each warrant held, the warrant holder was entitled to purchase one common share of Franconia's stock at an exercise price of Cdn$1.92 prior to their expiration of April 13, 2010. According to the revised terms, the holder will be entitled to purchase one additional common share at an exercise price of Cdn$0.70 until the earlier of: a) the date which is the 15th trading day after receiving notice from the Corporation that the weighted average price of the Common Shares on the Toronto Stock Exchange has been equal to or greater than Cdn$0.875 for a period of 15 consecutive trading days; and, b) April 13, 2011.

In addition, Franconia, subject to the receipt of the necessary disinterested shareholder approval, will adjust the terms of an additional 1,875,000 warrants issued following the brokered private placement financing that closed on April 30, 2007. Under the original terms, for each warrant held, the warrant holder was entitled to purchase one common share of Franconia's stock at an exercise price of Cdn$1.92 prior to their expiration of April 30, 2010. According to the revised terms, the holder will be entitled to purchase one additional common share at an exercise price of Cdn$0.70 until the earlier of: a) the date which is the 15th trading day after receiving notice from the Corporation that the weighted average price of the Common Shares on the Toronto Stock Exchange has been equal to or greater than Cdn$0.875 for a period of 15 consecutive trading days; and, b) April 30, 2011.

The Corporation's annual general and special meeting is being held on March 30, 2010 at which time the above amendments will put forth to the shareholders. A full description of the amendments proposed is set out in the Management Information Circular dated March 3, 2010 and which can be found at www.sedar.com.

The Corporation has made an application to the TSX for approval to make the above amendments.

Director to Step Down

Franconia also announces that Ernest K. Lehmann will not be standing for re-election as a director at the Company's upcoming Annual General and Special Meeting on March 30, 2010. Mr. Lehmann will continue to assist Franconia as a technical, political and community affairs consultant. Mr. Lehmann is also a controlling shareholder of North Central Mineral Ventures Inc., which holds a 70% interest in the Beaver Bay Joint Venture (BBJV). BBJV is Franconia's joint venture partner in the Birch Lake Joint Venture, which controls the lands on which Franconia is exploring in the Duluth Complex. Franconia currently holds a 60 percent stake in the venture and can, by continued expenditures and other payments, earn up to an 82 percent stake in the venture. The directors and management of Franconia would like to thank Mr. Lehmann for his service and support during his tenure.

About Franconia Minerals Corporation (TSX: FRA): Franconia is currently focused on the development of the Birch Lake copper-nickel-platinum-palladium project - consisting of the Birch Lake, Maturi and Spruce Road deposits - in the highly prospective Duluth complex in northeastern Minnesota. The recently updated 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.

Franconia Minerals Corporation trades on the TSX under the symbol FRA and currently has 59,082,572 shares issued and outstanding.

FORWARD LOOKING STATEMENTS:

This news release contains certain "forward-looking statements" and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "except", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Assumptions upon which such forward-looking statements are based included that all required third party regulatory and governmental approvals will be obtained. Many of these assumptions are based on factors and events that are not within the control of Franconia and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions and other risk factors discussed or referred to in the annual information form of Franconia dated December 21, 2009 and in the annual Management's Discussion and Analysis for Franconia filed with the applicable securities regulatory authorities and available at www.sedar.com. Although Franconia has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Franconia undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

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