NEW YORK, Feb. 7, 2005 (PRIMEZONE) -- Mayfair Mining & Minerals, Inc. (OTCBB:MFMM) (the "Company") -- On behalf of the Company, during the week of 24 January 2005, Clive de Larrabeiti, President, and Dr. Michael Smith, Senior Vice President, Exploration and Production, visited Zambia, in furtherance of the previously announced signing of a definitive Joint Venture Agreement (the "Agreement") between the Company and the Nyendwa Family of Kafue, Zambia. By way of an introduction, Julie Nyendwa plays a significant role in the Women in Mining movement throughout Africa and is a founding member of the movement in Zambia. She is well respected within the industry for her knowledge of Zambian and regional mining. Her family has been actively involved in gold prospecting in the Kafue area and in the production and processing of gem quality amethyst from the Mapatizya area of Zambia for the past ten years.
During the visit, pursuant to the Agreement, the Company incorporated a new Zambian joint venture company -- Mayfair Mining and Minerals (Zambia) Limited. The Board of Directors of the JV company are Clive de Larrabeiti, Michael Smith, and Julie Nyendwa. The new subsidiary is owned 70% by Mayfair Mining and Minerals (UK) Ltd. and 30% by the Nyendwa Family. Mayfair Mining and Minerals (UK) Ltd. is a wholly owned subsidiary of Mayfair Mining and Minerals, Inc. In return for their 30% shareholdings, the Nyendwa family is transferring into the Zambian joint venture company three prospective mining projects.
These are:
Funswe River -- an area of 70 square kilometres near Kafue with sub-areas which may contain commercial amounts of gold and platinum group metals. Work by the Geological Survey of Zambia and the European Commission has confirmed this prospectivity. Sample grades encountered included:
Bedrock Platinum -- 2 g/t Elluvial Gold -- 3.5 - 25 g/t Alluvial Gold -- 1 - 2 g/t
Nansenga Stream -- an area of 20 square kilometres, south of Kafue, adjacent to the main highway which may, according to Geological Survey of Zambia reports and European Commission evaluations, contain commercial amounts of gold. Sample grades encountered included:
Alluvial Gold -- 5 - 46 g/t
The coarse nature of the alluvial gold in the Nansenga Stream indicates the need for a detailed study of the adjacent shear zones.
Mapatizya Concessions -- a group of mining concessions near Lake Kariba, in the principal Zambian amethyst producing area and containing a significant gemstone resource, as indicated by the work of the Geological Survey of Zambia. In two of the four concessions, the Geological Survey has determined a resource of 143,000 tonnes of gem quality amethyst. Recovery is approximately 38% saleable quality and 2% is the highest-grade faceting quality material.
During the visit, the Company directors met with bankers and mining equipment suppliers, and commenced the application process for an Investment Certificate from the Zambian Investment Centre. This certificate confers a right to the duty free import of mining equipment and reduced mineral royalty and corporate taxes, as well as unrestricted repatriation of profits, dividends and royalties.
The Directors are currently carrying out an in-house evaluation of all the data on the three license areas, design of the work and production programs and preparation of budgets for the three properties. The Company has provisionally allocated US $ 150,000.00 during the first year for the purposes of sampling and testing of the bedrock, elluvial and alluvial gold and platinum group metals in Funswe River and Nansenga Stream and also for the re-establishment of production and processing of amethyst in the Mapatizya mining concessions. The Company will establish the headquarters of the Zambian subsidiary in Kafue, a town 30 kilometres from Lusaka, where the Nyendwa Family owns extensive commercial property.
The Company also wishes to announce that it has received the consulting geologist's report on the soil geochemistry and geology of the Silver Stone 1-6 Mineral Claims located in the Slocan Mining Division of British Columbia. The report states, in summary, that a program of soil geochemical sampling with geological observations on a 10.0 km grid was carried out at the Silver Stone claim group. No anomalous values were detected and only several threshold soil values of up 4.0 ppm silver and 69 ppm lead were found. The consulting geologist recommended, in his report dated January 25, 2005 that no additional exploration should be planned for the property. This first phase of the program and report were completed at minimal cost to the Company. The Company does not intend to retain this property.
On behalf of the Board of Directors,
Eur. Ing. Dr. Michael Harold Smith, FIMM, C.Eng. Director
SAFE HARBOR STATEMENT
This news release may include forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company's analysis of opportunities in the acquisition and development of various mining project interests and certain other matters. These statements are made under the "Safe Harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward looking statements contained herein. Forward-looking statements involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends" and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks described in this press release. Such risks include, but are not limited to terrorist activities that may affect our business or the economy in general; lack of success in mining activities; the prices of metals and gemstones; lack of funds to conduct mining activities; increase in costs of production, and similar risks. For further information about the Company, please refer to its materials filed with the Securities and Exchange Commission and available on the SEC website at www.sec.gov