NEW YORK, May 15, 2008 (PRIME NEWSWIRE) -- Mayfair Mining & Minerals, Inc. ("Mayfair") (Pink Sheets:MFMM), (Frankfurt:M1M) is today pleased to announce that it has increased its production of amethyst gemstones through out-take and joint marketing agreements with three amethyst producers in the area of the Company's operations in the Mapatizya area of Zambia. Under the agreements, Mayfair Zambia will purchase the rough amethyst produced locally and combine it with the Company's own production for sale and shipment to bulk buyers in Asia, where it can be marketed profitably.
The agreements cover additional mining areas in excess of nine square kilometers of historically highly productive ground and will add up to an additional 50 tonnes of stones a month, in excess of two full containers, to Mayfair's rapidly growing production of these valuable gemstones. Based on these agreements and the recent additional investment made by the Company in heavy machinery and infrastructure, Mayfair is now expected to become one of the largest amethyst producers and marketers in Zambia. These developments, when coupled with the Company's in-house expertise in the knocking, sorting, grading and marketing of these and other popular stones, is expected to increase revenues to the point where the Company becomes cash flow positive within the Zambian subsidiary this fiscal year.
Clive de Larrabeiti - CEO and President of the Company stated -
"Significantly, Mayfair recently shipped its first container of rough amethyst to Hong Kong and has received payment. This is a milestone development in the ongoing evolution of the Company from the development to the production and sales phase. With the addition of the out-take agreements described herein and the potential of further acquisitions, joint ventures and marketing agreements within the Zambian gemstone sector, we are now poised to establish ourselves not only as one of the largest producers, but also one of the leading marketers of amethyst gemstones. Projected sales revenues and the anticipated profits generated by us, combined with the employment opportunities we present, are all expected to contribute substantially to the local communities within and around our concessions and enhance our growing reputation within the country for fair and honest dealings. This is expected to have the two-fold effect of encouraging other native license holders to deal with us and also add to the government's willingness to endorse our operations."
On behalf of the Board of Directors, Clive de Larrabeiti CEO & President
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 Harbor" 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