NEW YORK, July 5, 2011 (GLOBE NEWSWIRE) -- Mayfair Mining & Minerals, Inc., (the Company) (Pink Sheets:MFMM) (Frankfurt:M1M) is pleased to announce that it continues to build structure and increase its presence in Zimbabwe. It has been agreed that Mayfair will now establish its own subsidiary, based in the capital, Harare, to deal with the many business opportunities currently available to the Company. This will be accomplished with the appointment of Simba Chopera, a native and resident of Zimbabwe, as Executive Director to the Board of the subsidiary, to be named Mayfair Capital. Clive de Larrabeiti will hold the position of Chairman of the subsidiary.
Simba Chopera has fifteen years senior managerial experience in Auditing, Corporate Finance and Banking operations within Zimbabwe and the region, having trained with Deloitte. He holds a Bachelor of Accounting Science Honours Degree from UNISA and is a member of the Chartered Institute of Management Accountants - CIMA (UK). He has also been on the University of Pretoria ‐ Gordon Institute of Business Science – Banking Board Leadership program and served an internship at the world-renowned Amembal and Associates Academy, for asset backed finance modelling. Previously, he has worked for Delta Corporation as an Internal Auditor, Innscor Africa as Group Treasury Manager and Trust Banking Corporation as a Divisional Executive responsible for Trust Finance. He joined Loita Capital Bank in Management Services and served as Chief Operating Officer in their leasing business in Zambia, where he completed a number of corporate finance projects. Simba was the convener of the 2007 Afro Leasing School and Winning with Leasing programs conducted in Lusaka, Zambia. After joining MBCA Capital, a Nedbank Group company as Finance Executive, Simba was promoted to the office of Chief Executive Officer, a position he held until May 2011. He was instrumental in the management sponsored buyout of the business by Platinum Groupe in May 2010. He was voted the Best Fund Manager at the 2009-2010 Top Quoted Companies Awards – an annual review of Zimbabwe Stock Exchange listed companies run by the Zimbabwe Independent newspaper and BancABC.
Clive de Larrabeiti, President of Mayfair commented – "We are extremely pleased to have secured Simba to head up our growing operations in Zimbabwe and to be able to attract someone of his calibre and experience. The compelling nature of Zimbabwe as an investment destination is becoming more evident as time passes, with dollarization and a growing economy contributing to that conclusion. We are excited to be at the forefront of these developments."
The previously announced transaction with SouthernCentral Private Equity will not now proceed.
The Company is currently in the process of reviewing a number of potential acquisitions and joint ventures on past producing mines and exploration areas in highly prospective gold bearing regions of Zimbabwe.
On behalf of the Board of Directors,
Clive de Larrabeiti
President
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SAFE HARBOR STATEMENT
This Corporate Overview 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 business plan. 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