NEW YORK, April 18, 2006 (PRIMEZONE) -- Mayfair Mining & Minerals, Inc. (OTCBB:MFMM) (Frankfurt:M1M) is pleased to announce that it has acquired 51% of the outstanding shares of Union Prospection Miniere (UPM), a Madagascan private limited company in a cash transaction with Sapphire Fields Limited, a corporation existing under the laws of the British Virgin Islands.
The total consideration for this acquisition is U.S. $640,000 which includes an independent geological report of the sapphire properties by John Langlands of ACA Howe International Limited. ACA Howe International Limited is an internationally recognised, independent geological and mining consultancy with offices in Canada, where it was established in 1961, and in the United Kingdom, where it has operated since 1978. John Langlands, BSc., FGS, FIMM, C.Eng., visited the properties and prepared the report with the assistance of other Howe staff and Associates. Mr. Langlands, a Senior Geologist with Howe since 1980, has more than 30 years of professional experience in the exploration, assessment and evaluation of a wide range of mineral prospects, deposits and mines, including coloured gemstones.
Mayfair Mining is acquiring control of 16 sapphire licenses covering an area of 1,487 square kilometres in the Ilakaka sapphire mining district in Southern Madagascar. One of the properties, the Benahy-Imaloto sapphire mine, is an operating mine producing sapphire gemstones. As part of the agreement, Mayfair Mining is also acquiring an option to purchase a gem dealing, polishing and cutting operation, Dream Stones Trading, based in Antananarivo, the capital of Madagascar. Dream Stones Trading deals in, polishes and cuts amethyst, tourmaline, emerald, aquamarine, sapphires and other precious and semi precious gemstones and produces jewelry quality stones for the world market.
One of the most prospective exploration areas of the property portfolio is to the north of the current mine site at Lovokadabo, which is currently occupied by illegal miners. Mayfair Mining intends to make an application for an upgrade from an exploration to an exploitation license on the seven research blocks at Lovokadabo. Subsequent to this, the company intends to put in place a geological exploration program on the Lovokadabo licenses to be carried out over the coming year.
Clive de Larrabeiti, CEO and President of the company, stated, "We are pleased to have added this strategic acquisition to our current portfolio of mining properties. In Zambia, we are actively expanding our potential in gold and amethyst mining. The addition of sapphires to our gemstone holdings and the option to acquire a gemstone polishing, cutting and sales outlet in a strategically located environment with in-house expertise in these activities is anticipated to contribute positively to the commercial opportunities currently sought by the company's board of directors."
On behalf of the Board of Directors,
Clive de Larrabeiti CEO and 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 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; changes in governments, laws, rules and regulations; 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