NEW YORK, Oct. 2, 2007 (PRIME NEWSWIRE) -- Mayfair Mining & Minerals, Inc. (Pink Sheets:MFMM) (Frankfurt:M1M) is today pleased to announce that the Company has retained the services of Com-Advice AG of Baar, Switzerland to provide investor relations and communications services and corporate representation, primarily within Germany and Switzerland, but also in other European, North American and Chinese Financial Centres.
The compensation being paid to Com-Advice by the Company, for a term of one year, is a retainer of US$10,000 a month and a grant of options to purchase 476,000 shares of restricted Common Stock, exercisable at US$0.25 per share, valid for two years.
Com-Advice, under the terms of the agreement, have agreed to provide the following services: Introductions to their existing clientele of institutional investors and high net worth individuals, website coverage and links, language services for the Company for publication of documents in Chinese and German, investment convention hosting, newsletter services and representation of the Company at many of the resource investment conferences held around the world. They have also undertaken to introduce the Company to a large pool of potential retail investors through their sponsorship of high profile sporting events which include the German Ice Hockey Team and the Heavyweight Boxing World Championships. They have also undertaken to introduce the Company to private asset managers in Germany and Switzerland and will give the Company the opportunity to participate in Resource Conferences organised by Com-Advice in both countries.
Mayfair Mining & Minerals, Inc., is also pleased to announce that Mr. Peter Davy, previously an Advisory Board Member, has now been elected to the Board of Directors of the Company, effective October 1, 2007. Mr. Davy will fill the role of Chief Operating Officer and plans to provide essential organisational skills, mining project expansion through his network of contacts on the African continent and sales and marketing expertise for the Company's current precious metals and gemstone production.
Clive de Larrabeiti, President of Mayfair Mining & Minerals, Inc. stated:
"I am extremely pleased to have someone of the experience and qualifications of Mr. Davy join the Board of Directors to further assist in the company's evolution and expansion. We anticipate that Peter will provide valuable organisational skills and advice regarding corporate development. We also anticipate that he will bring additional viable near-term mining projects to the Company in Zambia, Tanzania, Malawi and Mozambique, as well as the sales and marketing of the Company's various existing gold and gemstone assets, all in an effort to establish an early cash flow to fuel the Company's planned growth."
The Company is currently in the review process of establishing additional gemstone and other metals activity in Zambia and has recently been approached by a number of native license holders wishing to partner with Mayfair Mining in these sectors. Further announcements are anticipated shortly. Mayfair Mining has also recently raised additional capital in the net sum of US$492,815 for 500,000 shares of a total anticipated US$1,000,000 through an offering and sale of up to 10,000,000 shares of restricted Common Stock in a private placement with European institutional investors and high net worth individuals. Management expects to utilize a portion of these funds to acquire additional equipment which we believe necessary in our efforts to increase gold production on our Funzwe River Property and amethyst production on our licenses in the Kalomo area of Zambia, which surround the Kariba Gemstones mine. The Kariba mine has been producing and marketing amethyst gemstones for the past 35 years.
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 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