NEW YORK, Feb. 11, 2011 (GLOBE NEWSWIRE) -- Mayfair Mining & Minerals, Inc. (the Company) (Pink Sheets:MFMM) (Frankfurt:M1M) is pleased to announce new initiatives and milestones achieved recently within the Corporation.
The Company is in the process of finalising, updating and completing its financial audits for the years 2007 – 2010. The Form 10K reports and filings for the years 2007 and 2008 have now been completed and filed with the Fiscal 2008 report submitted on January 5, 2010. The Company anticipates filing of its 2009 and 2010 financial audits during the first quarter of this new calendar year and will endeavour to file its Form 10K for the fiscal year 2011 by the prescribed deadline. The Company wishes to thank its auditors Malone Bailey LLC, of Houston, Texas for their concerted efforts to assist the Company in the expedited filing of these reports.
The Company's past investments in Zambia are under review and may be offered for sale. The acquisition of Recursos Metalicos S.L., which was announced during 2009, did not close and the Company is taking legal advice with regard to compensation for its expenditures, based on representations of the Vendors during those acquisition negotiations.
In order to benefit from the experience gained whilst operating in Africa, the Company has decided to remain active on the Continent as management feels that, although difficult, the opportunities currently available offer significant risk/reward advantages at this time. The Company is presently reviewing a number of such opportunities.
The Company's website is currently under reconstruction and should be re-posted shortly.
The Board of Directors wish to thank the shareholders and investors in the Company for their continued patience, understanding and support during the last two exceedingly difficult years.
On behalf of the Board of Directors,
Clive de Larrabeiti
President
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 Exchange 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
The Mayfair Mining & Minerals, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5317