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Mayfair Mining & Minerals, Inc. (MFMM - OTCBB) (the “Company”) On
behalf of the Company, during the week of 24 January 2005, Clive de
Larrabeiti, President, and Dr. Michael Smith, Senior Vice President,
Exploration and Production, visited Zambia, in furtherance of the
previously announced signing of a definitive Joint Venture Agreement
(the “Agreement”) between the Company and the Nyendwa Family of
Kafue, Zambia. By way of an introduction, Julie Nyendwa plays a
significant role in the Women in Mining movement throughout Africa
and is a founding member of the movement in Zambia. She is well
respected within the industry for her knowledge of Zambian and
regional mining. Her family has been actively involved in gold
prospecting in the Kafue area and in the production and processing
of gem quality amethyst from the Mapatizya area of Zambia for the
past ten years.
During the visit, pursuant to the Agreement, the Company
incorporated a new Zambian joint venture company – Mayfair Mining
and Minerals (Zambia) Limited. The Board of Directors of the JV
company are Clive de Larrabeiti, Michael Smith, and Julie Nyendwa.
The new subsidiary is owned 70% by Mayfair Mining and Minerals (UK)
Ltd. and 30% by the Nyendwa Family. Mayfair Mining and Minerals (UK)
Ltd. is a wholly owned subsidiary of Mayfair Mining and Minerals,
Inc. In return for their 30% shareholdings, the Nyendwa family is
transferring into the Zambian joint venture company three
prospective mining projects.
These are:
Funswe River - an area of 70 square kilometres near Kafue with sub –
areas which may contain commercial amounts of gold and platinum
group metals. Work by the Geological Survey of Zambia and the
European Commission has confirmed this prospectivity. Sample grades
encountered included:
Bedrock Platinum – 2 g/t;
Elluvial Gold – 3.5 – 25 g/t
Alluvial Gold – 1 – 2 g/t
Nansenga Stream – an area of 20 square kilometres, south of Kafue,
adjacent to the main highway which may, according to Geological
Survey of Zambia reports and European Commission evaluations,
contain commercial amounts of gold. Sample grades encountered
included:
Alluvial Gold – 5 – 46 g/t.
The coarse nature of the alluvial gold in the Nansenga Stream
indicates the need for a detailed study of the adjacent shear zones.
Mapatizya Concessions – a group of mining concessions near Lake
Kariba, in the principal Zambian amethyst producing area and
containing a significant gemstone resource, as indicated by the work
of the Geological Survey of Zambia. In two of the four concessions,
the Geological Survey has determined a resource of 143,000 tonnes of
gem quality amethyst. Recovery is approximately 38% saleable quality
and 2% is the highest - grade faceting quality material.
During the visit, the Company directors met with bankers and mining
equipment suppliers, and commenced the application process for an
Investment Certificate from the Zambian Investment Centre. This
certificate confers a right to the duty free import of mining
equipment and reduced mineral royalty and corporate taxes, as well
as unrestricted repatriation of profits, dividends and royalties.
The Directors are currently carrying out an in – house evaluation of
all the data on the three license areas, design of the work and
production programs and preparation of budgets for the three
properties. The Company has provisionally allocated US $ 150,000.00
during the first year for the purposes of sampling and testing of
the bedrock, elluvial and alluvial gold and platinum group metals in
Funswe River and Nansenga Stream and also for the re–establishment
of production and processing of amethyst in the Mapatizya mining
concessions. The Company will establish the headquarters of the
Zambian subsidiary in Kafue, a town 30 kilometres from Lusaka, where
the Nyendwa Family owns extensive commercial property.
The Company also wishes to announce that it has received the
consulting geologist’s report on the soil geochemistry and geology
of the Silver Stone 1-6 Mineral Claims located in the Slocan Mining
Division of British Columbia. The report states, in summary, that a
program of soil geochemical sampling with geological observations on
a 10.0 km grid was carried out at the Silver Stone claim group. No
anomalous values were detected and only several threshold soil
values of up 4.0 ppm silver and 69 ppm lead were found. The
consulting geologist recommended, in his report dated January 25,
2005 that no additional exploration should be planned for the
property. This first phase of the program and report were completed
at minimal cost to the Company. The Company does not intend to
retain this property.
On behalf of the Board of Directors,
Eur. Ing. Dr. Michael Harold Smith, FIMM, C.Eng.
Director.
Contact:
Clive de Larrabeiti
President - + 44 1444 487100
info@mayfair-mining.com
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. |
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