NEW YORK, May 4, 2005 (PRIMEZONE) -- Mayfair Mining & Minerals, Inc. (OTCBB:MFMM) is pleased to announce that the company's Zambian subsidiary, Mayfair Mining & Minerals (Zambia) Ltd has received approval by the Projects Approval Committee of the Zambian Investment Centre based in Lusaka, Zambia. The company will now be issued with an Investment Certificate which 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 Zambian Investment Centre is an autonomous statutory body established under the Investment Act of 1991 as part of the Zambian government's strategy for economic reform. The Investment Centre's primary functions include the promotion of local and Foreign Direct Investment facilitating the investment process and monitoring the implementation of projects.
The benefits to the company of holding an investment certificate include regularisation of investment status in Zambia; certain investment guarantees that protect against political risk; the enablement of acquisition of land and property; assistance with entry visa requirements and consultancy services and advice on joint ventures, company formation and legal advice.
Clive de Larrabeiti, president of Mayfair Mining & Minerals, Inc. stated, "We are pleased to have met and achieved this milestone for the Company's first joint venture project, which confirms the viability of our development plans in this country, as well as the status of our local partners there."
On behalf of the Board of Directors,
Eur. Ing. Dr. Michael Harold Smith, FIMM, C.Eng. Director
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