NEW YORK, Oct. 22, 2007 (PRIME NEWSWIRE) -- Mayfair Mining & Minerals, Inc. (Pink Sheets:MFMM) (Frankfurt:M1M) is pleased to announce that it continues to augment the management team of the Company by the addition of a key individual who brings essential skill sets to the Company infrastructure. The Board of Directors is pleased to announce the appointment of Peter Mills as our new Chief Financial Officer, effective immediately.
Mr. Mills became an Associate of The Institute of Chartered Accountants in England and Wales in 1973 and became a Fellow of The Institute in 1979. He has practised as an accountant for the past 32 years, lately as Head of Accounting for Mayfair Mining & Minerals, Inc. and previously as a partner in his own Chartered Accounting and Registered Auditing firm.
The Board of Directors is now comprised of four members: Clive de Larrabeiti, who also serves as President & CEO, Peter Davy, who also serves as Chief Operating Officer, Peter Mills, who also serves as Chief Financial Officer and Paul Chung, who is an Independent Director.
Administrative management includes Dany Goreeba, Managing Director, in the UK office and the Advisory Board now consists of Earl Young, a Director of the Corporate Council on Africa, Claudio Morandi, Corporate Financier, based in Zurich, Switzerland, Alex Holtermann, Investor Relations, based in Frankfurt, Germany and Ali Abood, Financier, who is now a resident of the Middle East.
The Company's mining operations in Zambia are controlled by Bjorn Anckar, Chief Geologist, Upendo Nyendwa, Mining Manager and Julie Nyendwa, Managing Director.
The Company, through its audit firm of Chantrey Vellacott DFK of the UK, has put in place the audit firm of Deloitte in both Madagascar and Zambia to assist with financial controls in both countries.
Clive de Larrabeiti, CEO and President of the Company stated: "I am very pleased with our continued progress in building the team to augment our efforts in terms of corporate development and governance, and which will also allow me the time to further develop our business plan and strategy of operations, both in Zambia and Madagascar."
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; 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