NEW YORK, Mayfair Mining & Minerals, Inc. ("Mayfair") (Pink Sheets:MFMM), (Frankfurt:M1M) has announced that it has increased its production of amethyst gemstones through out-take and joint marketing agreements with three amethyst producers in the area of the Company's operations in the Mapatizya area of Zambia. Under the agreements, Mayfair Zambia will purchase the rough amethyst produced locally and combine it with the Company's own production for sale and shipment to bulk buyers in Asia, where it can be marketed profitably.
The agreements cover additional mining areas in excess of nine square kilometers of historically highly productive ground and will add up to an additional 50 tonnes of stones a month, in excess of two full containers, to Mayfair's rapidly growing production of these valuable gemstones. Based on these agreements and the recent additional investment made by the Company in heavy machinery and infrastructure, Mayfair is now expected to become one of the largest amethyst producers and marketers in Zambia. These developments, when coupled with the Company's in-house expertise in the knocking, sorting, grading and marketing of these and other popular stones, is expected to increase revenues to the point where the Company becomes cash flow positive within the Zambian subsidiary this fiscal year.
Clive de Larrabeiti - CEO and President of the Company stated -
"Significantly, Mayfair recently shipped its first container of rough amethyst to Hong Kong and has received payment. This is a milestone development in the ongoing evolution of the Company from the development to the production and sales phase. With the addition of the out-take agreements described herein and the potential of further acquisitions, joint ventures and marketing agreements within the Zambian gemstone sector, we are now poised to establish ourselves not only as one of the largest producers, but also one of the leading marketers of amethyst gemstones. Projected sales revenues and the anticipated profits generated by us, combined with the employment opportunities we present, are all expected to contribute substantially to the local communities within and around our concessions and enhance our growing reputation within the country for fair and honest dealings. This is expected to have the two-fold effect of encouraging other native license holders to deal with us and also add to the government's willingness to endorse our operations."
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