E U R O P E A N G O L D C E N T R E
MINING IN AFRICA
? ZIMBABWE: MINING RECOVERY ?
NOT THE EASIEST COUNTRY, OPPORTUNITIES OUTWEIGH PITFALLS
In the mailing of the link to my January GOLDVIEW I
mentioned a new addition to The Centre's group of
SUPPORTING COMPANIES. I have the pleasure to
introduce to you a company that just recently has joined
the revival of the gold mining industry in Zimbabwe.
Mayfair Mining & Minerals Inc., a US company with its management in the U.K., recently
signed a contract with Conquest Resources (TSXV:CQR), whereby it acquired 4 mineral
projects in Zimbabwe's most prospective greenstone belt, consisting of three former gold
producing mines, the Babs Gold Mine, the Beehive Gold Mine, the Piper Moss Mine and
the Eva exploration property. The consideration for the acquisition was $2.0 million,
payable by 20 million fully paid common shares, thus giving
Conquest an approximate interest of 36.4% in Mayfair.
The ultimate objective of management is to get all 4 projects to
the production stage in the shortest possible time. To that effect,
Mayfair is now designing a first working program to inspect,
organize and evaluate the properties, including a pre-exploration
program, initial sampling and testing, investigating the possibility to process the extensive
quantities of tailings, bringing the present reserves up to NI43-101 standards and starting up
the refurbishing of the existing mines.
Another priority is, to prepare and initiate a listing of the company shares on a recognized
stock exchange or automated quotation system in Canada. In the past the shares were trading
at the OTCBB, but management has reasons not to repeat that. Discussions with some other
choices have begun. ?
E U R O P E A N G O L D C E N T R E
? Although Mayfair is a public company by definition, the shares are mainly in private
hands. As said above, that will change somewhere in the next few months when the shares
will be listed. So at this time, you can not buy the shares unless........you are interested in
participating in the Private Placement that the company is currently undertaking.
Mayfair Mining & Minerals is seeking an initial financing by
issuing Units to a total amount of $500,000. The price of each Unit
shall be $0.10 and each Unit shall consist of one share of the company's restricted Common
Stock and one warrant to purchase an additional common share during a period of two years
from the date of the issue at a subscription price of $0.15 per Unit. The proceeds of the issue
will be used to enable the company to start up its first exploration and refurbishing program
and to get the shares listed. Should you be interested in this first financing, you are most
welcome to contact us and we will be pleased to provide more information or refer you to
Over the next few months, Mayfair's management will analyze re-evaluate all the available
geological documentation on the 4 projects and prepare a detailed plan of the next steps that
should be proposed. A mature financing, possibly coinciding with another listing on a major
exchange, will be needed then to commence the necessary work that should bring the
properties closer to the production stage.
I am excited about the possibilities that exist in the Zimbabwe gold mining sector, despite the
presence of some of the known pitfalls. The opportunities outweigh those. The entry of more
good companies and the influx of international capital into the industry are encouraging and
telling me something. Having examined the assets that Mayfair acquired and having known
the Mayfair management for many years, I am pleased to have the company as a supporter of
my ongoing efforts to inform you and at the same time, be a supporter of theirs. In my view,
Mayfair represents "a new venture on historically known resources" and a "ground