SOURCE: Siguiri Basin Mining, Inc.

June 01, 2007 12:00 ET

Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI): CEO of Consolidated Mining and Minerals Has Meeting With Hidalgo Mining International

CORAL GABLES, FL--(Marketwire - June 1, 2007) - Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI) -- Mark D. Klok, Chief Executive Officer of Consolidated Mining and Minerals Inc., Joint Venture Partner of SBMI, www.consolidatedmining.com, has arrived in New York City to discuss negotiating a business relationship between SBMI, CMM and Hidalgo Mining International, an innovative coal mining company headquartered in New York with coal properties located in Northern Mexico. These discussions are still in the early phases of negotiation but discussions regarding a strategic alliance with SBMI have been received favorably by both sides because of SBMI's short-term cash flow potential. Hidalgo International's mining plan calls for a $3,000,000 working capital need to begin its production to start generating revenue, while SBMI's phase II operation will be using less than $500,000 and achieve a potential net revenue above $5,000,000. Based upon the initial analysis of the smaller capital needs to generate a larger shared asset base, Hidalgo has approached CMM and SBMI with these negotiations as they see the value of coming together. Mr. Klok has been quoted as saying, "We have a window of opportunity to join forces and leverage each other's assets to reach a common goal." Although many structures are currently being reviewed, a final understanding still remains to be reached. The Company states that, "There is a major value add play on the table and careful examination is needed before CMM and SBMI moves forward." Throughout the next week Mr. Klok and several groups of major Investment Banks in New York are meeting to determine CMM's next move and the final structure of this proposed business relationship.

Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI) is a mineral exploration and development company focused on achieving producer status. The Company's targets are precious metal properties in stable countries within opportunity rich West Africa, Central and South America with near term production capabilities. www.sbmining.com

The Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in written statements to be made) contain statements that are forward looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statement.

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