SOURCE: Gold & Silver Minerals

April 30, 2008 07:30 ET

G & S Minerals and Mayan Gold, Inc. Extend Due Diligence Period for Agreement in Principle for Strategic Cross-Investment and Gold Field Development

LAS VEGAS, NV--(Marketwire - April 30, 2008) - G & S Minerals, Inc. dba Gold & Silver Minerals (PINKSHEETS: GSML) ("G&S," "the Company") (FRANKFURT: G9S), a mining company focused on developing high-quality and low-risk mineral resource and energy prospects, today announced that the Company and Mayan Gold, Inc. ("Mayan") have mutually agreed to extend the due diligence period required under the Agreement in Principle for Strategic Cross-Investment and Gold Field Development ("Agreement").

As outlined in prior releases, each respective company has been actively engaged in extensive due diligence, attorney review, and other requisite terms of the Agreement. Although initially anticipated for closure on or around April 15, 2008, G&S and Mayan have agreed to extend the due diligence period to May 31, 2008 so that each company may have additional time to complete obligations under the Agreement.

In early April, G&S management began interviews and negotiations with qualified geologists and engineers to perform the National Instrument 43-101 mineral resource evaluation and feasibility studies required under the Agreement.

The Company will apprise shareholders of further developments regarding the Agreement in subsequent press releases.

ABOUT G & S MINERALS, INC.:

G & S Minerals, Inc. (which also does business under the name "Gold & Silver Minerals") is a mining company focused on acquiring and developing high-quality, low-risk mineral resource and energy prospects. G & S Minerals is aggressively pursuing opportunities to develop working interests in mineral properties that offer a short time to production, as well as significant upside exploration potential. In addition, G & S Minerals is investigating opportunities for corporate transactions that will expand the mineral and resource portforlio. By leveraging an extensive network of industry contacts, management expertise, smart acquisitions and a strong market for minerals, G & S Minerals is working to build rapid asset growth, near-term cash flow, market interest and shareholder value. Additional information is available at G & S Minerals' website at www.gold-silverco.com.

Forward-Looking Statements:

This press release contains numerous forward-looking statements within the meaning of applicable securities laws relating to the agreement in principle and the respective companies' businesses. These statements are subject to numerous assumptions and uncertainties, many of which are outside the companies' control. Operating, exploration and financial data, and other statements in this document are based on information the companies believe to be reasonable, but involve significant uncertainties as to the final structure or consummation of possible transactions, the terms thereof, if any, availability and pricing of financing, mineral prices, costs, ore grades, estimation of gold and silver reserves, mining and processing conditions, construction schedules, currency exchange rates, and the completion and/or updating of mining feasibility studies, changes that could result from either company's future acquisitions or dispositions of new mining properties or businesses, the risks and hazards inherent in the mining business (including environmental hazards, industrial accidents, weather or geologically related conditions), regulatory and permitting matters, risks inherent in the ownership and operation of, or investment in, mining properties or businesses in foreign countries, as well as other uncertainties and risk factors. Actual results and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. The companies disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:
    G & S Minerals, Inc.
    Sue Steging
    702-943-8848