SOURCE: Gold & Silver Minerals

March 03, 2008 08:45 ET

G & S Minerals Receives Approval of Strategic Agreement From Mayan Gold, Inc. Board of Directors

Companies Move Forward Towards Closing Transaction

LAS VEGAS, NV--(Marketwire - March 3, 2008) - G & S Minerals, Inc. (PINKSHEETS: GSML) ("G & S Minerals") and Mayan Gold, Inc. ("Mayan") today announced that the Mayan Gold, Inc. Board of Directors has approved the Agreement in Principle between G & S Minerals and Mayan Gold, Inc. originally announced January 28, 2008.

The Mayan Board approval, joining the earlier approval from the G & S Minerals Board, is a key step towards consummation of the transaction. This action now allows G &S Minerals to move forward with its National Instrument 43-101 mineral resource evaluation and feasibility studies as required under the agreement. These studies will seek to determine the minerals and metals present at Mayan's El Transito property; initial evaluations provided to G & S Minerals suggest a minimum reserve of over 100,000 ounces of gold.

Since the formation of the agreement, both companies have actively engaged in extensive due diligence, attorney review, and other requisite terms of the agreement. G & S Minerals is now in a position to move towards the closing of the transaction, which management now anticipates should occur on or around April 15, 2008.

The Company is optimistic about the potential impact of the Mayan transaction, and maintains that the Strategic Cross-Investment and Gold Field Development will be a unique and material catalyst to increase shareholder value. With spot gold prices continuing to rise in light of worldwide economic and geopolitical concerns, G & S Minerals management is confident that the groundwork laid with this agreement will bear fruit in the Company's long-term operating results.


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


Mayan Gold provides its shareholders with gold's great potential value through ownership and the efficient operation of several small mines with high-grade ore deposits. The company deploys its assets with the objective of broadening its shareholder exposure to maximize the production of gold from known reserves. For more information, please visit

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. dba Gold & Silver Minerals
    Investor Relations
    Steve Jaloza
    Phone 516 429 4691