SOURCE: Siguiri Basin Mining, Inc.

July 06, 2007 14:19 ET

Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI) Announces Status of Joint Venture

PEMBROKE PINES, FL--(Marketwire - July 6, 2007) - Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI) President, Launa Carbonell, regretfully announces the termination of SBMI's agreement with Consolidated Mining and Minerals (CMM). Through considerable due diligence over the past week, SBMI has confirmed numerous unauthorized releases both inside information and incorrect information of principals or agents of CMM. Additionally, information has come into the hands of SBMI that indicates not all of the funds provided by SBMI to CMM under their agreement were appropriately applied to the projects in West Africa. This allegation is being thoroughly investigated for the benefit of the Company and its shareholders. Finally, SBMI has been required to disassociate itself with CMM after CMM's involvement in questionable press releases with Pinksheets company, Hidalgo Mining. These releases caused very questionable activity with the Hidalgo stock and CMM used the name of SBMI without authorization or prior knowledge of SBMI. After further investigation, SBMI will release all additional gathered information to the public on these subjects.

Within the coming week, SBMI will announce its future plans to continue its efforts to achieve producer status in the industry.

Siguiri Basin Mining Inc. (PINKSHEETS: SBMI) is a mineral exploration and development company focused on achieving producer status. The Company's is currently in a joint venture with Consolidated Mining & Minerals Inc. and targets are precious metal properties in stable countries within opportunity rich West Africa, Haiti, North, 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) contains 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.

Contact Information

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