SOURCE: Siguiri Basin Mining, Inc.

June 04, 2007 10:51 ET

Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI): President and COO of Consolidated Mining and Minerals Reports Back Major Alluvial Gold Discovery Uncovered During Testing

CORAL GABLES, FL--(Marketwire - June 4, 2007) - Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI) -- William "Bill" Ross, President and Chief Operating Officer of Consolidated Mining and Minerals Inc. (, has reported back from the Siguiri Basin that during the geologist, Mr. Benoit Viloette's testing, on the Fifa land prospect, a major Gold deposit has been discovered. Mr. Viloette has stated that the quartz veining system exposed in the pitting and trenching uncovered is very similar to deposits now being exploited by SAG at the Siguiri mine some 65 km to the east of Fifa. The laborers assisting with the testing on different locations of the land and river have been called to this one location to collect samples to be used to define the updated reserve report under NI-43-101 standards. Mr. Ross has expressed that potentially as much as 50,000 - 100,000 ounces of alluvial Gold has been uncovered in a Gold-rich alluvial flat. Additionally, a large quartz veining system was exposed which will add additional core drilling targets to the program next season. Mr. Ross is quoted as saying, "We have hit what may turn out to be one of dozens of all large-scale alluvial deposits spread out over roughly 25 square miles of unexplored land." "The proven reserves of the company could potentially double or triple as a result of this seasons testing," according to Mr. Viloette's preliminary examination, but all official calculations will be released when the samples have been returned from the laboratory and the NI-43-101 report is completed. Additional plans have been made for the company to increase the size of the exploration team to continue the work on site and seek out the next bonanza deposit before the weather conditions change. Mr. Ross and his team had experienced a temporary breakdown with the test dredge on location but that the problem is resolved and the machine is back in the water testing to uncover additional high-grade areas to be produced. Some photos of the exploration work are being taken and should be released upon Mr. Ross' return the United States sometime later this month.

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.

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.

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