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It just might be that SBMI fits into the HMIT picture in ways that are not fully revealed at this point and if so SBMI could benefit watching.
Friday June 1, 11:59 am ET
CORAL GABLES, FL--(MARKET WIRE)--Jun 1, 2007 -- Siguiri Basin Mining, Inc. (Other OTC:SBMI.PK - News) -- 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
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Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI): President and COO of Consolidated Mining and Minerals Reports Back Major Alluvial Gold Discovery Uncovered During Testing Jun 4, 2007 10:51:00 AM CORAL GABLES, FL -- (MARKETWIRE) -- 06/04/07 -- Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI) -- William "Bill" Ross, President and Chief Operating Officer of Consolidated Mining and Minerals Inc. (www.consolidatedmining.com), 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.
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