S&B Industrial Minerals (the Company), following its announcement on June 24th 2008, announces that in its meeting of July 14th 2008 the Board of Directors approved the Draft Merger Agreement through absorption of company "PARNASSOS INSURANCE S.A." (Absorbed) from the Company according to the provisions of L.2190/1920 and L 2166/1993. The Draft Merger Agreement, which was approved on the same day from the Board of Directors of the Absorbed Company, was signed from the authorized representatives of the merging companies. The Draft Merger Agreement and other documents will be made public within the following days, as stipulated by Law.