Maya Gold & Silver Inc.

Maya Gold & Silver Inc.

September 15, 2011 16:39 ET

Maya Gold & Silver Acquires the Zgounder Silver Mine in Morocco

MONTREAL, QUEBEC--(Marketwire - Sept. 15, 2011) - Management and the Board of Directors of Maya Gold & Silver Inc. ("Maya" or the "Corporation) (TSX VENTURE:MYA) are extremely pleased to announce that the Corporation has entered into a joint venture with L'Office National des Hydrocarbures et des Mines, referred to hereafter as ONHYM, in order to acquire 85% of the Zgounder silver deposit located in the Anti-Atlas mountains of central Morocco. ONHYM has awarded the Zgounder Silver Mine to Maya after evaluating international tenders. This confirms the firm intention of Maya to focus on exploration and development in the Kingdom of Morocco, said Noureddine Mokaddem, Executive Vice-President and COO.


  • Historical Production (1982 to 1990)*: 500,000 tonnes at 330 g/t Ag - (5.9M ounces)
  • Historical Resources (2004)* : 582,000 tonnes at 361 g/t Ag (150 g/t Ag cut-off) - (7.5M ounces) and 500,000 tonnes at 125 g/t Ag [surface tailings] – (2.2M ounces)
  • The existing processing plant, originally designed to process 75-80,000 tonnes per year has been kept on care & maintenance and is in generally good condition.
  • Former owner reports newly discovered North Zone exhibiting higher silver grades and narrower widths which open up exploration targets
  • The due diligence report on the Zgounder project was presented by SGS CANADA to the Development Committee of Maya on February 15, 2011.
* Cautionary Statement:
(1) These assumptions were provided by ONHYM in the «request for proposal»
(2) The qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves
(3) Maya is not treating the historical estimate as current mineral resources or mineral reserves.
(4) The historical resources estimates mentioned in this press release are for historical purposes only and are not compliant with CIM definition standards for Mineral Resources and Mineral Reserves, as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). The historical resource estimates were prepared prior to the implementation of NI 43-101 and use terminology not compliant with current reporting standards. Maya has not made any attempt to re-classify the estimates according to current NI 43-101 standards of disclosure or the CIM definitions and is not treating the estimate as current mineral resources or mineral reserves as defined in NI 43-101. Historical estimates should not be relied upon. Investors are cautioned that "geological resources" are considered conceptual in nature and there is no guarantee that historic "geological resources" will be able to be converted into NI43-101 compliant resource categories or demonstrate economic viability.

This Transaction is part of a previously defined strategy to complete a series of acquisitions of advanced projects in Morocco. "We think this project at present the most is attractive silver advanced project accessible for a company our size", declared Guy Goulet, President & CEO of Maya.

ONHYM is a state-owned company responsible for the promotion of the mining and oil activities of the Kingdom of Morocco. ONHYM pursues four fundamental objectives: the intensification of mining and oil exploration, the development of partnership, the research of technical excellence and the establishment of a culture of performance.

In March 2011, ONHYM, launched an international tender in order to rehabilitate and develop the Zgounder silver project. Based on previous works, the ONHYM has estimated in 2004 historical mineral resources* of 582,000 tonnes at an average grade of 361 g/t Ag.

  • Proven reserves : 120,000 tonnes at 500 g/t Ag
  • Probable reserves : 195,000 tonnes at 360 g/t Ag
  • Possible reserves : 267,000 tonnes at 300 g/t Ag
  • Cut-off grade 150 g/t Ag

*The qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and Maya is not treating the historical estimate as current mineral resources or mineral reserves; All the mineral resources stated above do not comply with the existing NI 43-101 nomenclature; a complete independent mineral resource estimate has to be completed in conformity with NI 43-101 regulations.

The Corporation is planning to commission an independent NI 43-101 technical report at a later date. Further information regarding the Zgounder project will be disclosed in follow-up news releases.

The silver deposit, located 150km south of Marrakech and approximately 250km east of the major port city of Agadir in the Kingdom of Morocco, is accessible through gravel road and is covered by the Permis d'Exploitation PE 2306 (16 square kilometres). The Zgounder mine has been kept on a care and maintenance basis by the ONHYM since operations were shutdown in 1990 as a result of the weak silver price. The normally arid climate of the Anti-Atlas has helped keep the mine's plant and equipment in generally good condition.

To view the Panoramic view of Zgounder Mill please visit the following link:

As part of its offer to the ONHYM, Maya and SGS Canada Inc, have prepared a comprehensive program to further explore the property, develop infrastructure and restart the underground operations of the deposit.

To operate the mine, the Corporation will create a Moroccan subsidiary, of which ONHYM would hold a 15% net carried interest on resources as presented in the «request for proposal».

The overall budget allocated to the transaction for the first 24 months is 20.5 million CAD and includes initial cash payment, exploration, infrastructure development in addition to mine and site rehabilitation. ONHYM will retain a 3% royalty on sales.

The Board will examine different corporate structures following the acquisition, which may include the spinoff of the new subsidiary which would be jointly owned by Maya and its shareholders.

The technical content of this news release has been reviewed by Claude Bisaillon, Eng., Gaston Gagnon, Eng. and Gilbert Rousseau, Eng. from SGS Canada Inc., independent Qualified Persons under NI 43-101 standards.


Maya Gold & Silver Inc. is a Canadian listed mining Company focused on the exploration and development of gold and silver deposits in Morocco. The Company's shares trade on the TSX Venture Exchange under the symbol "MYA".

For further information on Maya visit

Forward-looking statements

This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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