Maya Gold & Silver Inc.

TSX VENTURE : MYA


Maya Gold & Silver Inc.

August 28, 2014 11:39 ET

Maya Gold & Silver Announces First Silver Pour at Zgounder Silver Mine

BLAINVILLE, QUÉBEC--(Marketwired - Aug. 28, 2014) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) is pleased to announce its successful first silver pour at the Zgounder Silver Mine. Zgounder Millenium Silver Mining ("ZMSM"), the 85% owned joint venture with l'Office National des Hydrocarbures et des Mines ("ONHYM") of the Kingdom of Morocco (15%) produced 234.5 kilos of silver from 20 ingots grading between 90-97% Ag. The ingots were poured on August 25 at the Zgounder Silver Mine in Morocco during the ramp-up period.

Highlights :

  • The pouring is the result of 17 days of operation of which 10 days were dedicated to mechanical testing with low grade mineralized material averaging approximately 50 g/T Ag and 7 days of operation with mineralized material from "ancient stockpiles" on hand.
  • 2,876 tonnes were processed with an overall average grade of 105.5 g/t Ag recalculated head grade from metallurgical balance at the mill.
  • Mill silver metal recovery achieved: 86%
  • Silver grade of the 20 ingots from the on-site laboratory ranges from 90 to 97% Ag

Mr Guy Goulet, CEO, commenting on this major milestone said: "We are extremely pleased to achieve our first silver pouring following site and mill rehabilitation that started in September 2013. This is a significant achievement for Maya and is a direct result of the outstanding efforts from all stakeholders led by our President, Mr Noureddine Mokaddem with the support of the local residents and thanks to the assistance of the relevant departments of the Moroccan Government. We also express our gratitude to our shareholders, bankers and lenders for their belief in us over the past years. Commissioning has gone smoothly and ZMSM is well on track to achieve commercial production in a nearest future"

Qualified Persons

The technical content of this news release has been provided by Zgounder Millenium Silver Mining and has been reviewed by Claude Duplessis from Goldminds Geoservices: independent Qualified Person under NI 43-101 standards.

ABOUT MAYA

Maya Gold & Silver Inc. is a Canadian listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. Maya is initiating mining and milling operations at its Zgounder Mine.

For further information on Maya, visit www.mayagoldsilver.com.

Neither 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.

Forward looking information

Zgounder Silver Mine

The decision to commence production at the Zgounder Silver Mine was not based on a feasibility study of mineral reserves demonstrating economic and technical viability, but rather on a pre-feasibility study. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with this production decision. Production and economic variables may vary considerably, due to the absence of a complete and detailed site analysis according to and in accordance with NI 43-101.

Forward-looking statements

This news release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, and believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.

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