Maya Gold & Silver Completed Surface Exploration Campaign at Zgounder Project

MONTREAL, QUÉBEC--(Marketwire - Feb. 27, 2013) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) is pleased to announce results from its surface exploration campaign recently conducted at the Zgounder project.

A recent mapping and rock sampling program was carried out from November 10th to 20th, 2012 by Maya Gold and Silver Inc. on the Zgounder silver property located in the Province of Taroudant, in the Kingdom of Morocco. The completed field study was dedicated to a detailed geological and structural mapping of the 16 square kilometres property (Permit no. 2306) and to the collection of 60 rock samples for assaying and thin section purposes. A 1:5000 scale geological map was generated. The map reveals the Late Proterozoic Zgounder volcano-sedimentary assemblage related to the PII suite (Cryogenian) overlying an andesitic basement to the north. The Zgounder assemblage is limited to the west by the Assarag granodiorite massif (PIII) and to the east by younger volcano-sedimentary formations ascribed to the PIII suite (Ediacarian) and by Neogene phonolites and tuffites. Silver mineralization is associated with various NE-SW, NW-SE and EW-oriented structures affecting the upper section of the Zgounder assemblage. The latter consists of metasediments (schists, pelites, greywackes), volcanic tufs, dolerite sill and ignimbrite/rhyolite breccias.

Geologists also visited the underground mine works. The report issued from the field work proposes several exploration initiatives which will enable Maya to better understand the mineralization type at Zgounder and to develop new surface and underground targets. One recommendation concerns a surface soil and rock survey to be carried out on a NS-oriented grid with a line spacing of 100m. Samples should be collected at each 50m interval, with a lower spacing in anomalous areas. The study also advocates a regional surface drilling program to test possible mineralized targets principally located outside the Zgounder mine zone. A total of 1200 m of core distributed in 10 diamond drill holes is envisaged. Maya will also implement a targeted surface drilling campaign to develop new resources. Most drill hole collars are chosen to intersect at depth the southern down-dip extension of the silver mineralization at the rhyolite/dolerite contact and the western continuity of the main deposit . Sixteen holes distributed in 6000 m of core are anticipated. Upon satisfactory results of the surface campaign, an underground drilling program will be implemented at levels 1925, 1950 and 2000 m which represent the deepest adits.

The technical content of this news release has been reviewed by Michel Boily, PhD., P.Geo from Geon Ltd, and François Goulet, Msc., P.Geo from Goulex Inc., both independent Qualified Persons under N 43-101 standards.

A map is available at the following link: http://media3.marketwire.com/docs/Map_Maya0227.jpg.

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. The Corporation's shares trade on the TSX Venture Exchange under the symbol "MYA".

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

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.

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.