Maya Gold & Silver Inc.
TSX VENTURE : MYA

Maya Gold & Silver Inc.

May 29, 2009 16:10 ET

Maya Gold & Silver Inc. Initiates Exploration Program on Ait Bou-Haddou Property

MONTREAL, QUEBEC--(Marketwire - May 29, 2009) - MAYA GOLD & SILVER INC. (TSX VENTURE:MYA) ("MAYA" or the "Corporation") is pleased to announce that it has closed the first tranche of a private placement by the issuance of 3,207,998 units at an issue price of $0.35 per unit for total gross proceeds of $1,122,810. Each unit is comprised of one common share and one half of one common share purchase warrant, each whole warrant entitling the holder thereof to purchase one additional common share at a price of $0.50 at any time until thirty-six months from the closing date.

The net proceeds of the private placement allow MAYA to initiate the exploration program on the Ait Bou-Haddou property in Morocco, subject to final approval of the TSX Venture Exchange. A portion of the proceeds will also be used to make the payments under the recently announced agreements and for general working capital purposes.

The Corporation expects to close the second tranche of the private placement and achieve the maximum of $2,100,000 announced on May 1, 2009 prior to June 15, 2009.

The private placement is subject to the final approval of the TSX Venture Exchange and of the regulatory authorities having jurisdiction on the Corporation's securities. The securities issued in connection with the private placement are subject to certain resale restrictions which require that the securities not be traded for a period of four months expiring on September 30, 2009.

A finder's fee will be payable in connection with the private placement.

In addition, as previously announced on March 31, 2009, MAYA wishes to announce that it has granted 300,000 stock options to two individuals providing investor relations services to MAYA. The exercise price of the options has been fixed at $0.40 per common share. The options entitle the holder thereof to purchase common shares of the Corporation for a period of five years.

ABOUT MAYA

Maya Gold & Silver Inc. is a Canadian mining company newly listed on the TSX Venture Exchange which focuses on the research of gold and silver deposits. http://www.mayagoldandsilver.com.

The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release.

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