Maya Gold & Silver Inc.
TSX VENTURE : MYA

Maya Gold & Silver Inc.

July 08, 2009 09:36 ET

Maya Gold & Silver Inc. Raises $722,215 From Exercise of Warrants

MONTREAL, QUEBEC--(Marketwire - July 8, 2009) - MAYA GOLD & SILVER INC. (TSX VENTURE:MYA) ("MAYA" or the "Corporation") is pleased to announce that it received an amount of $722,225 through the exercise of 2,063,500 warrants. The warrants exercised at a price of $0.35 per share were part of 4,910,000 warrants expiring on July 2, 2009, issued in conjunction with the initial public offering in July 2008 at $0.25. After the issue of the shares related to the exercised warrants, a total of 23,405,629 Maya common shares are issued and outstanding.

This warrant proceeds as well as the private placement proceeds of $1,680,736 which was closed on June 29, 2009, will be allocated to the exploration program on the Amizmiz project, the 80 square kilometres property, located in Morocco.

Rejean Gosselin, Maya's Chairman and CEO stated "With $2,402,961 in available cash, Maya has all the necessary resources so it can complete the initial steps towards increasing our interest to 70 per cent in the property, and defining the resource with the execution of our planned 7,500 meter drilling program for the first year."

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.

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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