Maya Gold & Silver Inc.
TSX VENTURE : MYA

Maya Gold & Silver Inc.

March 31, 2009 11:34 ET

Maya Gold & Silver Options Gold Property in Morocco

MONTREAL, QUEBEC--(Marketwire - March 31, 2009) - Maya Gold & Silver Inc (TSX VENTURE:MYA) ("MAYA" or "the Company") is pleased to announce that it has finalized an agreement with Societe d'Exploration Geologique des Metaux ("SEGM"), a Moroccan private company (the "Agreement") to earn a 60% interest in their AIT Bou-Haddou gold property ("ABH") in Morocco.

Under the Agreement MAYA can earn a 60% interest in the property from SEGM by issuing 1,000,000 Maya common shares, making periodic payments over 4 years totalling $1,250,000 in cash or in shares and by spending $3,800,000 in exploration and development on the property. The Company intends to increase its interest to 70% in the property, by acquiring a further 10% interest from a private company.

The closing of the acquisition is subject to the approval of the TSX Venture Exchange.

The ABH gold property covers 80 sq-km, located about 60 km south of Marrakech, Morocco and is easily accessible by paved roads. Historical gold resources are reported on the ABH project where more than 50 gold occurrences have been recorded and partially worked from surface and at depth by underground work and/or diamond drilling. Four types of mineralization are documented:

- T-Zone with gold associated to shear zones in chlorite-quartz schists;

- J-Zone corresponding to a stockwerk in a folded horizon of sericite schists;

- AZ Zone, long stratabound layers of what appears to be a deposition of black smoker ashes on a carbonated sea floor;

- Mineralized rhyodacite lava flows and tufs.

Approximately $2,250,000 has been invested in exploration and development on the property. The previous work includes metallurgical tests on three zones (AZ, T and J) with excellent results for gold recovery (up to 96.6%).

A technical report prepared by John D. Charlton, P. Geo was filed on March 31, 2009 by the Company (www.sedar.com) to qualify the gold resources under NI 43-101. The report recommended an exploration program including 17,000 meters of core and RC drilling at a cost of approximately $2,500,000. This program will start shortly.

Maya also announces the appointment of Christian Derosier, P.Geo., as Vice-President Exploration of the Company. Mr. Derosier obtained a B.Sc. and a Ph.D. in geology. He has over 40 years mining exploration experience worldwide with his last two years working mainly on the ABH property. The technical content of this news release has been approved by Mr. Derosier, a Qualified Person as defined in NI 43-101

In addition, MAYA has granted 300,000 options, at an exercise price acceptable by the TSX Venture Exchange, to be vested over a period of 12 months to two individuals for marketing purposes in Canada and Europe.

About Maya

Maya is a Canadian exploration mining company focused on precious metals. The Company owns the Baluarte gold and silver project in the State of Sinaloa, in northern Mexico and an option on the Ait Bou-Haddou in Morocco. The Company trades on the TSX Venture Exchange under the symbol "MYA".

Forward-looking statements

Except for statements of historical fact all statements in this news release without limitation regarding new projects acquisitions future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such 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.

Contact Information

  • Maya Gold & Silver
    Guy Goulet
    President
    514-294-7000
    or
    Maya Gold & Silver
    Rejean Gosselin
    Chairman and CEO
    514-652-6211
    www.mayagoldsilver.com