Maya Gold & Silver Inc.
TSX VENTURE : MYA

Maya Gold & Silver Inc.

April 09, 2015 10:03 ET

Maya Gold & Silver Produced 35,912 Ounces of Silver at Zgounder in March 2015

BLAINVILLE, QUÉBEC--(Marketwired - April 9, 2015) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) is pleased to announce the March 2015 production results at its Zgounder Silver Mine. Given slightly improved weather conditions in March, Zgounder Millenium Silver Mining ("ZMSM") produced 35,912 ounces of silver ingots.

Highlights

  • 35,912 ounces of silver ingots produced from a total 4,370 tonnes with an average grade of 307.6 g/t Ag which represents a record since operations resumed under Maya ownership;

  • Recovery rate of 83.07% was achieved with most of the mineralized material milled comes from fresh hard rock;

  • The Corporation shipped to MKS refiner on March 25th, 1,189.9Kg with ingots fineness of 98.2% for the net sales proceed of 37,257.4 ounces of Silver metal.

A combination of mineralized material and ore was taken from blasting at level 2000 Corps D and extracted material from stope 33 Corps D sublevel 2025 and North Center Zone.

Milling operation were stable. Trials were conducted to increase mill performance and efficiency in the face of higher grade tailing. The Corporation is also exploring additional grinding capabilities and modified process flow sheet with the introduction of flotation prior to cyanidation. Tests performed in March with different various flotation chemicals and the latest tests achieved an encouraging flotation recovery of 86.78%. Tests are ongoing to evaluate the complete recovery with the cyanidation of concentrates as well as capex and operating costs reducing cyanidation consumption by treating only the flotation concentrate. Additional results will be provided as tests results become available.

Underground development

  • Drifts were resized to the north and center zone to access ore zones

  • Extraction of hard rock is taking the pace with the mining of 5,472 tonnes from Corps D, North Center St1 & St2 at the 2000 level as well as Stope 33 of the Corps D on level 2025. Definition drilling of bodies and preparatory works are proceeding.

Qualified Persons

The technical content of this news release has been provided by Zgounder Millenium Silver Mining and has been reviewed and approved 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. 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%)

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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