BLAINVILLE, QUÉBEC--(Marketwired - May 13, 2014) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) is pleased to provide the following update on production at Zgounder Silver Mine:
- The mill has been tested for the past six months and is ready to be put in function;
- 35,000 tonnes of ore from existing stockpiles, @ 245 g-Ag / t, are stored at proximity of the mill;
- Underground development is well underway;
- Among elements required to start the mill of silver metal, the mill's balls are expected to arrive in Casablanca on May 18 and cyanide, on June 8; extremely tight measures have been adopted internationally in regard to export cyanide, especially in the case of a new operation and a new corporation;
- Production is scheduled to start in mid-June.
Maya will hold its annual meeting of shareholders on June 19, at 10:00, at Queen Elizabeth Hotel, in Montréal.
Finally, Maya has granted incentive stock options to its directors, officers and employee to purchase up to 2,700,000 common shares of its capital stock, at $0.50 per share, exercisable on or before May 7, 2019. 1,700,000 options vested at the date of grant and 1,000,000 will vest one year after the date of grant. The options were granted pursuant to the Corporation's stock option plan, under which a maximum of ten percent (10%) of the issued and outstanding common shares are reserved for issuance.
Maya Gold & Silver Inc. is a Canadian listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. Maya recently initiated mining at its Zgounder Mine. The Corporation's shares trade on the TSX Venture Exchange under the symbol "MYA".
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.
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.