Maya Gold & Silver Inc.
TSX VENTURE : MYA

Maya Gold & Silver Inc.

March 10, 2015 12:56 ET

Maya Gold & Silver Reports 2014 Productions and Provides 2015 Outlook

BLAINVILLE, QUÉBEC--(Marketwired - March 10, 2015) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) reports its operational update on the Zgounder Silver Mine for the period of August 2014 to February 28th 2015 and provides outlook for 2015.

Intensive rainfalls and adverse cold weather have continued to affect the operation and chain of supplies in December 2014 and January 2015. Despite adverse conditions Zgounder Millenium Silver Mining ("ZMSM") produced 512 kilos of silver ingots in December 2014 and 482 kilos in January 2015 while the more gentle weather in February contributed to improve production for a total pour of 783 kilos of silver ingots.

2014 Full Year Highlights

  • July commencement of commissioning activities at the Zgounder;
  • First silver pour on August 28th 2014
  • 3,746 kg of silver ingots produced from a total 20,665(*) tonnes at an average of 278(*) g/t Ag between August and December 2014, part of the ramp-up activities;
  • Processing rates tonnes per day ranging from 50 to 188
  • 3,410 kg ingots were shipped to refiner in Switzerland for 3,331 kg fine silver 99.9% (107,102 ounces paid)
  • Since the beginning of the start-up, the mill processed a total of 20,665(*) tonnes from a combination of mineralized material (mucking broken ore left in the stopes at level 2015 & 2035 by previous operator, blasting at level 2000 Corps D and from "ancient stockpile").

ZMSM has achieved a declared production of 108,570 ounces in 3,140.310 kg ingots shipped for the payment of 107,102 ounces of pure silver 99.9% in its first start-up period. The average head grade was 278*g/t Ag and the mill recoveries* ranges from 57% to 84%.

*Note: approximation as uncertainty attached to November balance mechanical problems for tonnage and grade metal balance.

The table presents the details of the lots shipped, official production and refiner reception date with ounces paid.

ZMSM
Declared Shipping Declared Ag Weight Declared Oz declared
Grams % Ag Grams Ounces
Lot 1 - 2014 234,500 99.5 233,328 7,502
Lot 2 - 2014 1,010,000 99.6 1,005,960 32,342
Lot 3 - 2014 620,000 99.6 617,520 19,854
Lot 4 - 2014 325,520 99.6 324,218 10,424
Lot 5 - 2014 849,170 98.0 832,187 26,755
Lot 6 - 2014 371,120 98.0 363,698 11,693
Total 3,410,310 99.0 3,376,910 108,570

Table of declared Ingots shipping

MKS
Date Received Weight Received Weight
after Melt
Fusion
Lost
Silver
Weight
Finess Before
Refining
Final Weight
rec. 99.9
Melted
lots
Oz
paid
Grams Grams Grams Grams Ounces Grams Grams
09/14/2014 231,723 230,830 894 223,212 0.967 7,176 222,989 223 7,169
6/10/2014 1,010,784 1,004,042 6,742 995,336 0.991 32,001 994,340 995 31,969
4/11/2014 625,971 621,759 4,213 617,093 0.992 19,840 616,475 618 19,820
18/11/2014 325,545 324,684 861 319,489 0.984 10,272 319,170 319 10,262
28/11/2014 845,476 841,834 3,642 821,646 0.976 26,417 820,825 822 26,390
29/12/2014 370,442 368,892 1,550 357,825 0.970 11,504 357,467 358 11,493
Total 3,409,942 3,392,040 17,902 3,334,601 0.983 107,210 3,331,266 3,335 107,103

Table of Ingots reception, weight, fineness and Ounces paid by refiner

2015 Production Guidance

As of March 1st, ZMSM has shipped 820kg of silver ingots for net proceed of 791kg for the payment of 25,430 Ounces of pure silver at 99.9%

ZMSM
Declared Shipping Declared Ag Weight Declared Oz declared
Grams % Ag Grams Ounces
Lot 1 - 2015 337,670 98.00 330,917 10,639
Lot 2 - 2015 482,350 98.00 472,703 15,198
Total 820,020 98.00 803,620 25,837

Table of declared Ingots shipping

MKS
Date Received Weight
Received
Weight
after Melt
Fusion
Lost
Silver
Weight
Finess Before
Refining
Final Weight
rec. 99.9
Melted
lots
Oz
paid
Grams Grams Grams Grams Ounces Grams Grams
12/01/2015 336,584 335,332 1,251 326,949 0.98 10,512 326,622 327 10,501
6/02/2015 480,416 476,478 3,938 464,804 0.98 14,944 464,340 465 14,929
816,999 811,810 5,189 791,753 0.98 25,455 790,962 792 25,430

Table of Ingots reception, weight, fineness and Ounces paid by refiner

The Corporation had given a production guidance of 570,000 ounces of silver for 2015 and total cash costs of between $11.50 and $12.38 per ounce Ag to be reported after commercial production is declared. The Company expects to increase its mill recovery once it reaches commercial production during the third quarter.

Maya will send professional QPs on-site during the second quarter of 2015 to carry out the Resources, Mine and Mill independent audit.

Underground development

Since the beginning of January 2015, ZMSM

  • has started underground works including the widening of the entirety of the main level (2000) on approximately 760 meters,
  • has pursued YAK drilling for the planning of mining production,
  • has started preliminary works (including digging of an 9 square meters aeration drift) in order to mine the "D" Body in a near future,
  • has completed intensive wall sampling campaign.

A portion of the daily mineralized material processed comes from this underground development.

Flotation tests

Besides, laboratory teams are presently pursuing flotation test works to validate and optimize a process to eventually introduce flotation cells into the actual processing plant as to largely increase processing capacity. Results will be published in a near future.

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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