Maya Gold & Silver Inc.
TSX VENTURE : MYA

Maya Gold & Silver Inc.

July 14, 2016 09:12 ET

Zgounder Silver Mine Poured 42,998 Ounces (1337 kg) of Silver Ingots in June

Update on the flotation cells implementation

BLAINVILLE, QUÉBEC--(Marketwired - July 14, 2016) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) is pleased to report a production of 42,998 ounces of silver (1337 Kg) during the month of June 2016 at its Zgounder silver mine in Morocco.

June 2016 Operations Highlights

  • 42,998 ounces (1337 Kg) of silver ingots were produced from 5317 tonnes of dry material presenting an average head grade of 314 g/t Ag;
  • A recovery rate of 80.03% was achieved;
  • Production was impacted by prolonged and periodic stoppages of the operating ball mills to perform a detailed inspection of the internal plating;

Update on Implementation of flotation cells

Maya is proceeding with the basic engineering segment of the flotation cells installation considering the latest data obtained from pilot testing carried out in China on the crushing, flotation and gravimetric processes. The preparation of the definitive technical specification and requirements for the equipment and components including the local build-up of the vats, conveyors and feeders is well advanced.

A visit by the Chinese contractors began on July 11 and will be completed on July 20, 2016. During this visit, all technical details pertaining to the flotation cells will be examined and validated. Local contractors will also be on site to finalize the mechanical, electrical and structural requirements before proceeding with the construction of onsite equipment and components.

Location and sources of the extraction zones during June.

Underground working Level Tonnage
(t)
Average grade
Ag (g/t)
Panneau 9 2000 344 580
Taille 2Y bis 2100 832 534
Taille 2035 B 2035 656 161
Corps A 2000 256 323
Corps C-B 2000 3192 371
Total 5664 381*
*Total Ag weighted average

Qualified Persons

The technical content of this news release has been provided by Zgounder Millenium Silver Mining and has been reviewed and approved by Michel Boily, PhD, geo from GÉON; an 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%).

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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