Montreal, Quebec, November 6, 2013 – Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSXV: MYA) has filed with the Canadian securities regulators, a NI43-101 Technical Report dated October 20, 2013 the “Report” to support the historical mineral resources set in 1998 at 3,838,970 t @ 0.86 wt. % Pb, 3.9 wt. % Zn, 203 g/t Ag (25.1 M ounces) and 3.60 g/t Au (444,330 ounces) at the Boumadine deposit.
The report entitled: “The Boumadine Polymetallic (Au, Ag, Zn, Pb, Cu) Deposit Errachidia Province, Kingdom of Morocco, October 20, 2013″ was prepared by Michel Boily, PhD., P.Geo from Geon Ltd., independent Qualified Person under NI43-101 standards. The complete report can be found on SEDAR at www.sedar.com and Maya’s new website at www.maya.dev.penega.com.
The Boumadine polymetallic deposit represents one of the most prospective mining terrane within the Kingdom of Morocco. Historical resources last established in 1998 by the BRPM stands at 3,838,970 t @ 0.86 % Pb, 3.9 % Zn, 203 g/t Ag (25.1 M oz.) and 3.60 g/t Au (444,330 oz.) *. Moreover, several factors strengthen the precious metal potential of the deposit:
|1)||The shallow-depth oxydized zones lying 50 m over the sulfide-rich polymetallic was not evaluated for precious metals and recent assay values of these “iron caps” confirm their gold enrichment reaching up to13 g/t Au,|
|2)||Gold mineralization extends to 60-70 m outside the boundaries of polymetallic mineralized veins within the highly silicified wallrocks,|
|3)||The property reveals several uninvestigated bleached and/or oxydized zones in its southern part and|
|4)||Late rhyolitic flow domes emplaced along a NNE-SSW lineament on the eastern part of the property show disseminated to stockwork Cu mineralization (~0.2-0.4 wt. %), hinting at a porphyry-type mineralization at depth.|
*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Issuer or the writer. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the author to verify the data acquired by the various historical drilling campaigns and underground works. The author has read the documents pertaining to the description of the different methods used in the historical evaluation of the reserves. The author, also acting as the QP, has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves. Therefore, the author is in the opinion that the above quoted resources for the Boumadine deposit cannot be relied upon.
Maya is not treating the historical estimate as current mineral resources or mineral reserves.
The technical content of this news release has been reviewed by Michel Boily, PhD. P.Geo from Geon Ltd independent Qualified Person under NI-43-101 standards.
Maya Gold & Silver Inc. is a Canadian listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. The Corporation’s shares trade on the TSX Venture Exchange under the symbol “MYA”.
For further information on Maya visit www.maya.dev.penega.com or contact:
Maya Gold & Silver Inc.:
President and Chief Executive Officer
T: 450-435-0700 ext. 204
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.
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.