Montreal, Quebec, June 21, 2012 – Maya Gold & Silver Inc. (“Maya” or the “Corporation) (TSXV: MYA) is pleased to announce that it has retained the services of ACA Howe International Limited (“ACA Howe”), a leading geological and mining engineering consulting group, to prepare an independent mineral resource estimate in accordance with NI 43-101 standards on the Zgounder silver project in Morocco. ACA Howe has offices in Toronto and the UK and has operated worldwide for more than 30 years. ACA Howe visited and reviewed the Zgounder project in 1999 and prepared a technical report on the property. ACA Howe visited the property in May 2012 to acquire more recent information and to conduct limited check sampling both underground and on drill core to determine whether previous sample results could be used in the resource estimate. The 1999 report will be updated to include results from more than 20,000 meters of drilling from 2000 to 2004, notably in the Northern zone and mining operations during this period. All historical resource estimates utilized a cut-off grade of 150g/t Ag as the price of silver ranged between CAD $5.00 and CAD $12.00 for this period.
Maya has also mandated Michel Boily (PhD, P.Geo), an independent qualified person (QP) to produce a separate NI 43-101 property of merit report on the Zgounder silver deposit.
Finally, the management of Maya is pleased to announce the appointment of Mr. François Goulet, M.Sc., P.Geo, OGQ as project geologist. This appointment is in relation with the Corporation’s strategy to increase the current team to enhance the development of the pipeline of projects located in Morocco.
Mr. Goulet holds a degree in Geology from UQAM and has worldwide experience in exploration for precious metals, on both regional and property scale, ranging from early stage exploration to definition drilling. He was a project manager for Unigold Inc. in Dominican Republic and has extensive hands-on experience in project development. Mr. Goulet also worked in Northern Quebec for Virginia Gold Mines Inc. and SOQUEM.
“The addition of geologist François Goulet to Maya’s team is raising the bar in terms of the expertise and the experience available in the field for a successful 2012 exploration campaign” says Guy Goulet President and CEO of Maya.
Maya Gold & Silver Inc. is a Canadian-based mining company focused on the exploration and development of gold and silver deposits located in Morocco. Maya is listed on the TSX Venture under the symbol MYA. The Company is committed to developing and adding value to its Moroccan properties.
For further information on Maya visit www.maya.dev.penega.com or contact:
Maya Gold & Silver Inc.:
President & Chief Executive Officer
T: 450-435-0700 ext. 204
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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 statement.