Blainville, Québec – March 7, 2016 – Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSXV: MYA) reports production of 41,166 ounces (1280 Kg) during the month of February 2016 at its Zgounder silver mine in Morocco.
February 2016 Operational Highlights
– 41,166 ounces (1288 Kg) of silver ingots produced from a total 3987 tonnes (dry material) with an average head grade of 429 g/t Ag during the period;
– Recovery rate of 76.25% was achieved;
– Production was impacted by schedule maintenance; mill ran at a rate of 91% of its capacity during the month
Underground development accesses keep increasing; extraction for the month reached 4,384 tonnes. Drifting continue simultaneously at levels 2000, 2012, 2100 and 2150.
“Improvements at the mill continue to be registered despite a clogging of the thickener which has required the complete cleanup of the first reservoir of pregnant solution. We foresee that the mine and the mill will be able to sustain this increased level of production and output throughout 2016” said Noureddine Mokaddem, President of Maya.
The Corporation is hosting a booth at the PDAC International Convention, March 6-9, 2016.
You are invited to come and meet Guy Goulet, CEO and Noureddine Mokaddem, President of Maya at booth 2812 of the Investors Exchange located at Exhibit Halls F & G – South Building.
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.
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.maya.dev.penega.com or contact:
Maya Gold & Silver Inc.:
Chief Executive Officer
T: 450-435-0700 ext. 204
T: 450-435-0700 ext. 202
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.
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.