Blainville, Québec – November 19, 2014 – Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSXV: MYA) is pleased to announce the production results at its Zgounder Silver Mine in October 2014. 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%) produced 945.5 kilos (29,409 ounces*) of silver from 86 ingots grading an average of 98.4% Ag.
– 24 days of operation from mineralized material from “ancient stockpiles” on hand and underground broken ore left in the stopes (Level 2035) by previous operator;
– Mill facility operated at an average of 187 tpdw;
– 4,503 tonnes of wet mineralized material (4,345 tonnes on a dry basis) were processed with an overall average grade of 260 g/t Ag for 1130 kg metal feed recalculated head grade from metallurgical balance at the mill;
– 945.5 kilos (29,409 ounces) of silver were poured in 86 ingots;
– Despite reduced days of operation mainly due to national holidays, metal production increased by 19% and mill recovery by 4% compared to September’s operation.
– The average of silver grade of the ingots from the on-site laboratory is 99% Ag*; precisions on the purity of the ingots from the MKS refinery shows 98.4% Ag.
– The mill effective silver metal recovery being 945.5kg/1130kg for 84% while 115Kg of silver metal was still in solution in the cyanidation tanks
Further to its news release of October 8th 2014, the Corporation wishes to complement the production disclosure with the following:
• The mineralized material process of 4,559 tonnes is 4,376 tonnes on a dry metric basis grading 225 g/t for 984kg of silver metal feed.
• The ingots production weight of 796 kg at 99% silver for 788 kg of silver metal.
• The mill effective silver metal recovery being 788kg/984kg for 80% while 120Kg of silver metal was still in solution in the cyanidation tanks which present the overall an efficiency of 92% previously disclosed when metal in solution is taken into account. This metal will not be taken into account in the future calculation unless extremely different from the 115-120 kg.
Underground development update
Underground works have been initiated in October and primarily consisted of sampling, excavating muck from the ore pass and slashing ore zone to generate further stockpiles of mineralized material to be processed.
Moreover, drifts in the main level 2000, have been extended from a 6 m2 section to 9 m2 to allow better underground mining equipment circulation (scoops and dumpers). Approximately 512 metres of drifting have been completed at October’s end. The Corporation presently transport the mineralized rocks from the underground to the ore pad near primary crusher.
Sampling has been conducted in three levels in the stopes and broken mineralized rocks in mineralized panels at the 2000 North center to better delineate the mineralization contacts.
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.
For further information on Maya, visit www.mayagoldsilver.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.