Blainville, Québec – February 9, 2016 – Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSXV: MYA) is pleased to report production of 52,086 ounces (1620 Kg) during the month of January 2016 at its Zgounder silver mine in Morocco. This represents the second consecutive monthly production record at Zgounder, an increase of more than 9% from December’s previous record output of 47,676 ounces.
January 2016 Operational Highlights
– 52,086 ounces (1620 Kg) of silver ingots produced from a total 5161 tonnes (dry material) with an average head grade of 377 g/t Ag during the period;
– Recovery rate of 83.26% was achieved, an increase of 16% compared with the previous month
“We have recently made significant improvements at the mill which has helped lift recovery rates. For the second consecutive month, we are pleased to report that we have been extracting ore and mineralized material from known panels at known grades. We foresee that the mine will be able to sustain this increased level of production and output throughout 2016” said Noureddine Mokaddem, President of Maya.
Panel 9 – An untapped high grade zone
Note that during the month of January, approximately 16% (888 tonnes of 5600 tonnes – wet material) of the ore and mineralized material extracted from the mine came from Panel 9 and averaged 739 g/t Ag. Ore and mineralized materiel were also extracted from six other panels at level 2000.
| Underground Workings | Level |
Tonnage (T) |
AverageGrade Ag (g/t) | |
| Panel 9 | 2000 |
888 |
739 |
|
| Extrême EST | 2000 |
208 |
258 |
|
| C0RPS B | 2000 |
1328 |
280 |
|
| Centre Nord | 2000 |
432 |
257 |
|
| Corps D | 2000 |
96 |
300 |
|
| Corps C | 2000 |
2648 |
364 |
|
| Total |
5600 |
390 |
||
Qualified Persons
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.
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%)
For further information on Maya, visit www.mayagoldsilver.com or contact:
Maya Gold & Silver Inc.:
Guy Goulet
Chief Executive Officer
T: 450-435-0700 ext. 204
ggoulet@mayagoldsilver.com
Nathalie Dion
Investor Relations
T: 450-435-0700 ext. 202
ndion@mayagoldsilver.com
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.