MONTREAL, QUEBEC -- (Marketwire) -- 06/13/11 -- Maya Gold & Silver Inc. ('Maya' or the 'Corporation) (TSX VENTURE: MYA) held its Annual and Special Meeting of Shareholders last Friday in Montreal, at which Meeting : John Booth, Rene Branchaud, Rejean Gosselin, Guy Goulet, Noureddine Mokaddem, Martin Wong and Roland Wismer were re-elected as directors of the Corporation.
Shareholders also approved the 2011 Long Term Incentive Plan of the Company ('LTIP') which is described in the management proxy circular sent to the shareholders for this meeting in favour of the Chief Executive Officer and the Chief Operating Officer. The officers are entitled to receive up to an aggregate of 4,000,000 common shares of the Company until December 2015 on the basis of certain goal and milestones.
The goal is to increase significantly shareholders value by the end of December 2015 through acquisitions of material mining properties and the development up to commercial production of any of the Company's property. The adoption of the RILT brings the total number of Common Shares reserved for future issuance under all equity compensation plans to 8,000,000, representing 16,79% of all Common Shares outstanding.
PricewaterhouseCoopers LLP have been appointed as auditors of the Corporation for the ensuing year and the directors have been authorized to fix their remuneration.
Subsequent to the annual meeting of shareholders, the Board of Directors appointed Mr. Gosselin as Chairman of the Company, Guy Goulet as President and Chief Executive Officer, Noureddine Mokaddem as Executive Vice-President and Chief Operating Officer, Leonard Teoli as Chief Financial Officer and Luce L. Saint-Pierre as Corporate Secretary.
ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian Mining Company, is focused on the exploration and development of gold and silver deposits and listed on the TSX Venture. The Company is committed to developing and adding value to its primary property, Amizmiz gold and silver project in Morocco.
Forward-looking statements
Except for statements of historical fact, all statements in this news release without limitation regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
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.
Contacts:
Maya Gold & Silver Inc.:
Guy Goulet
President and Chief Executive Officer
450-435-0700 ext. 204
ggoulet@mayagoldsilver.com
www.mayagoldsilver.com
