MONTREAL, QUEBEC -- (Marketwire) -- 11/17/11 -- Maya Gold & Silver Inc. ('Maya' or the 'Corporation) (TSX VENTURE: MYA) has filed with the Canadian securities regulators, a NI43-101 Technical Report dated November 7, 2011 (the 'Report') to support the pre-production work program at the Amizmiz Property.
The report entitled: 'Pre-production Work Program, Preliminary Economic Study, The Amizmiz Gold property, Marrakech Province, Kingdom of Morocco, November 7, 2011 was prepared by Michel Boily, PhD., P.Geo from Geon Ltd., independent Qualified Person under NI 43-101 standards. The complete report can be found on SEDAR at www.sedar.com and Maya's website at www.mayagoldsilver.com
The report provides an overview of the necessary work and requirements to start the pre-production work program at the Amizmiz property. The study puts forward general assumptions and conclusions related to the future exploitation of the Amizmiz AZ and TRN structures: 1) An extraction via declines (ramps), adits and raises, 2) An expected period of 6 year for the pre-production program, 3) A production of 16,000 t/year for the first year of operation, 40,000 t/year for year two and 48,000 t/year for the remaining years (this represents a reasonable pre-production tonnage equivalent to 30% of the total Inferred Resources Estimates(i) of 819,769 t at an average grade of 12.98 g/t Au calculated by Michel Boily (December 21, 2010))., 4) A recovery methods including the gravimetric and flotation processes with a 150 t/day ore mill capacity.
(i) Cautionary Statement:
This economic assessment is preliminary in nature. The stated inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. It must also be stated that the above Inferred Mineral Resources are not mineral reserves and do not have demonstrated economic viability.
Permits
The renewal of the five permits covering the Amizmiz project, PE183200, PE18201, PE183202, PE183203 and PE37117, is currently in process. The regulatory investigation has been conducted by the Ministry of Energy and Mines du Maroc (Moroccan Mining Authorities) the renewal decision for the aforementioned permits is favorable. The Corporation expects to receive the final approval by the Moroccan Mining Authorities in within 10 days.
ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian listed mining Company focused on the exploration and development of gold and silver deposits in Morocco. The Company's shares trade on the TSX Venture Exchange under the symbol 'MYA'.
Forward-looking statements
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 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
