BLAINVILLE, QUÉBEC–(Marketwired – June 8, 2016) – Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX VENTURE:MYA) is pleased to report a production of 46,270 ounces of silver (1439 Kg) during the month of May 2016 at its Zgounder silver mine in Morocco.
May 2016 Operations Highlights
- 46,270 ounces (1439 Kg) of silver ingots were produced from 5934 tonnes of dry material presenting an average head grade of 298 g/t Ag;
- A recovery rate of 82.54% was achieved, which constitutes an increase of 4.8% relative to the previous month;
- Upgrading of the mill installations continues; resulting in a substantial reduction of cyanide consumption;
- The set-up of the cyanide preparation tower is in the final stages of completion;
Access to the underground workings keeps improving with the extraction of mineralized material reaching 4863 tonnes for the month of May. Panels located at levels 2000, 2100 2030 and 2035 are still developed concurrently by drifting.
Location and sources of the extraction zones during May.
| Underground working | Level | Tonnage (t) |
Average grade Ag (g/t) |
| Panneau 9 | 2000 | 1387.6 | 356 |
| Corps C-B | 2000 | 838.8 | 219 |
| Secteur Nord | 2000 | 266.6 | 433 |
| Taille 3Y | 2100 | 1489.6 | 214 |
| Taille 2035 | 2035 | 352.8 | 147 |
| Corps A | 2000 | 360.6 | 188 |
| Taille 2030 | 2030 | 101.9 | 118 |
| Panneau 8 | 2000 | 68.7 | 814 |
| Total | 4860.8 | 266* |
*Total Ag weighted average
Qualified Persons
The technical content of this news release has been provided by Zgounder Millenium Silver Mining and has been reviewed and approved by Michel Boily, PhD, geo from GÉON; an 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%)
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.
Chief Executive Officer
450-435-0700 ext. 204
ggoulet@mayagoldsilver.com
Nathalie Dion
Investor Relations
450-435-0700 ext. 202
ndion@mayagoldsilver.com
www.mayagoldsilver.com