Maya Gold & Silver Inc.: Closing of a Private Placement

MONTREAL, QUEBEC–(Marketwire – October 16, 2008) – Maya Gold & Silver Inc. (“Maya”) (TSX VENTURE:MYA – News) is pleased to announce that it has closed the previously announced non-brokered private placement of 540,000 units at a price of $0.25 per unit for gross proceeds of $135,000. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share at a price of $0.35 for a period of 12 months from the closing of the private placement.

Maya is a new exploration mining company focused on the exploration for gold and silver on the Baluarte project located in Mexico. It just initiated the first exploration activities on the property.

Rejean Gosselin
Maya Gold & Silver Inc.
President and Chief Executive Officer
+1-514-868-9595 T.
+1-514-868-9030 F.

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