Maya Gold & Silver Inc.: Initiates Exploration Program on Ait Bou-Habbou Property

Montreal (Quebec), May 29, 2009 -  Maya Gold & Silver Inc. has closed the first tranche of a private placement by the issuance of 3,207,998 units at an issue price of 35 cents per unit for total gross proceeds of $1,122,810. Each unit is composed of one common share and one-half of one common share purchase warrant, each whole warrant entitling the holder thereof to purchase one additional common share at a price of 50 cents at any time until 36 months from the closing date.

The net proceeds of the private placement allow Maya to initiate the exploration program on the Ait Bou-Haddou property in Morocco, subject to final approval of the TSX Venture Exchange. A portion of the proceeds will also be used to make the payments under the recently announced agreements and for general working capital purposes.

The corporation expects to close the second tranche of the private placement and achieve the maximum of $2.1-million announced in Stockwatch on May 1, 2009, prior to June 15, 2009.

The private placement is subject to the final approval of the TSX Venture Exchange and of the regulatory authorities having jurisdiction on the corporation’s securities. The securities issued in connection with the private placement are subject to certain resale restrictions which require that the securities not be traded for a period of four months expiring on Sept. 30, 2009.

A finder’s fee will be payable in connection with the private placement.

In addition, as previously announced in Stockwatch on March 31, 2009, Maya wishes to announce that it has granted 300,000 stock options to two individuals providing investor relations services to Maya. The exercise price of the options has been fixed at 40 cents per common share. The options entitle the holder thereof to purchase common shares of the corporation for a period of five years.


Maya Gold & Silver Inc. is a Canadian mining company newly listed on the Toronto Venture Capital which focuses on the research of gold and silver deposits.

For further information, please contact:

Réjean Gosselin                                      Guy Goulet
Chairman and Chief Executive Officer         President
514 868-9995                                           514 868-9995

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