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Maya Gold & Silver Acquires Permit 233263 Adjacent to the Imiter Silver Mine
Montreal, Quebec, March 31, 2011 – Maya Gold & Silver (TSX-V: MYA) (“MAYA” or the “Company”) ) is pleased to announce the Company has recently signed an agreement to acquire from Mr. Ichou Afournou, 100% owner, the mineral rights represented by Permit 233263 (?Permit?) covering 16 square-kilometres adjacent to the south of the permit on which is located the world class IMITER SILVER MINE in the eastern Anti-Atlas, in Morocco.
The property is underlain by Precambrian sedimentary sequences, mainly sandstones and siltstones affected by a NE-SW schistosity. Pb-Zn-Ag-Au mineralization is hosted in a silicified, brecciated zone that can be followed for more than 700 meters.
In news release issued on February 24, 2011, Maya announced its intention to complete a series of acquisitions of advanced projects in Morocco. Maya previously announced on March 22, the closing of a CAN$3.1 million financing in order to fulfill its initial payment obligations for various mining projects in Morocco still under negotiation.
The due diligence report presented by Collison and Associates Geoscience Consulting to the development committee of Maya on February 14, 2011 with regards to the Permit contained the following observations:
A number of clearly positive features are present on the property:
- The close proximity to a world class deposit/p>
- The variety of mineralization types found on the property
- Electric energy and manpower are available on site
- The orientations of many mineralized structures are consistent with the main Imiter structures;
- The presence of continuous and fairly wide breccias zones which point to intense hydrothermal event
- Low level of exploration
- Similar mineralized structures immediately south of IMITER Silver Mine
Under the terms of the Agreement dated March 4, 2011 between the Company and Mr Afournou, Maya has acquired 100% interest of the Permit (for a total consideration of 400,000 dirhams (approximately CAN$50,000) (the Purchase Price) as follows:
- Initial cash payment of 200,000 dirhams (approximately CAN$25,000) (payment made);
- Second payment of 200,000 dirhams (approximately CAN$25,000) following approval of the Ministère Marocain de l’Énergie et des Mines.
The closing of the acquisition is also subject to the approval of the TSX Venture Exchange
Geological, geochemical and geophysical (MAG and IP) surveys will be performed in the coming weeks on the property. Trenching and drilling of the most attractive mineralized zones will be carried out in September.
“Historically, the most efficient way to find a mine has been to explore beside an existing mine” stated Guy Goulet, President and CEO of 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.
For further information on Maya visit www.mayagoldsilver.com or contact:
Maya Gold & Silver Inc.:
President & Chief Executive Officer
T: 450-435-0700 ext. 204
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.
Except for statements of historical fact, all statements in this news release, including without limitation, new project acquisitions, future plans and objectives, are forward-looking statements that 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.