Maya Gold and Silver Acquire 4 mining project and proceed with $3 million financing

Montreal, Quebec, February 24, 2011 – Maya Gold & Silver (TSX-V: MYA) (“MAYA” or the “Company”) (TSX-V: MYA) the Directors of Maya Gold and Silver are pleased to announce that, following review of due-diligence reports received from two mining consulting firms SGS Canada Inc. and Collison and Associates Geoscience Consulting, mandated to conduct due-diligence as previously announced on January 12th, 2011, a development and technical sub-committee (the “Development Committee”) of the Board recommended the Board of Directors to proceed with the finalization for the acquisitions of 4 mining projects in Morocco upon terms which were negotiated on December 1st, 2010. The Development Committee was also requested to commence complementary due-diligence on two further targeted mining properties.

Details of the properties and conditions of acquisitions will be released once final agreements are executed and conditions precedents have been completed.

Concurrently, Maya announces a private placement of 6,666,667 units (the “Units”) at a price of $0.45 each for gross proceeds of $3,000,000. Each Unit consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.70 for a period of 24 months following the closing. The Warrants will be subject to an acceleration clause such that, in the event that the closing price of the Common Shares for any 20 consecutive day trading period is equal to or greater than $1.00, the Company shall have the right to force conversion of the Warrants, failing which the Warrants will expire. The proceeds of this financing will be mainly used for initial payments and completion of work related to the aforementioned acquisitions and general corporate working capital purposes.

The private placement is subject to regulatory approvals, including final approval by the TSX Venture Exchange. All securities issued pursuant to the private placement are subject to a 4-month hold period. After taking into consideration this private placement, the Company will have 47,322,100 common shares issued and outstanding

ABOUT 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.:

Guy Goulet
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.

Forward-looking statements
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.




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