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Maya Gold & Silver: Acquires 100% of the Interests of the Amizmiz Property
Montreal, Quebec, August 18, 2010 – MAYA GOLD & SILVER (TSX-V: MYA) (“MAYA” or the “Company”) (TSX-V: MYA) wishes to announce it has concluded an agreement for the acquisition of 100% of the interests in the Amizmiz project.
Recently, the Company had announced significant gold results from diamond drilling on its Amizmiz property in Morocco which included an intersection of 7.05 g/t Au over 8.0 metres within a 20-metre wide zone averaging 3.02 g/t Au in diamond drill hole A3. This hole is collared directly in the “Heart” of the 1.45 km by 250-metre wide combined Induced Polarization and potassium radiometric anomalies, currently named the Tiqlit anomaly (see news release of July 27, 2010).
MAYA and Société d’Exploration Géologique des Minéraux (SEGM), the actual owner of the five permits which cover an area of 80 square-kilometre Amizmiz property, were to move into a joint venture (MAYA 70% and SEGM 30%), following cash payment (or cash equivalent in common shares) by MAYA of $CA1.2 million and exploration expense works of $CA3.8 million within a four-year period. As of today, MAYA has completed cash payment worth of $CA0.5 million and carried out exploration works for the equivalent of $CA2.8 million and earn a cumulative 30% interests in the property. Respective cash payments (or cash equivalent in common shares of MAYA) of $CA300,000 and $CA400,000 were to be paid on March 20, 2011 and 2012.
SEGM has agreed to transfer all its interests in the property to MAYA against issuance of 1,555,555 common shares of MAYA upon acceptance of the TSX Venture Exchange which corresponds to the equivalent of the remaining cash payment ($CA700,000) at $CA0.45 per share. SEGM will retain a 2.5% NSR on the actual five permits and any additional properties which could eventually be acquired by MAYA within an 8-kilometre diameter as stipulated in the original agreement. The retrocession of the permits should also be submitted for approval to the « Ministère Marocain de l’Énergie et des Mines ».
Michel Jébrak, Ph.D., professor of Earth Sciences at Université du Quebec a Montreal and also specialized in Moroccan geology, visited the property in July 2008 was back on the property last week, management is expecting his field report shortly. As reported in the July 27th, 2010 press release, the gold mineralization is both hosted in a pyrite-pyrrhotine silicified black shales and in limestone of middle Cambrian age. This large distribution of gold recall world-size gold districts such as the Carlin-type deposits of Nevada and several “Intrusion-related Gold Deposits/Black shale-hosted Gold Deposits” including Muruntau (Uzbekistan), Morro do Ouro (Brazil) and Maiskoye (Russia).
Drill holes are being performed with the objective of testing the extension of this gold intersection and assay results are pending.
Mr. Luc Lamarche, P. Geo, is the Company’s Qualified Person for the Amizmiz project and has reviewed the content of this release.
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.
This release may contain forward-looking statements including management’s assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.