Maya Gold & Silver Announces Closing CAD 500,000 Convertible Debenture

MONTRÉAL, QUÉBEC- July 10, 2013 – Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX VENTURE:MYA) announces that it has closed a non-brokered private placement of CAD 500,000 principal amount of 7.5% unsecured convertible debenture (the “Debenture”) at a price of CAD 1,000 per CAD 1,000 principal amount of Debenture (the “Private Placement”) maturing on June 27, 2015 (the “Maturity Date”). The principal amount of the Debenture and accrued interest will be payable on Maturity Date.

The Debenture is convertible into common shares of Maya (the “Common Shares”) at the option of the holder at any time prior to the Maturity Date, at a conversion price equal to CAD 0.35 per Common Share. On conversion, the Holder will receive accrued interest on the Debenture from the date of issue of the Debenture up to and including the last day prior to conversion.

Forced conversion of the Debenture into Common Shares will occur, at a conversion price of CAD 0.35 per Common Share, if, at any time, the weighted average trading price of the common shares of the Corporation listed on the TSX Venture Exchange is equal to or above CAD 0.75 per share for a period of 20 consecutive trading days.

The Private Placement is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The Debenture and the underlying securities, as applicable, will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities legislation. The Corporation intends to use the net proceeds of the Private Placement for the re-commissioning and further development of the Zgounder silver mine in Morocco and general corporate working capital purposes.

Option Grant
The Corporation further announces, that the Board of Directors granted a total of 200,000 options to purchase Common Shares to one director. All options have an exercise price of CAD 0.35 per Common Share and an exercise period of five years.

ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. The Corporation’s shares trade on the TSX Venture Exchange under the symbol “MYA”.

For further information on Maya visit www.mayagoldsilver.com.

Neither 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 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.

Contact Information
Maya Gold & Silver Inc.
Guy Goulet
Chief Executive Officer
450-435-0700 ext. 204
Email: ggoulet@mayagoldsilver.com




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