Maya Gold & Silver Closes $2,520,000 Private Placement and $700,000 Debenture Financing

Montreal, Quebec, November 17, 2011 – Maya Gold & Silver Inc. (“Maya” or the “Corporation) (TSXV: MYA) is pleased to announce the amendment to and the closing of the non-brokered private placement previously announced by news release dated October 14, 2011 (the “Private Placement”).

Under the terms of the Private Placement, Maya issued units (the “Units”) at a price of $70,000 per Unit, for total gross proceeds of $2,520,000. Each Unit consisted of 300,000 common shares in the share capital of Maya (the “Common Shares”) and 150,000 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder thereof to purchase one additional Common Share at an exercise price of $0.70 per Common Share, at any time on or before 5:00 p.m. (Montreal Time) on December 31, 2013. The securities issued under the Private Placement are subject to a four-month hold period, expiring March 16, 2011. Certain directors, officers and insiders of the Corporation have subscribed for a total of 2 Units, representing 0.55 % of Units issued pursuant to the Private Placement.

As previously announced, the Warrants will be subject to an accelerated expiry if, following the hold period of four months and one day, the weighted average trading price (as such term is defined in the TSX Venture Exchange Policies) of the Common Shares is equal to or greater than $1.00 for any 20 consecutive trading days. In that event, the holder will be given notice that the Warrants will expire within 30 days following the date of such notice. The Warrants may be exercised by the holder during the 30-day period between the notice and the accelerated expiry date of the Warrants../p>

In connection with the Private Placement, finders’ fees totaling $111,300 were paid by Maya to arm’s length parties. The finders were also issued 180,000 broker’s warrants, at an exercise price of $0.35 per Common Share, at any time on or before 5:00 p.m. (Montreal Time) on December 31, 2013.

The Corporation is also pleased to announce that it has completed a financing of non-convertible debentures (the “Debentures”) in the principal amount of $700,000 (the “Debenture Financing”). The Debentures will mature on December 31, 2013.

The net proceeds of the Private Placement and the Debenture Financing will be used to fulfill initial commitments with regards to the acquisition of the Zgounder silver Mine and other projects of the Corporation in Morocco, and for general corporate working capital.

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

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

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.




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