Maya Gold & Silver Closes First Tranche of Private Placement

Montreal, Quebec, February 24, 2011 – Maya Gold & Silver (TSX-V: MYA) (“MAYA” or the “Company”) (TSX-V: MYA) reports that it has closed a first tranche of a previously announced $3.0 million non-brokered private placement through the sale of 2,764,444 units at $0.45 each for gross proceeds of $1,244,900.

DEach 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 until March 5, 2013. The Warrants will be subject to an acceleration clause such that, in the event that the volume weighted average 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 accelerate the expiry date of the Warrants, failing which the Warrants will expire. The proceeds will be mainly used for initial payments and completion of work related to the acquisition of various mining projects in Morocco and general corporate working capital purposes.

All securities issued pursuant to the private placement are subject to a 4-month hold period ending July 5, 2011.

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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