Maya Gold & Silver Completes Private Placement

Montreal, Quebec, September 3, 2010 – Maya Gold & Silver (TSX-V: MYA) (“MAYA” or the “Company”) (TSX-V: MYA) announced today that it has closed the non-brokered private placement (the “Private Placement”) previously announced on August 18, 2010. The Company has raised $500,000 through the issuance of 2,000,000 units at a price of $0.25 per unit. 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 $0.35 per Common Share during 18 months following the closing. The warrants are 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 $0.60, the Company shall have the right to force conversion of the Warrants, failing which the Warrants will expire.

As part of the private placement, Mr. John Booth, a director of the Company, subscribed for a total consideration of $125,000 and purchased 500,000 units in the Company and Mr. Noureddine Mokaddem, the Vice-President and COO of Maya, subscribed for $100,000 and purchased 400,000 units.

After completion of the private placement, Mr. John Booth, holds 942,045 common shares, 508,522 common share purchase warrants and 100,00 options and Mr. Noureddine Mokaddem holds 800,000 Common Shares, 800,000 warrants and 450,000 options.

The participation of such subscribers in the Offering constitutes a “related party transaction” under Multilateral Instrument 61-101 (“MI 61-101”), but Maya was exempt from both the formal valuation and minority shareholder approval requirements of MI 61-101 in connection with the Offering as neither the fair market value of the securities issued, nor the consideration for such securities, in so far as it involves interested parties, exceeded 25% of Maya’s market capitalization as calculated pursuant to MI 61-101.

All securities issued under the private placement are subject to a four-month hold period. After taking into consideration this private placement, the Company has a total of 35,130,596 common shares issued and outstanding.

The net proceeds will be used to pursue drilling in the vicinity of the Tiqlit anomaly, where an intersection of 7.05 g/t of gold over 8.0 metres was intersected within a 20-metre wide zone averaging 3.02 g/t Au in diamond drill hole A3 and for the working capital.

ABOUT MAYA

Maya Gold & Silver Inc. is a Canadian Mining Company that focuses on the exploration and development of gold and silver deposits. 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
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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