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Maya Gold & Silver Files NI43-101 on Historical Resources at Zgounder Launches New Website
MONTREAL, QUEBEC, August, 2012 – Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX VENTURE:MYA) is pleased to announce the launch of its new corporate website and has filed with the Canadian securities regulators, a NI43-101 Technical Report dated July 16, 2012 the “Report” to support the historical mineral resources set in 2004 at 869,650 t of silver mineralization grading 405.4 g/t Ag – (11.3M ounces) at the Zgounder deposit.
The report entitled: “The Zgounder Silver Deposit Taroudant Province, Kingdom of Morocco, July 16, 2012″ was prepared by Michel Boily, PhD., P.Geo from Geon Ltd., independent Qualified Person under NI43-101 standards. The complete report can be found on SEDAR at www.sedar.com and Maya’s new website at www.mayagoldsilver.com.
The report provides an overview of the Zgounder Deposit:
– Historical mineral resources set in 2004 at 869,650 t of silver mineralization grading 405.4 g/t Ag – (11.3M ounces) (i)
– The objective of Maya is to confirm and expand the historical resources by systematic surface and underground drilling
– Zgounder mine represents an attractive investment for a junior mining company ready to exploit a medium-sized deposit in a relatively short time span
– Mining installations included a cyanidation plant with a 300 t/day capacity, a chemical analytical laboratory, a crusher plant with a capacity of 300 t/h, a compressor station, an electrical power station and a machine shop
– Preliminary validation of the historical silver assay values was carried out on drill core and on adit wall faces. The new silver concentrations obtained from the ancient cores are similar to the historical assay values. Moreover, the adit chip samples display values which are 2 to 15 x higher than the historical concentrations
(i) This historical mineral resources is provided in a document produced in 2004 by Compagnie Miniere de Touissit (CMT) and recently acquired by Maya. The historical mineral resources are higher to those previously stated by Maya in a press release dated September 11, 2011 (“Maya Gold and Silver acquires the Zgounder silver mine in Morocco”). The historical mineral resources established by CMT were based on methods of calculation defined in the report. According to Michel Boily these resources represent the best estimate produced to date. These resources were determined in several ways : 1) by the mined silver ore and the calculated mineral resources from the ancient residues, 2) using segments or pillars distanced by 12.5 m vertically and identified at each level by drilling or adit excavation separated by 10 to 12.5 m, 3) by pillars limited by two mining levels separated vertically by 25 m, with the identification of an intermediate zone by drilling raises connecting the two levels, 4) by pillars and zones found on two different levels vertically separated by 25 m without any intermediary data or mineralized pillars determined by new adits or drilling with a 12.5 m vertical zone of influence, 5) by pillars delimited by isolated drill holes with a 12.5 to 25 m vertical zone of influence and 6) by zones defined on one level and projected vertically for 100 m. The historical estimates will need to be validated trough a mix of underground and surface drilling and face sampling of non-flooded adit levels. Michel Boily believes that eventually the silver resources could be substantially increased by a more systematic approach at drilling and by a better knowledge of the structural make-up of the host rocks and mechanism of sulphide and native silver mineralization.
Maya is not treating the historical estimate as current mineral resources or mineral reserves.
The historical resources estimates mentioned in this press release are for historical purposes only and are not compliant with CIM definition standards for Mineral Resources and Mineral Reserves, as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI43-101″). The historical resource estimates were prepared prior to the implementation of NI43-101 and use terminology not compliant with current reporting standards. Maya has not made any attempt to re-classify the estimates according to current NI43-101 standards of disclosure or the CIM definitions and is not treating the estimate as current mineral resources or mineral reserves as defined in NI43-101. Historical estimates should not be relied upon. Investors are cautioned that “geological resources” are considered conceptual in nature and there is no guarantee that historic “geological resources” will be able to be converted into NI43-101 compliant resource categories or demonstrate economic viability.
Besides, Maya welcomes investors to visit our website at www.mayagoldsilver.com. The website has been designed to provide a comprehensive overview of its property portfolio and information on Maya’s financial and management structure. Shareholders and future investors are encouraged to sign up for email notification and distribution of future news releases.
Maya’s new corporate website includes major upgrades in content, functionality and format, including:
1. Increased transparency
2. Technical and geological information of all properties
3. Shareholder communications
The technical content of this news release has been reviewed by Michel Boily, PhD., P.Geo from Geon Ltd, independent Qualified Persons under N 43-101 standards.
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”.
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.
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.
Maya Gold & Silver Inc.
President and Chief Executive Officer
450-435-0700 ext. 204