Maya Gold & Silver Reports 2014 Production and Provides 2015 Outlook

Maya Gold & Silver Inc.TSXV: MYA) reports its operational update on the Zgounder Silver Mine for the period of August 2014 to February 28th 2015 and provides outlook for 2015.

Intensive rainfalls and adverse cold weather have continued to affect the operation and chain of supplies in December 2014 and January 2015. Despite adverse conditions Zgounder Millenium Silver Mining (“ZMSM”) produced 512 kilos of silver ingots in December 2014 and 482 kilos in January 2015 while the more gentle weather in February contributed to improve production for a total pour of 783 kilos of silver ingots.

2014 Full Year Highlights
- July commencement of commissioning activities at the Zgounder;
- First silver pour on August 28th 2014;
- 3,746 kg of silver ingots produced from a total 20,665(*) tonnes at an average of 278(*) g/t Ag between August and December 2014, part of the ramp-up activities;
- Processing rates tonnes per day ranging from 50 to 188;
- 3,410 kg ingots were shipped to refiner in Switzerland for 3,331 kg fine silver 99.9% (107,102 ounces paid);
- Since the beginning of the start-up, the mill processed a total of 20,665(*) tonnes from a combination of mineralized material (mucking broken ore left in the stopes at level 2015 & 2035 by previous operator, blasting at level 2000 Corps D and from “ancient stockpile”);
ZMSM has achieved a declared production of 108,570 ounces in 3,140.310 kg ingots shipped for the payment of 107,102 ounces of pure silver 99.9% in its first start-up period. The average head grade was 278*g/t Ag and the mill recoveries* ranges from 57% to 84%.
*Note: approximation as uncertainty attached to November balance mechanical problems for tonnage and grade metal balance.
The table presents the details of the lots shipped, official production and refiner reception date with ounces paid.

ZMSM

Declared Shipping

Declared

Ag Weight Declared

Oz declared

Grams

% Ag

Grams

Ounces

Lot 1 – 2014

234,500

99.5

233,328

7,502

Lot 2 – 2014

1,010,000

99.6

1,005,960

32,342

Lot 3 – 2014

620,000

99.6

617,520

19,854

Lot 4 – 2014

325,520

99.6

324,218

10,424

Lot 5 – 2014

849,170

98.0

832,187

26,755

Lot 6 – 2014

371,120

98.0

363,698

11,693

Total

3,410,310

99.0

3,376,910

108,570

Table of declared Ingots shipping

MKS

Date Received

Weight
Received

Weight
after Melt

Fusion
Lost

Silver
Weight

Finess

Before
Refining

Final Weight
rec. 99.9

Melted
lost

Oz paid

Grams

Grams

Grams

Grams

Ounces

Grams

Grams

 

09/14/2014

231,723

230,830

894

223,212

0.967

7,176

222,989

223

7,169

6/10/2014

1,010,784

1,004,042

6,742

995,336

0.991

32,001

994,340

995

31,969

4/11/2014

625,971

621,759

4,213

617,093

0.992

19,840

616,475

618

19,820

18/11/2014

325,545

324,684

861

319,489

0.984

10,272

319,170

319

10,262

28/11/2014

845,476

841,834

3,642

821,646

0.976

26,417

820,825

822

26,390

29/12/2014

370,442

368,892

1,550

357,825

0.970

11,504

357,467

358

11,493

 Total

3,409,942

3,392,040

17,902

3,334,601

0.983

107,210

3,331,266

3,335

107,103

 Table of Ingots reception, weight, fineness and Ounces paid by refiner

ZMSM

Declared Shipping

Declared

Ag Weight Declared

Oz declared

Grams

% Ag

Grams

Ounces

Lot 1 – 2015

337,670

98.00

330,917

10,639

Lot 2 – 2015

482,350

98.00

472,703

15,198

Total

820,020

98.00

803,620

25,837

Table of declared Ingots shipping

 

MKS

Date
Received

Weight
Received

Weight
after Melt

Fusion Lost

Silver Weight

Finess

Before
Refining

Final Weight
rec. 99.9

Melted
lost

Oz paid

Grams

Grams

Grams

Grams

Ounces

Grams

Grams

 

12/01/2015

336,584

335,332

1,251

326,949

0.98

10,512

326,622

327

10,501

6/02/2015

480,416

476,478

3,938

464,804

0.98

14,944

464,340

465

14,929

816,999

811,810

5,189

791,753

0.98

25,455

790,962

792

25,430

Table of Ingots reception, weight, fineness and Ounces paid by refiner

 

The Corporation had given a production guidance of 570,000 ounces of silver for 2015 and total cash costs of between $11.50 and $12.38 per ounce Ag to be reported after commercial production is declared. The Company expects to increase its mill recovery once it reaches commercial production during the third quarter.

Maya will send professional QPs on-site during the second quarter of 2015 to carry out the Resources, Mine and Mill independent audit.

Underground development

Since the beginning of January 2015, ZMSM
- has started underground works including the widening of the entirety of the main level (2000) on approximately 760 meters,
- has pursued YAK drilling for the planning of mining production,
- has started preliminary works (including digging of an 9 square meters aeration drift) in order to mine the “D” Body in a near future,
- has completed intensive wall sampling campaign.

A portion of the daily mineralized material processed comes from this underground development.

Flotation tests
Besides, laboratory teams are presently pursuing flotation test works to validate and optimize a process to eventually introduce flotation cells into the actual processing plant as to largely increase processing capacity. Results will be published in a near future.

Qualified Persons
The technical content of this news release has been provided by Zgounder Millenium Silver Mining and has been reviewed and approved by Claude Duplessis from Goldminds Geoservices: independent Qualified Person under NI 43-101 standards.

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. Maya is initiating mining and milling operations at its Zgounder Mine. Zgounder Millenium Silver Mining (“ZMSM”), the 85% owned joint venture with l’Office National des Hydrocarbures et des Mines (“ONHYM”) of the Kingdom of Morocco (15%).
For further information on Maya, visit www.mayagoldsilver.com or contact:

Maya Gold & Silver Inc.:
Guy Goulet
Chief Executive Officer
T: 450-435-0700 ext. 204
ggoulet@mayagoldsilver.com
Nathalie Dion
Investor Relations
T: 450-435-0700 ext. 202
ndion@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 information

Zgounder Silver Mine
The decision to commence production at the Zgounder Silver Mine was not based on a feasibility study of mineral reserves demonstrating economic and technical viability, but rather on a pre-feasibility study. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with this production decision. Production and economic variables may vary considerably, due to the absence of a complete and detailed site analysis according to and in accordance with NI 43-101.
Forward-looking statements
This news release contains statements about our future business and planned activities. These are “forward-looking” because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, and believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.




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