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Maya Gold & Silver: Signs agreements in principle for mining projects in Morocco
Montreal, Quebec, December 9, 2010 – Maya Gold & Silver (TSX-V: MYA) (“MAYA” or the “Company”) (TSX-V: MYA) is pleased to announce that it has reached agreements in principle regarding the possible acquisition of five gold, silver and polymetallic projects in Morocco, upon completion of due diligences, approvals of the TSX Venture Exchange and of the Board of Directors of the Company. All agreements in principle will expire on February 28, 2011.
In June 2010, according to its growth strategy, the Board of Directors mandated management of the Company to indentify and acquire near-term producing properties more specifically in Morocco. Among all properties identified, agreements have been signed on five of them, two being former producing mines, while others are advanced exploration gold, silver and polymetallic projects.
The Company is putting together a multidisciplinary team formed of Canadian and Moroccan experts to complete due diligence on the subject properties. The first visit is scheduled from January 10 to 31. The team will be under the authority of a Development Committee formed by Mr. Réjean Gosselin and Mr. Mackenzie I. Watson who will be supported by Collison and Associates Geoscience Consulting, an independent Toronto based firm.
Mr Gosselin graduated from Laval University in 1979 with an MSc in geology. He has worked as a consulting geologist on uranium, gold and base metals mining exploration projects in Canada, United States, Mexico and South America for the past 35 years.
Mr Watson has over 50 years experience in the exploration, development, and mining industry in Canada, and has been involved in the discovery of numerous mineral deposits in Canada. He is currently honorary chairman of the board of Quest Rare Minerals. He was recently awarded the prospector of the year award in 2010 by Prospectors & Developers Association of Canada. Mr Watson was also awarded Canada’s prospector of the year award in 1991 and the Quebec prospector of the year in 1992.
Mining in Morocco:
The country has favourable legislation and taxation environment including:
- 5-year tax free for miners exporting their products,
- 50% tax reduction after 5 years,
- and state contribution on implementation of new infrastructures
In addition, Morocco has seen little mining exploration/exploitation by foreign companies more specifically Canadian companies.
Maya Gold & Silver Inc. is a Canadian Mining Company, listed on the TSX Venture Exchange 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.:
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.
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.