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Maya Gold & Silver: Start due diligence on six projects in Morocco
Montreal, Quebec, Janaury 12, 2011 – Maya Gold & Silver (TSX-V: MYA) (“MAYA” or the “Company”) (TSX-V: MYA) is pleased to announce that an experienced Due Diligence Team (“Team”) for the potential acquisitions, has been assembled and will undertake the onsite visit on six properties tomorrow. As previously announced, Maya signed five agreements in principle regarding possible acquisition of six projects in Morocco (see press release of December 9, 2010). The due diligence is an essential part of the Company’s acquisition process.
The team will be under the authority of Maya Development Committee (“Commitee”) 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. In December, the Committee has assembled a highly qualified expert team and has also retained SGS Geostat Canada Inc., part of SGS Minerals Services to provide technical expertise. The multidisciplinary team will provide evaluation reports to the Committee in determining whether transactions should be completed.
The team consists of the following consulting firms and individuals all Qualified Person under NI43-101:
SGS Minerals Services is the market leader in bankable metallurgical testing and process control. They provide exploration, mineral processing, hydrometallurgical, mineralogical, in-plant consulting/optimization, technical reports (43-101 & JORC), outsourcing and environmental services to the global mining community. SGS is certified to the ISO/IEC 17025 standard for specific analytical, environmental and diamond tests, and provide data that stands up to legal and financial scrutiny.
Collison and Associates Geoscience Consulting is an independent Toronto-based consulting firm providing management consulting and technical expertise to the mining industry and global investors.
Mr. Michael Collison, P.Geo. is the Principal Consultant at Collison and Associates Geoscience Consulting. Mr. Collison has over 20 years experience in all facets of the mining industry from grassroots exploration through mine development to production and closure. Mr. Collison has a Master of Science (Geology) degree from the University of Western Ontario, an MBA from Queen’s University, and is a member of the Association of Professional Geoscientists of Ontario.
Mr. Jean Laforest P.Eng. will be responsible for supervising on-site data collection and sampling. Mr. Laforest has over 20 years experience in mineral exploration for various commodities on all five continents for both major and junior companies. He is a graduate in Geological Engineering from Laval University, and is a member of the Ordre des Ingénieurs du Québec.
Mr. André Ciesielski, DSc., P.Geo. a highly experienced structural geologist with more than 30 years of experience. Mr. Ciesielski was involved in all phases of mining exploration mainly for silver, gold, base metals and uranium and held senior exploration and management positions with multinational companies and junior mining companies.
Mr. Normand Goulet, Ph.D., P.Geo., is a professor of the Earth Sciences at Université du Quebéc à Montréal and has over 30 years experience as leader of geological teams for the Minister of Natural Resources of Québec, Geological Survey of Canada, mining companies in Canada or overseas (Western Africa, Maghreb, South and North America, Europe, Australia, Asia) or as geologist in charge of projects of research or as consultant.
The team will be assisted by Moroccan experts to complete due diligence activities and will remain onsite for a two week period and after which more information will be released as details become available.
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.:
President & Chief Executive Officer
T: 450-435-0700 ext. 204
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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.