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Maya Gold & Silver Inc.: Options gold property in Morocco
March 31, 2009, Montréal (Québec) ‑ Maya Gold & Silver Inc (TSX-V: MYA) (“MAYA” or “the Company”) is pleased to announce that it has finalized an agreement with Société d’Exploration Géologique des Métaux (“SEGM”), a Moroccan private company (the “Agreement”) to earn a 60% interest in their AIT Bou-Haddou gold property (“ABH”) in Morocco.
Under the Agreement MAYA can earn a 60% interest in the property from SEGM by issuing 1,000,000 Maya common shares, making periodic payments over 4 years totalling $1,250,000 in cash or in shares and by spending $3,800,000 in exploration and development on the property. The Company intends to increase its interest to 70% in the property, by acquiring a further 10% interest from a private company.
The closing of the acquisition is subject to the approval of the TSX Venture Exchange.
The ABH gold property covers 80 sq-km, located about 60 km south of Marrakech, Morocco and is easily accessible by paved roads. Historical gold resources are reported on the ABH project where more than 50 gold occurrences have been recorded and partially worked from surface and at depth by underground work and/or diamond drilling. Four types of mineralization are documented:
* T-Zone with gold associated to shear zones in chlorite-quartz schists;
* J-Zone corresponding to a stockwerk in a folded horizon of sericite schists;
* AZ Zone, long stratabound layers of what appears to be a deposition of black smoker ashes on a carbonated sea floor;
* Mineralized rhyodacite lava flows and tufs.
Approximately $2,250,000 has been invested in exploration and development on the property. The previous work includes metallurgical tests on three zones (AZ, T and J) with excellent results for gold recovery (up to 96.6%).
A technical report prepared by John D. Charlton, P. Geo was filed on March 31, 2009 by the Company (www.sedar.com) to qualify the gold resources under NI 43-101. The report recommended an exploration program including 17,000 meters of core and RC drilling at a cost of approximately $2,500,000. This program will start shortly.
Maya also announces the appointment of Christian Derosier, P.Geo., as Vice-President Exploration of the Company. Mr. Derosier obtained a B.Sc. and a Ph.D. in geology. He has over 40 years mining exploration experience worldwide with his last two years working mainly on the ABH property. The technical content of this news release has been approved by Mr. Derosier, a Qualified Person as defined in NI 43-101
In addition, MAYA has granted 300,000 options, at an exercise price acceptable by the TSX Venture Exchange, to be vested over a period of 12 months to two individuals for marketing purposes in Canada and Europe.
Maya is a Canadian exploration mining company focused on precious metals. The Company owns the Baluarte gold and silver project in the State of Sinaloa, in northern Mexico and an option on the Aït Bou-Haddou in Morocco. The Company trades on the TSX Venture Exchange under the symbol “MYA”.
Maya Gold & Silver Inc.
Chairman and Chief Executive Officer
rgdigger [at] hotmail.com
Maya Gold & Silver Inc.