Maya Gold & Silver Announces More Underground Drilling Results at the Zgounder Silver Mine in Morocco Including 631g/t Ag Over 7.2 Meters

BLAINVILLE, QUEBEC--(Marketwired - Jan 9, 2014) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) is pleased to announce positive assay results from the last eight drill holes at the Zgounder Silver Mine in Morocco. These underground holes were drilled to support work on a 43-101 resource estimate and confirm the reported result of Hole ZP13_2035E_001, which intersected 1,494 g/t Ag over 18.6 meters (including 4,074g /t Ag over 6 meters).

Highlights include ZP13_2000N_07 which returned 631g/t Ag over 7.2 meters and Hole ZP13_2035E_001bis, which intersected 379.5 g/t Ag over 6 meters including 526.7 g/t Ag over 3.6 meters.

Hole ZP13_2035E_001bis was drilled 15 degrees down but was stopped at 10.8 meters due to mechanical problems and was still in a mineralization zone. This hole's results support the previous report on Hole ZP13_2035E-001 reported on October 31, 2013.

The other seven holes which include ZP13_2000N_07 were drilled in the north sector of Maya's property in order to test the potential continuation of nearby previous mined zones in unexplored area and returned positive results. "The step out drilling confirms our thoughts on the potential extensions to the East and the North of the known resources and will lead us to specific targets when surface drill should start" mentioned Guy Goulet, CEO.

A field XRF was used at Zgounder site under the supervision of GoldMinds Geoservices Inc to analyse a split of the cuttings as a guide for interactive drilling program. Holes having reached their targets and associated samples showing mineralization by XRF were sent to ALS laboratory in Canada for analysis by Fire assay with gravimetric finish.

The table below highlights the results of the eight assay results received.

* Silver by Fire Assay from ALS

No significant value for holes ZP13_2000N_006 and ZP13_2000N_013

These assays results are the last to be required for the completion of the initial NI 43-101 mineral resources estimation on the Corporation's Zgounder Silver Mine. Most of the holes were drilled perpendicular to mineralized zone or crossing the mineralized structures junctions, hence presumed to be close to true thickness of the mineralized zones. There was no capping of silver.

Maya expects to complete and release 43-101 resources estimate in January 2014.

QA/QC program including blanks and insertion of standards in addition to field duplicates has been done and allow the disclosure of the results.

The technical content of this news release has been reviewed by Claude Duplessis Eng. Geological Engineer from GoldMinds Geoservices Inc, independent Qualified Persons 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. The Corporation's shares trade on the TSX Venture Exchange under the symbol "MYA".

For further information on Maya visit www.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 statements

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.