Maya Gold & Silver Provides an Update on its Drilling Program at the Zgounder Silver Mine With First Results of 1098 g/t Ag Over 10

BLAINVILLE, QUEBEC--(Marketwired - Jun 11, 2015) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) is pleased to announce a progress update on its 2015 spring diamond drill program at its Zgounder Silver Mine in Morocco.

As announced on April 21, 2015, the Corporation began a 6,000 meter drill program and to date 10 of the 16 planned HQ diameter holes have been completed. Two diamond drills are being used in the drill program.

The objectives of the surface drilling program are threefold:

• Validate the hypothesis that widespread mineralization occurs across the known deposit,
• Explore lateral extension of the known deposit to the North and to the East,
• Explore possible extensions to the known deposit at depth.

The first batch of samples from the drill program are being shipped to ALS Laboratory in Seville, Spain and analytical work should begin immediately. Native silver has been observed in seven of the holes drilled to date and the silver mineralization is typically associated with zinc & lead minerals.

During his recent visit to the site, the QP Claude Duplessis P.Eng. selected 42 individual one-metre samples from four different zones in three different drill holes which were taken for independent sampling. A ten metre sample from drill hole #12, aimed to evaluate a sub-parallel mineralized trend north of the main Zgounder zone in the central portion of deposit area, was selected as a high priority sample by the QP for Maya. This sample was collected from 31.3m to 41.3m depth in hole #12. The true width of the mineralized intersection is believed to be 80 percent of the 10 meters core length. The selected samples may not represent the whole mineralized package. The GoldMinds independent assay prepared and analysed by fire assay at Bourlamaque Laboratory in Val d'Or has returned an average of 1098 g/t as shown in table below. This hole was collared in the valley going northward and has probably intersected extension to the East of the North body.

"This is a very exciting result for Maya at the beginning of this drilling campaign. Up until now no systematic large scale drilling campaign has ever been performed on the property and this initial result brings a new perspective and insight to the Zgounder Mine" said Guy Goulet CEO of Maya.

Information obtained from the newly drilled holes, indicate that the mineralized package at Zgounder could have an interpreted strike length of approximately one km east-west with a horizontal width varying from 50 to 200 meters and a vertical height of between 200 to 300 meters.

Note: Ag⁽¹⁾ Average Fire Assay results by Bourlamaque Laboratory

An extensive QA/QC program was carried out at Bourlamaque Laboratory of Val d'Or, the equipment that was being used was cleaned with barren quartz after each sample preparation. As part of the analytical process blanks and standards were inserted at the beginning and at the end of the batch. Standard and blanks were in line with expected values and allow the disclosure of the above results for Ag⁽¹⁾. The official assay results of the company sampling program with QA/QC procedures at an independent laboratory of ALS in Spain will be released as soon as received and will be compared.

Exploration Western Hill

Mapping and sampling on a regular grid over an area of approximately 200m x 200m has yielded interesting results with rock chip assays grading up to 350 g/t Ag. The Western Hill mapping and sampling program continues. Two initial holes are scheduled to be drilled from the Oued (river) to the North. No drilling nor exploration has been performed in this area in the past. The Company now has a much better understanding of the main regional structures and is now looking to test the theory of whether two significant dextral faults could have shifted the favorable stratigraphy west of the main Zgounder trend.

(Figure 1 - click on the following link to view the Overview of the Zgounder Property :
http://mayagoldsilver.com/wp-content/images/Overview_Zgounder_Property.pdf)

The technical content of this news release has been prepared and reviewed by Claude Duplessis P.Eng. Geological Engineer from GoldMinds Geoservices Inc, independent Qualified Person under NI 43-101 standards.

ABOUT MAYA

Maya Gold & Silver Inc. is a Canadian publicly 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 owned by Zgounder Millenium Silver Mining ("ZMSM"), a Maya 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

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

Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Maya, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.

Contact

Maya Gold & Silver Inc.
Guy Goulet
Chief Executive Officer
450-435-0700 ext. 204
ggoulet@mayagoldsilver.com