Maya Gold & Silver Announces Non-Brokered Private Placement CAD 7.5M and CAD 8.0M Debt Financing to Re-Start Zgounder Silver Mine in Morocco

MONTREAL, QUEBEC -- (Marketwire) -- 06/19/12 -- Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE: MYA) announced today its intention to complete a non-brokered private placement of up to 30,000,000 units (the "Units") at a price of CAD 0.25 per Unit for aggregate gross proceeds to the Corporation of up to CAD 7,500,000 (the "Private Placement"). Each Unit will consist of one common share in the capital of the Corporation (a "Common Share") and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder thereof to purchase one additional Common Share at a price of CAD 0.35 per Common Share for a period of 24 months from the closing of the Private Placement.

The Private Placement is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.

The Corporation also announced its intention to complete a non-brokered debt financing for aggregate gross proceeds to the Corporation of up to CAD 8,000,000 (the "Debt Financing"). The terms and conditions of the Debt Financing remain to be negotiated with the proposed lenders.

The Corporation intends to use the net proceeds of the Private Placement and the Debt Financing for the re-commissioning and further development of the Zgounder silver mine and the adjacent mineral deposit, in Morocco.

Subsequent to year end, the Corporation had previously completed CAD 4,770,000 of financing to support its pipeline of projects in Morocco.

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".

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.

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.

Contacts:

Maya Gold & Silver Inc.

Guy Goulet

President and Chief Executive Officer

450-435-0700 ext. 204
ggoulet@mayagoldsilver.com
www.mayagoldsilver.com