Maya Gold & Silver Welcomes Eric Swenden to its Advisory Board

MONTREAL, QUEBEC -- (Marketwire) -- 10/16/12 -- Maya Gold & Silver (TSX VENTURE: MYA) ("MAYA" or the "Company") is pleased to announce that Mr Eric Swenden, former CEO and Chairman of Vandemoortele Food Group (Belgium), has accepted Maya's invitation to become a member of its Advisory Board.

Mr Swenden, who holds a Master's degree in Commercial Sciences from the University of Antwerp, has had a long and successful career in finance and company management. He has held various senior positions in companies including Vandemoortele Food Group, General Bank (Fortis) and Besix. He is currently serving as Member of the Board of Directors for various companies, including: Lifeline Scientific, Uteron Pharma SA and Redhill Biopharma.

Guy Goulet, Maya's President and CEO said: "We are delighted to have Mr Swenden join our Advisory Board. His extensive knowledge in business development along with his presence and reputation in the financial community worldwide shall be a major asset in the future growth of the Company".

ABOUT MAYA

Maya Gold & Silver Inc. is a Canadian Mining Company, listed on the TSX Venture Exchange that focuses on the exploration and development of gold and silver deposits. 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.

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. Forward-looking statements

Contacts:

Maya Gold & Silver Inc.

Guy Goulet

President & Chief Executive Officer

450-435-0700 ext. 204