Maya Gold & Silver Provides Update on CAD$7,500,000 Private Placement

MONTREAL, QUEBEC -- (Marketwire) -- 11/05/12 -- Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE: MYA) announces that it is pursuing its previously announced 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 Maya of up to CAD$7,500,000 (the "Private Placement"). Maya expects to close a second tranche of the Private Placement within the next two weeks and will issue a further news release at such time.

As previously announced by press release on September 13, 2012, Maya has closed a first tranche of the Private Placement through the sale to Praetorian Resources Limited ("Praetorian") of 5,000,000 Units for gross proceeds to the Corporation of CAD$1,250,000. Such subscription by Praetorian added to the share exchange that occurred between Maya and Praetorian, announced by press release on July 12, 2012, and pursuant to which Maya issued and exchanged 7,000,000 common shares of the share capital of Maya at a deemed issue price of CAD$0.25 per share (total aggregate deemed value of CAD$1,750,000) in exchange for ordinary shares and subscription shares of Praetorian, represent a total investment of CAD$3,000,000 by Praetorian in the share capital of Maya.

Further details on the Private Placement can be found in Maya's press releases dated June 19, 2012 and September 13, 2012.

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.

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 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