Maya Gold & Silver Inc.TSXV: MYA) reports its operational update on the Zgounder Silver Mine for the period of August 2014 to February 28th 2015 and provides outlook for 2015.

Intensive rainfalls and adverse cold weather have continued to affect the operation and chain of supplies in December 2014 and January 2015. Despite adverse conditions Zgounder Millenium Silver Mining ("ZMSM") produced 512 kilos of silver ingots in December 2014 and 482 kilos in January 2015 while the more gentle weather in February contributed to improve production for a total pour of 783 kilos of silver ingots.

2014 Full Year Highlights
- July commencement of commissioning activities at the Zgounder;
- First silver pour on August 28th 2014;
- 3,746 kg of silver ingots produced from a total 20,665(*) tonnes at an average of 278(*) g/t Ag between August and December 2014, part of the ramp-up activities;
- Processing rates tonnes per day ranging from 50 to 188;
- 3,410 kg ingots were shipped to refiner in Switzerland for 3,331 kg fine silver 99.9% (107,102 ounces paid);
- Since the beginning of the start-up, the mill processed a total of 20,665(*) tonnes from a combination of mineralized material (mucking broken ore left in the stopes at level 2015 & 2035 by previous operator, blasting at level 2000 Corps D and from "ancient stockpile");
ZMSM has achieved a declared production of 108,570 ounces in 3,140.310 kg ingots shipped for the payment of 107,102 ounces of pure silver 99.9% in its first start-up period. The average head grade was 278*g/t Ag and the mill recoveries* ranges from 57% to 84%.
*Note: approximation as uncertainty attached to November balance mechanical problems for tonnage and grade metal balance.
The table presents the details of the lots shipped, official production and refiner reception date with ounces paid.

Table of declared Ingots shipping

Table of Ingots reception, weight, fineness and Ounces paid by refiner

Table of declared Ingots shipping

Table of Ingots reception, weight, fineness and Ounces paid by refiner

The Corporation had given a production guidance of 570,000 ounces of silver for 2015 and total cash costs of between $11.50 and $12.38 per ounce Ag to be reported after commercial production is declared. The Company expects to increase its mill recovery once it reaches commercial production during the third quarter.

Maya will send professional QPs on-site during the second quarter of 2015 to carry out the Resources, Mine and Mill independent audit.

Underground development

Since the beginning of January 2015, ZMSM
- has started underground works including the widening of the entirety of the main level (2000) on approximately 760 meters,
- has pursued YAK drilling for the planning of mining production,
- has started preliminary works (including digging of an 9 square meters aeration drift) in order to mine the "D" Body in a near future,
- has completed intensive wall sampling campaign.

A portion of the daily mineralized material processed comes from this underground development.

Flotation tests
Besides, laboratory teams are presently pursuing flotation test works to validate and optimize a process to eventually introduce flotation cells into the actual processing plant as to largely increase processing capacity. Results will be published in a near future.

Qualified Persons
The technical content of this news release has been provided by Zgounder Millenium Silver Mining and has been reviewed and approved by Claude Duplessis from Goldminds Geoservices: independent Qualified Person 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. Maya is initiating mining and milling operations at its Zgounder Mine. Zgounder Millenium Silver Mining ("ZMSM"), the 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 or contact:

Maya Gold & Silver Inc.:
Guy Goulet
Chief Executive Officer
T: 450-435-0700 ext. 204
[email protected]
Nathalie Dion
Investor Relations
T: 450-435-0700 ext. 202
[email protected]

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 information

Zgounder Silver Mine
The decision to commence production at the Zgounder Silver Mine was not based on a feasibility study of mineral reserves demonstrating economic and technical viability, but rather on a pre-feasibility study. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with this production decision. Production and economic variables may vary considerably, due to the absence of a complete and detailed site analysis according to and in accordance with NI 43-101.
Forward-looking statements
This news release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, and believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.