Maya Gold & Silver Proposed Warrants Extension

PRESS RELEASE

Maya Gold & Silver Proposed Warrants Extension

Montreal, Quebec- December 23, 2011 – Maya Gold & Silver Inc. ("Maya" or the "Corporation) (TSXV: MYA) announces that it is applying to the TSX Venture Exchange ("TSXV") to extend the term of 4,000,800 common share purchase warrants originally issued between July 7, 2010 and July 22, 2010 (the "Warrants") as part of a non brokered private placement of its securities. The Corporation is seeking an extension of the term of the original expiry dates (between January 7 and January 23, 2012) to April 3, 2012. All other terms of the Warrants, including the exercise price of Cdn$0.35 per common share, will remain unchanged. For details of the Warrants please see news release issued on July 22, 2010.

Since the financing corresponding to these warrants was completed in different phases of financing, the Directors of the Corporation thought it was fair to offer the same conditions to all the private placees.

The extension to the Warrant terms is subject to approval of the TSX Venture Exchange.

ABOUT MAYA Maya Gold & Silver Inc. is a Canadian listed mining Company focused on the exploration and development of gold and silver deposits in Morocco. The Company’s shares trade on the TSX Venture Exchange under the symbol “MYA”.

For further information on Maya visit www.mayagoldsilver.com or contact:

Maya Gold & Silver Inc.:

Guy Goulet President and Chief Executive Officer T: 450-435-0700 ext. 204 [email protected]

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.