Maya GOLD & Silver Summarizes Results of Third Quarter 2017
PRESS RELEASE
MAYA GOLD & SILVER SUMMARIZES RESULTS OF THIRD QUARTER 2017
November 29, 2017 (Montréal, Quebec) Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSXV:
MYA) has released its unaudited condensed consolidated financial statements accompanied by the
management's discussion and analysis (“MD&A”) for the nine-‐month period ending in September 30, 2017.
The documents have been filed electronically with SEDAR and will be available on the Corporation's website
at www.mayagoldsilver.com.
Noureddine Mokaddem, President & CEO of Maya stated “The Corporation is pleased with production
advances at the Zgounder Silver mine, as well as with exceptional drill intercepts from its 2017 drilling
campaign. Encouraging results from drill hole analysis confirmed the presence of large mineralized zones at
Zgounder, with some high-‐grade zones extending the known areas of the deposit. At our Polymetallic Property
Boumâadine, a 3,000 m drilling campaign is about to start; the two tailings from past production are about to
be drilled & sampled and additional metallurgical testing with Albion process for future extraction of metals at
Boumâadine is being done. Testing of roasting shows very promising results on the recovery of gold and silver
from the tailings”
Highlights of the nine-‐month-‐period
• Total assets of $29,431,664 as of September 30, 2017;
• Closing of a $1.5 million non-‐brokered private placement of units in March 2017;
• Repayment at maturity of $3.05M 8% unsecured convertible debentures from the Zgounder mine
cashflows in April 2017.
Highlights of the Zgounder Silver mine activities
• Silver production of 11,947.6 kg of silver (384,122 ounces), a similar production compared with the
same period in 2016;
• Revenue from silver production in the nine-‐month period ended September 30, 2017 totalled
$8,180,594 (2016: $8,017,430) and the development cost incurred during the period, excluding
capitalised interest, amounted to $7,696,373 (2016: $6,131,700);
• The net cash flow generated from silver production at Zgounder, before capitalised interest, totalled
$484,221 (2016: $1,885,730) and was accounted for against Property, plant and equipment since the
Company is currently not in commercial production. The Company anticipates the start of commercial
production by Q2 2018;
• The average silver price realised during the nine-‐month period ended September 30, 2017 was
US$17.42 (2016: US$16.87) versus an average market silver price during the same period of US$17.17
(2016: US$15.80);
• Civil Engineering for the Floatation Cell upgrade at the Zgounder Mine plant (future production of 500
tpd), which was paid for with operating cash flow, is up to 50% completed and all the necessary
equipment and material has been received on site and is ready for implementation.
• The 2017 drilling program is almost completed and included over 20 new diamond drill holes (DDH)
for a total of 5,003 m; the Corporation reported exceptional drill intercepts;
• Encouraging results from drill hole analysis confirmed the presence of large mineralized zones, with
some high-‐grade zones extending the known areas of the deposit, which are currently being exploited.
Highlights of the Boumâadine Polymetallic Property
• The Qualified Person in charge of the PEA preparation on Boumâadine has planned and will participate
in the 3,000 m diamond drilling program of new holes;
• A sampling program on two past-‐production tailings containing 240,000 tonnes of mineralized material
will be initiated in order to quantify the gold and silver content with recovery potential;
• Management has opted for the optimal process to extract the polymetallic ore from the deposit,
including the recovery of precious metals. An analytical comparison was performed between fluidized
bed roasting and pressurized autoclave. The preferred process will be roasting because of its economic
and technical advantages. Another test with Albion should take place and final decision taken on the
matter;
• Lodging installations for the employees and technical team are in preparation.
Operating and Financial Highlights
Three-‐months ended Nine-‐months ended
Sept 30,
2017
(unaudited)
Sept 30,
2016
(unaudited)
%
Variation
Sept 30,
2017
(unaudited)
Sept 30,
2016
(unaudited)
%
Variation
Material Processed (tons) 11,693 14,530 -‐19.53 39,523 43,678 -‐9.51
Average Grade (g/t Ag) 350.68 322 8.91 358.62 352 1.88
Mill Recovery (%) 82.19 81 1.47 84.29 80 5.36
Silver Ingots (kg) 3,253 3,987 -‐18.41 11,947.6 11,880 0.57
Silver ounces produced (oz) 111,222 120,624 -‐7.79 384,122 388,557 0.57
Sales of silver (oz) 92,106 79,807 15.41 368,765 372,614 -‐1.03
Sales of silver ($) 1,709,941 3,317,908 -‐48.46 8,180,594 8,017,430 2.04
Development expenses (excluding
interest) ($) 2,631,542 2,129,707 23.56 7,696,373 6,131,700 25.52
Cash flow generated from the
development activities at the mine
(excluding interest($) (1) (921,601) 1,188,201 177.56 484,221 1,885,730 -‐74.32
(1)
Cash flow generated from the activities at the mine is not in accordance with International Financial Reporting Standards (IFRS) performance
measures, and may not be comparable to similar measures presented by other companies. The Corporation believes that, in addition to
conventional measures prepared in accordance with IFRS, the Corporation and certain investors use this information to evaluate the
Corporation's performance. Accordingly, it is intended to provide additional information and should not be considered in isol ation or as a
substitute for measures of performance prepared in accordance with IFRS. The cash flow generated from the development activities at the
mine IS derived from the Corporation’s cash flow from investing activities, acquisitions of property, plant and equipment, less silver sales.
ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian publicly 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 owned by ZMSM, a Maya 85% owned joint venture with l’Office National des Hydrocarbures
et des Mines of the Kingdom of Morocco (15%).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Zgounder Silver Mine
The decision to commence production activities at the Zgounder Silver Mine during the development stage
period 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.
The Corporation still considers the Zgounder Mine in development stage despite the positive production
results achieved. The criteria and thresholds established by the Company have not yet been achieved to justify
the transfer into commercial production. Despite that the fact that the property is presently generating
positive cash flows, the asset is not operating in the manner intended by management. The principal criterion
not yet satisfied is the completion of the capital expenditure program (mainly the installation of floatation
cells) at the mine. With the proceeds of the European Bank for Reconstruction and Development (EBRD) loans
and equity financings closed in 2016, this capital expenditure project is now 50% completed. Management
expects that the commercial production will start at the beginning of Q2-‐2018.
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.
CONTACT INFORMATION
Maya Gold & Silver Inc.:
Noureddine Mokaddem
President & CEO
+1 514-‐978-‐6111/+212 661-‐196-‐111
or
Sophy Cesar
Investor Relations
514-‐866-‐2008