MAYA outlines the COVID-19 situation at Zgounder Mine & Boumadine project in the Kingdom of Morocco and Provides Corporate Update
PRESS RELEASE PRESS RELEASE PRESS RELEASE PRESS RELEASE
MAYA outlines the COVID-19 situation at
Zgounder Mine & Boumadine project in the
Kingdom of Morocco and Provides Corporate
Update
Montreal, Québec- April 15, 2020 – Maya Gold & Silv er Inc. (“Maya” or the “Corporation”) (TSX:
MYA) reports on the situation at Zgounder and Boumadine resulting from the worldwide COVID-19
pandemic situation.
Mining and processing operations at Zgounder mine c ontinue uninterrupted at this time with
enhanced safety protocols that have been implemented to mitigate the risk of COVID-19 infection.
There are no confirmed or suspected cases of COVID- 19 across the operations nor in the adjoining
neighborhoods.
March Production
Despite the extremely difficult operating conditions imposed by this pandemic, Zgounder Millennium
Silver Mining (“ZMSM”) shipped 1 Ton and 100Kg of silver ingots ( 99.27% Ag ) to its Swiss refinery
customer and is currently negotiating the export with the Moroccan Port Authority the possibility of
shipping 400 Tons of silver flotation concentrates ( at around 4500 gpt Ag ) to its smelter customer in
China.
COVID-19
Maya has increased the health and safety requiremen ts at its ZMSM facility, including, but not
limited to reinforcing social distancing and hygien e rules, implementing additional access measures
for employees and daily testing of employees for the risk of coronavirus. The resource industry is one
of the few industries that can provide regional job s, products to customers and payments to
suppliers to help underpin continued economic activity. We are also working hard to directly support
the mental health and resilience of our people and communities, regional health and community
services, and vulnerable individuals in our communi ty, as we manage through this difficult and
unprecedented period. The company remains financial ly strong and debt free to weather the
pandemic's impact with about $21 million in cash on hand and cash flow generated from its
continuing silver production.
"I am very pleased with the way our people are adapting to new ways of working, including new shift
organization to reduce movement, social distancing, hygiene protocols and regular health screenings.
Our suppliers and government agencies have during t his trying period been valued partners in
helping us maintain safe production and operational continuity; we thank them for their support and
will continue to work closely with them." Said Nour eddine Mokaddem, chairman and CEO of Maya
Gold & Silver
Boumadine
Maya is taking advantage of this slowdown in explor ation works to update the evaluation of
resources based on the results of the recent drilling campaign carried out in the Imarirhen and North
Zones. Also, additional metallurgical testing on t he Imarirhen & North drill material is being done a t
SGS Lakefield Ontario Canada where Mining and Labor atory are considering essential services in
Ontario. As Chief Geologist Mohamed Assalmi of the Boumadine project commented; “ We are
walking on structures at surface and can readily see gold”.
Zgounder
In addition to the continuation of its program of p roduction of silver ingots and flotation production
of enriched concentrates, Maya is currently updati ng its mineral resources estimate in the Eastern
sector after diamond drilling of 1,774 meters and 3 ,551 meters of RC drilling. As Chief Geologist &
Exploration at Zgounder Lhou Ouamou said : ‘’ The extremely positive results at surface to the ea st
will surely give us enough feed to support the planned production increase at the Zgounder mill, while
we continue developing and accessing both an open pit and the underground mineralized zones.’’
Azegour project
The Azegour PEA project will continue to advance at slower pace than anticipate as the Corporation
plans direct its cash flow and liquidity to achieve its modified plan for Zgounder and Boumadine. It i s
targeting the release of a preliminary economic assessment ( PEA ) for end Q4.
“Despite the current difficult situation around the world we need to prepare for the recovery and
move forward our plan of development at Zgounder an d Boumadine”. said Noureddine Mokaddem,
Chairman and CEO of Maya Gold & Silver.
The company mandated Goldminds Geoservices Inc. as independent consultant to assist in the
preparation of the new development plan. this organ ization has significant knowledge of the
Boumadine project which Maya exploration team has d eveloped and evolved since its PEA of April
2019 as well as the Zgounder Mine as they guided an d assisted Maya since 2013 at Zgounder to
make sure our methods and work process were adequate in respect of the NI 43-101 regulations.
ABOUT MAYA
Maya Gold & Silver Inc. is a publicly-traded Canadian company focused on the operation, exploration
and development of gold and silver deposits in the Kingdom of Morocco. Maya is currently operating
mining and milling facilities at its Zgounder Mine, an 85%-15% joint venture between its subsidiary,
ZMSM, and the ONHYM of the Kingdom of Morocco.
Its mining portfolio also includes the Boumadine po lymetallic deposit located in the Anti-Atlas
Mountains of Eastern Morocco. The property is also a joint venture with ONHYM wherein Maya
retains an 85% ownership.
Additionally, the Corporation’s portfolio includes the Amizmiz and Azegour properties, both being
100% owned, with gold, tungsten, molybdenum and cop per deposits covering over 100 square
kilometers in a historical mining district of the Kingdom of Morocco.
Forward-looking statements
This news release contains statements about future events or future performance and reflects
management’s current expectations and assumptions. These are “forward-looking” because we have
used what we know and expect today to make a statem ent about the future. Forward-looking
statements usually include words such as may, intend, plan, expect, anticipate, and believe or other
similar words. We believe the expectations reflecte d in these forward-looking statements are
reasonable. However, actual events and results coul d be substantially different because of the risks
and uncertainties associated with our business or e vents 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. All
of the forward-looking statements made in this pres s release are qualified by these cautionary
statements and by those made in the Corporation’s filings with SEDAR.
We hope that you stay well and are safe with your loved ones.
On behalf of the Board:
Noureddine Mokaddem
Founder, Chairman and CEO
+1 514-866-2008