Mr. Guy Goulet reports

ZGOUNDER SILVER MINE PRODUCES MONTHLY RECORD OF 52,086 OUNCES AG IN JANUARY 2016

Maya Gold & Silver Inc. had production of 52,086 ounces (1,620 kilograms) during the month of January, 2016, at its Zgounder silver mine in Morocco. This represents the second consecutive monthly production record at Zgounder, an increase of more than 9 per cent from December's previous record output of 47,676 ounces.

January, 2016, operational highlights

• 52,086 ounces (1,620 kilograms) of silver ingots produced from a total of 5,161 tonnes (dry material) with an average head grade of 377 grams per tonne silver during the period;
• Recovery rate of 83.26 per cent was achieved, an increase of 16 per cent compared with the previous month.

"We have recently made significant improvements at the mill which has helped lift recovery rates. For the second consecutive month, we are pleased to report that we have been extracting ore and mineralized material from known panels at known grades. We foresee that the mine will be able to sustain this increased level of production and output throughout 2016," said Noureddine Mokaddem, president of Maya.

Panel 9 -- an untapped high-grade zone

Note that during the month of January, approximately 16 per cent (888 tonnes of 5,600 tonnes -- wet material) of the ore and mineralized material extracted from the mine came from panel 9 and averaged 739 grams per tonne silver. Ore and mineralized materiel were also extracted from six other panels at level 2000.

Underground workings           Level        Tonnage         Average grade Ag
                                                 (t)                    (g/t)

Panel 9                         2000            888                      739
Extreme EST                     2000            208                      258
Corps B                         2000           1328                      280
Centre Nord                     2000            432                      257
Corps D                         2000             96                      300
Corps C                         2000           2648                      364
Total                                          5600                      390

Qualified person

The technical content of this news release has been provided by Zgounder Millennium Silver Mining and has been reviewed and approved by Claude Duplessis from Goldminds Geoservices, an independent qualified person under National Instrument 43-101 standards.

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