Mr. Guy Goulet reports

MAYA GOLD & SILVER SUMMARIZES ACTIVITIES OF 2016

Maya Gold & Silver Inc. has released its unaudited condensed consolidated financial statements accompanied by the management's discussion and analysis (MD&A) for the six-month period ending in June 30, 2016.

The documents have been filed electronically with SEDAR and will be available on the corporation's website.

Corporation's 2016 highlights

2016 -- six-month period ending on June 30, 2016

Highlights

• On March 24, 2016, the corporation closed a $3.65-million non-brokered private placement and drew down an initial $4.5-million (U.S.) of the total available loan facility of $6-million obtained from EBRD (European Bank for Reconstruction and Development).
• In July, 2016, the corporation closed a $1,339,000 non-brokered private placement and drew down the final $1.5-million (U.S.) of the loan facility totalling $6-million (U.S.) from EBRD.
• The $3.5-million (U.S.) Scipion Capital Ltd. loan was reimbursed in its entirety as of June 30, 2016.
• The $4.7-million demand promissory note was reimbursed in its entirety as of July, 2016, following the completion of financing campaigns implemented in 2016.

Zgounder silver mine, six-month period ending on June 30, 2016, highlights

• The Zgounder silver mine produced 8,333 kilograms of silver (267,933 ounces) during a six-month period ending on June 30, 2016;
• For the six-month period ending on June 30, 2016, the Zgounder mine achieved sales of $6,001,227, with the development cost amounting to $4,415,045. The net cash flow from the mining activity totalled $1,586,182;
• Zgounder proceeded with the upgrading of the mill installations, resulting in a substantial reduction in cyanide consumption;
• Pilot testing of the flotation process led to a total silver recovery of 84 per cent;
• Maya initiated a project to install flotation cells which will increase production and reduce its cost;
• Discovery of 2.5-metre-thick Cu-Au-Ag-rich fractures and veins at level 2100, yielding Au assay values of 5.51-8.57 g/t (Av: 6.85 g/t) and Ag assay values of 164-2,658 g/t (Av: 1261.5 g/t), respectively.

Qualified persons

The technical content of this news release has been provided by Zgounder Millenium Silver Mining and has been reviewed and approved by Michel Boily, PhD, geo from GEON; an independent qualified person under NI 43-101 standards.

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