MONTRÉAL, QUÉBEC--(Marketwire - Sept. 13, 2012) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) is pleased to announce that it has closed a first tranche of its previously announced CAD$7,500,000 non-brokered private placement (the "Private Placement") through the sale to Praetorian Resources Limited ("Praetorian") of 5,000,000 units at a price of CAD$0.25 per unit (the "Units") for gross proceeds to the Corporation of CAD$1,250,000. Each Unit consists of one common share in the capital of the Corporation (a "Common Share") and one-half of one common share purchase warrant; each whole common share purchase warrant (a "Warrant") entitling the holder thereof to purchase one additional Common Share at a price of CAD$0.35 for a period of 24 months, expiring on September 12, 2014.

The CAD$1,250,000 subscription by Praetorian under the Private Placement added to the share exchange that occurred between Maya and Praetorian, as previously announced on July 12, 2012, and pursuant to which Maya issued and exchanged 7,000,000 Common Shares at a deemed issue price of CAD$0.25 per Common Share (total aggregate deemed value of CAD$1,750,000) in exchange for ordinary shares and subscription shares of Praetorian, represents a total investment of CAD$3,000,000 by Praetorian in the share capital of Maya.

In connection with such investment by Praetorian in the share capital of Maya, Maya paid a finder's fee to an arm's length third party in the amount of CAD$68,750 and issued to such arm's length third party 385,000 Common Shares.

The Private Placement is subject to receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange. All securities issued in connection with the Private Placement are subject to a statutory hold period of four months and one day, expiring on January 13, 2013.

The Corporation intends to use the net proceeds of the Private Placement for the re-commissioning and further development of the Zgounder silver mine and the adjacent mineral deposit, in Morocco.


Maya Gold & Silver Inc. is a Canadian listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. The Corporation's shares trade on the TSX Venture Exchange under the symbol "MYA".

For further information on Maya visit

Forward-looking statements

This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither 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.

Contact Information:

Maya Gold & Silver Inc.
Guy Goulet
President and Chief Executive Officer
450-435-0700 ext. 204