MONTRÉAL, QUÉBEC--(Marketwire - Nov. 26, 2012) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) is pleased to announce, further to its news releases dated September 13, 2012 and November 5, 2012, the closing of the second tranche of its non-brokered private placement through the sale of 18,808,000 units (the "Units") at a price of CAD 0.25 per Unit, for gross proceeds to the Corporation of CAD 4,702,000. 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 of the Corporation; 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 per Common Share for a period of 24 months from the date of issuance, expiring on November 26, 2014. In the aggregate, the two tranches of the non-brokered private placement, together with the share exchange completed with Praetorian Resources Limited and announced by press release on July 12, 2012, have resulted in gross proceeds to Maya of CAD 7,702,000.

In connection with the second tranche closing, Maya paid a finder's fee to an arm's length third party in the amount of CAD 187,250, which represents 3,9% of the proceeds of the second tranche closing, and issued to such arm's length third party 70,000 Warrants.

A director and officer, as well as an insider of the Corporation subscribed for an aggregate of 1,100,000 units under the second tranche closing (the "Insider Participations"), constituting "related party transactions" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Insider Participations are exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on that neither the fair market value of such Insider Participations nor the consideration paid by such persons exceeds 25% of Maya's market capitalization. Maya has not filed a material change report 21 days prior to the closing of the second tranche of the private placement as participation of the insiders had not been established at that time.

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 second tranche closing are subject to a statutory hold period of four months and one day, expiring on March 27, 2013.

The Corporation intends to use the net proceeds of the private placement mainly for the re-commissioning and further development of the Zgounder silver mine and to fund other commitments on Maya's properties in Morocco. Maya intends to release a more detailed corporate update to the market in the near future. Another press release will be issued later this week to specify on overall developments.

ABOUT THE ZGOUNDER SILVER MINE

Under care and maintenance since 1990, Zgounder has been Morocco's second most important silver mine after the Imiter world class silver mine, and shares several of its geological, structural and age characteristics. Both mines are located in the Anti-Atlas Late Precambrian "boutonnières" which constitute a fertile ground for precious and base metal mineralization near the South Atlasic fault.

The mine plant includes a well maintained cyanidation plant with a 250 t/day capacity.

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Resources

First explored and exploited between the 10th and 13th centuries, the Zgounder silver deposit was mined from 1982 to 1990 from various EW-oriented underground adits and extracted 500,000 t of silver ore grading 330g/t Ag using a cut off grade of 150g/t Ag. In 1990 mining was halted, due to low silver prices. In 2004, an historical mineral resources* was set at 11.3 Million ounces (869,650 t @ 405.4 g/t Ag) with a strong potential to expand the deposit by systematic surface and underground drilling.

*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by Maya Gold and Silver. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the CIM Definition Standards on Mineral Resources and Mineral Reserves. Maya Gold and Silver has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves. Therefore Maya Gold and Silver is in the opinion that the above quoted resources for the Zgounder silver deposit cannot be relied upon

Mr. Michel Boily, PhD., P.Geo from Geon Ltd., independent Qualified Person under NI43-101 standards, has reviewed this news release and is responsible for the technical information reported herein.

ABOUT MAYA

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".

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.