Welcome!

News Feed Item

Maya Gold & Silver: Operations Started at Zgounder Silver Mine

BLAINVILLE, QUEBEC -- (Marketwired) -- 07/22/14 -- Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE: MYA) The Board of Directors and Management of the Corporation are very pleased to announce the milling operations have started at Maya's flagship Zgounder Silver Mine in Morocco.

Ore grading an average of 245 g/t Ag is now being processed. The ore being run through the mill is being sourced from the 35,000 tonnes of mineralized rocks that were transferred to storage areas adjoining the plant from the existing 66,000 tonnes of "ancient stockpiles". The size of this stockpile can sustain over six months of production at the initial rate of approximately 200 tpd. Silver recovery is expected to be in the range of 92%. The Company is not basing its production decision on a feasibility study of mineral reserves demonstrating economic and technical viability.

"The mill start-up at Zgounder is a significant key milestone in the successful development of Maya as an operating resource company, and we recognize and thank our President, Noureddine Mokaddem, and the local and Moroccan Government offices who have just provided the Company with a very precious tool in a difficult period of the mining industry: a stable and upwardly potential cash flow stream", stated Guy Goulet, Chief Executive Officer.

Cautionary statements

The decision to re-start the production at Zgounder and the Company's plans for a mining operation as disclosed herein (the "Production Decision and Plans") were based on economic models prepared by the Company in conjunction with management's knowledge of the property and the existing preliminary estimates of the measured, indicated and inferred mineral resources on the property. The Production Decision and Plans were not based on a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Plans, in particular the risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations are more difficult or more expensive than expected, the risk that the Company will not be able to transport or sell the mineralized rock it produces to local custom toll mills on the terms it expects, or at all; production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis according to and in accordance with NI 43-101. Inferred mineral resource estimates are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.

Milestones Achieved at Zgounder Mine Project (2013-2014)

--  The complete rehabilitation of mine site and mill;
--  Completion of an Environmental Impact Study;
--  Creation of Zgounder Millennium Silver Mining (85% Maya / 15% ONHYM);
--  Filing of initial NI 43-101 compliant silver resources estimate for
    Zgounder silver mine (February 2014);
--  Obtaining of cyanide importing and operating permits (March 2014).
--  Filing of N I43-101 Preliminary Economic Assessment on SEDAR (March
    2014);
--  Filing of NI 43-101 Pre-Feasibility Study on SEDAR (May 2014);
--  Reception of cyanide (June 2014);
--  Operations team strengthened at mine site. Key-management employees all
    being in place.

Commissioning Phase

The commissioning phase for the processing facility is expected to continue for approximately four months, and ore throughput will increase to 250 tpd. Mill feed during the commissioning period will initially be sourced from the existing "ancient stockpile". Underground development and operations will commence and are expected to generate further stockpiles of ore for processing following the commissioning period.

A new tailings pond with a capacity of 1,000,000 tonnes was built and 25,000 m2 of geo-membrane have been stretched out and certified as compliant by local authorities. The local authorities visited the mine site on Friday, July 18th and favourably commented on the geo-membrane covering the new tailings dam which is designed to hold the first years of mine production.

Underground Development

Additional underground production equipment is expected to arrive on site during the second week of August 2014 which will immediately accelerate ore extraction from several already developed stopes.

Highlights of recent Pre-Economic Assessment Study

--  A mining life of 10 years with the current resources;
--  First year silver production of 647,000 ounces, followed by a regular
    production of 1,027,000 ounces per year;
--  Very high mill feed grade estimated at 360 g/t Ag;
--  Total operating cost of US$113.5 per tonne (averaged over the expected
    mine's life);
--  Additional capex requirements of only US$3.8 million, including the
    concentrator expansion;
--  Internal rate of return of 174 per cent;
--  Net present value of US$65.9 million (discounted at 6.5 per cent) at
    silver price of US$22 per ounce;
--  The Zgounder PEA was prepared as a strictly underground mine related
    solely to the initial mineral resources reported on February 19, 2014,
    as noted above.

Cautionary Statements

The PEA is preliminary in nature and includes the use of inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Thus, there is no certainty that the results stated in the PEA will be realized. Actual results may vary, perhaps materially. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Goldminds Geoservices who authored the PEA, recognized in addition to the Measured, Indicated and Inferred Resources that there are areas within recognized structures and depth extensions which will require additional drilling. These recognized structure and depth extensions can offer additional Mineral Potential between 1.5 to 2.0 million tonnes grading 300 to 400 g/t Ag.

The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in discovery of a mineral resource.

Qualified Persons

The technical content of this news release has been reviewed by Francois Goulet from Goulex Inc.: independent Qualified Persons under NI 43-101 standards.

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. Maya is initiating mining and milling operations at its Zgounder Mine.

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.

Forward-looking statements

This news release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe, or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events 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.

Contacts:
Maya Gold & Silver Inc.
Guy Goulet
Chief Executive Officer
450-435-0700 ext. 204
[email protected]

Maya Gold & Silver Inc.
Nathalie Dion
Investor Relations
450-435-0700 ext. 202
[email protected]
www.mayagoldsilver.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Transformation Abstract Encryption and privacy in the cloud is a daunting yet essential task for both security practitioners and application developers, especially as applications continue moving to the cloud at an exponential rate. What are some best practices and processes for enterprises to follow that balance both security and ease of use requirements? What technologies are available to empower enterprises with code, data and key protection from cloud providers, system administrators, inside...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
You want to start your DevOps journey but where do you begin? Do you say DevOps loudly 5 times while looking in the mirror and it suddenly appears? Do you hire someone? Do you upskill your existing team? Here are some tips to help support your DevOps transformation. Conor Delanbanque has been involved with building & scaling teams in the DevOps space globally. He is the Head of DevOps Practice at MThree Consulting, a global technology consultancy. Conor founded the Future of DevOps Thought Leade...
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
"Calligo is a cloud service provider with data privacy at the heart of what we do. We are a typical Infrastructure as a Service cloud provider but it's been designed around data privacy," explained Julian Box, CEO and co-founder of Calligo, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Jo Peterson is VP of Cloud Services for Clarify360, a boutique sourcing and benchmarking consultancy focused on transforming technology into business advantage. Clarify360 provides custom, end-to-end solutions from a portfolio of more than 170 suppliers globally. As an engineer, Jo sources net new technology footprints, and is an expert at optimizing and benchmarking existing environments focusing on Cloud Enablement and Optimization. She and her team work with clients on Cloud Discovery, Cloud ...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...