Mr. Guy Goulet reports

MAYA GOLD & SILVER INC.: ZGOUNDER SILVER MINE POURED 49,883 OUNCES (1522,68KG) OF SILVER INGOTS IN DECEMBER 2016

Maya Gold & Silver Inc. produced 49,883 ounces of silver (1,522.68 kilograms) during the month of December, 2016, at its Zgounder silver mine in Morocco.

December, 2016, operation highlights

• 49,883 ounces (1,360 kilograms) of silver ingots were produced which represent an increase of 36 per cent compared with November;
• A total of 5,337 tonnes of dry material were processed at an average head grade of 334.5 grams per tonne Ag;
• A total recovery rate of 84.6 per cent.

PRINCIPAL LOCATION AND LEVEL OF EXTRACTION ZONES DURING THE MONTH OF DECEMBER
  
                                                                 Average grade  
Mining workings                   Level   Tonnage (t)              Ag (g/t)

Panel 8                            2000        520                    370
3Y                                 2100          -                      -
2Ybis                              2100      2,372                    542
5Y                                 2100          -                      -
Corps C                            2000      2,384                    310
Corps A                            2000      1,032                    201
Total extracted                              6,308                    384
Muck-broken mineralized material               320                    325

December highlights of research work at the Zgounder mine

The new 2Ybis body (level 2100) was located at the contact of a dolerite dike and strongly chloritized and sericitized metasediments. The mineralization is characterized by native silver plating within fractures and the presence of disseminated sulphides (sphalerite, galena and pyrite) in the wallrocks. The 2Ybis forms a vertical body containing 6,123 tonnes of mineralized material with an average grade of 867 g/t Ag.

New research work was performed in the zone Nord after a 10 m east-west-oriented cut revealed a strongly fractured area containing red silver mineralization. A program of percussion drilling indicated the continuity of the mineralized structures along an east-west direction. For instance, three percussion drill holes (106, 107 and 108) yielded silver mineralizing zones ranging from 2.4 to 3.6 m in width grading from 295 to 756 g/t Ag.

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.

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. Zgounder Millenium Silver Mining (ZMSM) is the 85-per-cent-owned joint venture with l'Office National des Hydrocarbures et des Mines (ONHYM) of the Kingdom of Morocco (15 per cent).

Zgounder silver mine

The decision to commence production at the Zgounder silver mine was not based on a feasibility study of mineral reserves demonstrating economic and technical viability, but rather on a prefeasibility study. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with this production decision. Production and economic variables may vary considerably, due to the absence of a complete and detailed site analysis according to and in accordance with National Instrument 43-101.

We seek Safe Harbor.