Maya Gold & Silver Inc. Closes the Final Tranche of a Private Placement for a Total of $1,680,736

MONTREAL, QUEBEC--(Marketwire - July 2, 2009) - MAYA GOLD & SILVER INC. (TSX VENTURE: MYA.V) ("MAYA" or the "Corporation") is pleased to announce that it has closed the final tranche of a private placement by the issuance of 260,000 units at an issue price of $0.35 per unit for total gross proceeds of $91,000. Each unit is comprised of one common share and one half of one common share purchase warrant, each whole warrant entitling the holder thereof to purchase one additional common share at a price of $0.50 at any time until thirty-six months from the closing date.

The Corporation raised a total of $1,680,736 with this private placement by the issuance of 4,802,103 units.

The net proceeds of the private placement will be invested on the Amizmiz property in Morocco, subject to final approval of the TSX Venture Exchange. A portion of the proceeds will also be used for general working capital purposes.

The private placement is subject to the final approval of the TSX Venture Exchange and of the regulatory authorities having jurisdiction on the Corporation's securities. The securities issued in connection with the private placement are subject to certain resale restrictions which require that the securities not be traded for a period of four months expiring on October 30, 2009.

A finder's fee might be payable in connection with the private placement.

ABOUT MAYA

Maya Gold & Silver Inc. is a Canadian mining company newly listed on the TSX Venture Exchange which focuses on the research of gold and silver deposits. http://www.mayagoldandsilver.com/

The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release.

Contacts

Rejean Gosselin
Maya Gold & Silver Inc.
Chairman and Chief Executive Officer
514-868-9995
rgosselin@mayagoldsilver.com

Guy Goulet
Maya Gold & Silver Inc.
President
514-294-7000
ggoulet@mayagoldsilver.com