Maya Gold & Silver Reports 2017 Full Year Results
May 02 2018 - 8:15AM
Maya Gold & Silver Inc. (“Maya” or the
“Corporation”) (TSX-V:MYA) has released its audited
condensed consolidated financial statements accompanied by the
management's discussion and analysis (“MD&A”) for the year
ending on December 31, 2017.
The documents have been filed electronically
with SEDAR and will be available on the Corporation's website at
www.mayagoldsilver.com.
Noureddine Mokaddem, President & CEO of Maya
stated, “The Corporation is pleased with the advances we have made
in 2017. The drilling campaign produced exceptional drill results
and the $10 million we invested in the research and development of
our properties has already began to bear fruit with an extremely
positive PEA on our Zgounder property previously announced in
March. We were also able to increase our silver production in
2017 by 0.87% despite the fact that the Zgounder Mine’s water
supply pipelines were washed out following unusually heavy rainfall
for approximately two months. The exercise of 28,016,217 warrants
in 2017 infused over $6.2 million of positive capital into the
Corporation. Looking ahead, 2018 is an exciting year for Maya
with the upcoming PEA on our Boumaâdine property and the increase
in production at our Zgounder Mine to 500 t/day in Q3 2018, a
slight delay due to unusual weather including snow and extreme
cold. The current market cap of $211 million reflects positively on
future prospects for Maya.”
Highlights of 2017
- Total assets of $36,413,525 as of December 31, 2017;
- Working capital of $3,135,362 as of December 31, 2017 versus a
negative working capital of $1,833,069 in 2016;
- Cash position $7,063,991 as of December 31,
2017 ;
- Closing of a $1.5 million non-brokered private placement of
units in March 2017;
- Repayment at maturity of $3.05 million 8% unsecured convertible
debentures from the Zgounder mine cashflows in April 2017.
Zgounder Silver Mine 2017
Highlights
Zgounder Silver mine production highlights during
the year ended December 31, 2017 include:
- Silver production of 16,085 kg (2016 – 15,946 kg) of silver
(517,135 ounces) (2016 – 512,691 ounces) up 0.87% over 2016;
- Revenue from silver in the twelve-month period ended December
31, 2017 totalled $11,119,263 (2016 - $10,750,614) and the
development cost incurred during the period, excluding capitalised
interest, amounted to $10,780,627 (2016 – $9,581,288). The net cash
flow from the activities at Zgounder, before capitalised interest,
totalled $338,636 (2016 - $1,169,326);
- The Corporation reported exceptional drill intercepts from its
exploration program at the Zgounder Silver Mine;
- Drilling program included 29 new diamond drill holes (DDH) for
a total of 7,243 m, up to depths of 684m;
- Encouraging results from drill hole analyses, confirmed the
presence of large mineralized zones, with some high-grade zones,
extending the known areas of the deposit, which are currently being
exploited;
- Ruby Silver Ore (Proustite) Identified at Zgounder;
- Civil Engineering for the Floatation Cell 500 tpd plant upgrade
at the Zgounder Millenium Silver Mining (²ZMSM") site is completed
and commissioning is in progress;
- On February 22, 2018 the Corporation filed a technical report
on its positive PEA of the Zgounder Sliver Mine.
Highlights of the Boumaâdine Polymetallic
Property
- In October 2017, GoldMinds Geoservices Inc. (“GMG”) completed
the digitization of available historical technical data on the
Boumaâdine property and will start on-site validation, including
verification drilling of ancient tailings and fresh rock
polymetallic mineralization in the upcoming months;
- The Qualified Person in charge of the PEA preparation on
Boumaâdine has planned and initiated a 3,000m drilling program of
new holes;
- A sampling program on two tailings containing 240,000 tonnes of
ore material will be initiated in order to quantify the gold and
silver content recovery potential;
- Management has opted for the optimal process to extract the
polymetallic ore from the deposit, including the recovery of
precious metals. An analytical comparison was performed between
fluidized bed roasting and pressurized autoclave and the preferred
process will be roasting for its economic and technical
advantages;
- Lodging installations for the employees and technical team are
in preparation.
Operating and Financial
Highlights
|
Quarter ended |
Year-ended |
|
March 31, 2017 (unaudited) |
June 30, 2017 (unaudited) |
Sept. 30, 2017 (unaudited) |
Dec. 31, 2017 (unaudited) |
Dec. 31, 2017 (unaudited) |
Dec. 31, 2016 (unaudited) |
|
|
|
|
|
|
|
Material
Processed (tons) |
14,358 |
13,472 |
11,693 |
|
14,024 |
|
53,547 |
57,831 |
Average
Grade (g/t Ag) |
381 |
338 |
351 |
|
345 |
|
355 |
345 |
Mill
Recovery (%) |
86 |
83 |
82 |
|
85 |
|
85 |
80 |
Silver
Ingots (kg) |
4,703 |
3,992 |
3,253 |
|
4,137 |
|
16,085 |
15,947 |
Silver
ounces produces (oz) |
151,214 |
128,334 |
111,222 |
|
126,365 |
|
517,135 |
520,605 |
Sales of
silver (oz) |
161,088 |
115,571 |
92,106 |
|
127,528 |
|
496,293 |
491,283 |
Sales of
silver ($) |
3,599,146 |
2,871,507 |
1,709,941 |
|
2,938,669 |
|
11,119,263 |
10,750,614 |
Development expenses (excluding interest) ($) |
3,019,635 |
2,045,196 |
2,631,542 |
|
3,084,254 |
|
10,780,627 |
9,581,288 |
Cash flow
generated from the activities at the mine (excluding interest
($) (1) |
579,511 |
826,311 |
(921,601 |
) |
(145,585 |
) |
338,636 |
1,169,326 |
(1) Cash flow generated from
the activities at the mine is non-International Financial Reporting
Standards (IFRS) performance measures, and may not be comparable to
similar measures presented by other companies. The Corporation
believes that, in addition to conventional measures prepared in
accordance with IFRS, the Corporation and certain investors use
this information to evaluate the Corporation's performance.
Accordingly, it is intended to provide additional information and
should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. The cash
flow generated from the development activities at the mine derived
from the Corporation’s cash flow from investing activities,
acquisitions of property, plant and equipment, less Silver
sales.
ABOUT MAYAMaya Gold &
Silver Inc. is a Canadian publicly 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 owned by Zgounder Millenium Silver
Mining, a Maya 85% owned joint venture with l’Office National des
Hydrocarbures et des Mines of the Kingdom of Morocco (15%).
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in 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
future events or future performance and reflects management’s
current expectations and assumptions. These are "forward-looking"
because we have used what we know and expect today to make a
statement about the future. Forward-looking statements usually
include words such as may, intend, plan, expect, anticipate, and
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. All of the
forward-looking statements made in this press release are qualified
by these cautionary statements and by those made in the
Corporation’s filings with SEDAR.
CONTACT INFORMATION
Maya Gold & Silver Inc.: Noureddine
MokaddemPresident & CEO+1 514-978-6111/+212
661-196-111nmokaddem@mayagoldsilver.com
or
Maya Gold & Silver Inc.: Sophy Cesar Investor
Relations 514-866-2008 scesar@mayagoldsilver.com
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