Maya Gold & Silver Inc. (“Maya” or the “Corporation”) CA:MYA 0.00% announces that it has received conditional approval of the TSX Venture for the acquisition of the Boumadine polymetallic deposit in Morocco (“Boumadine”).
As previously announced in a news release dated March 4th, 2013, the Corporation and L’Office National des Hydrocarbures et des Mines (“ONHYM”), had signed on October 9, 2012 a Joint Venture Agreement in respect of Boumadine (“Agreement”). Maya was awarded Boumadine following an invitation to tender launched internationally. The Agreement was approved on February 8, 2013, by the Ministere de l’Energie et des Mines du Maroc (“Moroccan Mining Authorities”).
The transfer of the property will occur once a separate company is incorporated in Morocco for this purpose, which will be 85% owned by the Corporation and 15% owned by ONHYM.
Under the Agreement, the Corporation will invest an overall amount of CAD 16 million, including cash payments to be made over three years and exploration and development expenditures within 60 months of the approval of the Agreement by the Moroccan Mining Authorities (as per budget presented below).
An initial payment of CAD 705,600 (MAD 6,000,000) has been made on May 11, 2013.
ONHYM is entitled to a 3% royalty on sales from the Boumadine.
Development stages
As part of its tender to acquire Boumadine, MAYA has established a work schedule consisting of three development stages as described below.
The Wall Street Journal
Market Watch
PRESS RELEASE
July 19, 2013, 10:01 a.m. EDT
MONTREAL, QUEBEC, Jul 19, 2013 (Marketwired via COMTEX)
