Maya Gold and Silver (MYA.V) has reported it has produced 41,166 ounces of silver at its Zgounder silver mine in Morocco in February, where after it increased to in excess of 46,000 ounces of silver in March. The February-silver was recovered after treating almost 4,000 tons of ore at an average rate of 429 g/t silver and a recovery rate of 76.25%. That’s a little bit lower than expected as the mill ran at the rate of just 91% due to scheduled maintenance.
The company has also closed a private placement raising C$3.6 million by issuing in excess of 30 million units at $.12 per unit. Each unit consists of one common share of the Company as well as a fool warrants exercisable at $.15. It’s interesting to see interesting to see that insiders of the company have purchased half of the issue as that’s a great vote of confidence from the existing management and Board of directors.
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The author has no position in Maya Gold and Silver. Please read the disclaimer
