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Maya Gold & Silver Ahead 5% Following Deal for Majority Stake in Morocco Silver Mine

Maya Gold & Silver Inc (MYA.V) is well off its early highs but still is up 2 cents at 38 cents a share after late yesterday moving to acquire an 85% stake in the Zgounder silver mine in Morocco.

Shares touched 43.5 cents in early trade before easing. Financial terms of the transaction were not immediately disclosed.

The Zgounder mine has proven reserves of 120,000 tons of silver at a grade of 500 grades per ton of ore and possibly as much as 267,000 tons at 300 grams silver per ton. The mine closed in 1990 due to low silver prices and has been maintained by a state-owned entity, which will maintain a 15% stake in the property.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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