Maya Gold & Silver (MYA:TSXV) has experienced a surge in insider buying by its long-standing CEO. Unlike the majority of junior resource gold and silver stocks, Maya has not moved up hugely from its early-2016 lows. Its shares are up 4 cents to $0.14 Monday from its low of $0.10 in February.
Maya Gold & Silver traded above $0.50 in early 2014:
Maya Gold & Silver underperforming on TSX Venture
Maya Gold & Silver is a TSX Venture-listed junior focused on the exploration and development of gold and silver deposits in Morocco.
Maya has initiated mining and milling operations at its Zgounder Mine in Morocco. Zgounder Millenium Silver Mining is an 85% owned joint venture with l’Office National des Hydrocarbures et des Mines of the Kingdom of Morocco who owns 15%. Unlike the windfall royalty taxes proposed by different government regimes in South America, Morocco seems content on its 15% ownership of Zgounder.
Zgounder produces 42,998 ounces of silver in June
Maya Gold & Silver’s latest press release is from July 14th, below is a short excerpt:
“June 2016 Operations Highlights
42,998 ounces (1337 Kg) of silver ingots were produced from 5317 tonnes of dry material presenting an average head grade of 314 g/t Ag;
A recovery rate of 80.03% was achieved;
Production was impacted by prolonged and periodic stoppages of the operating ball mills to perform a detailed inspection of the internal plating;”
Click here to read the entire press release.
Eric Swenden leads insider buying in Maya
On June 23rd, Maya welcomed Mr. Eric Swenden as a new member to its board of directors, subject to regulatory approval. Mr. Swenden has been a member of the Corporation’s Advisory Board since 2012.
Less than one month later, on July 19th, 2016, Swenden purchased 1,675,000 shares at a price of $0.15, according to InsiderTracking.com.
Guy Goulet, CEO & Director of Maya has been with the company through some tough years. He joined the company as its President in November 2008 and has seen it through to production.
With interest rates near zero or negative in many countries, equity markets near all-time highs in the U.S. and gold continuing to hold above $1,300 an ounce, junior resource stocks will be sought after.
Insider buying in select TSX Venture companies, particularly in the gold and silver sectors and in those issuers which have not doubled or tripled in value, will be followed as 2016 develops.
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This article represents solely the opinions of Alexander Smith. Alexander Smith is not an investment advisor and any reference to specific securities in the list referred to in the article does not constitute a recommendation thereof. Readers are encouraged to consult their investment advisors prior to making any investment decisions. The information in this article is of an impersonal nature and should not be construed as individualized advice or investment recommendations.
