Merrex Gold Inc.: Graduation To Tier
2-Shareholder Update

MAY 26, 2006 - 23:00 ET

HALIFAX, NOVA SCOTIA--(CCNMatthews - May 26, 2006) - Greg Isenor, President and CEO of Merrex Gold Inc., (TSX VENTURE:MXI) (the "Corporation") is pleased to provide shareholders with the following update:

Graduation to Tier 2

Effective at the opening of the market on Wednesday May 24, 2006 the Corporation's stock exchange listing was moved from the NEX to Tier 2 of the TSX Venture Exchange under the trading symbol MXI.

Jubilee Minerals Option Exercise

The TSX has accepted for filing the exercise of the Corporation's option to purchase Jubilee Minerals Limited ("Jubilee") for 10,000,000 Merrex shares from treasury subject to a Value Securities three-year escrow agreement. A finder's fee of 850,000 shares will be issued. All of these shares have been issued and are subject to a four-month hold period until September 24, 2006.
Private Placement

The TSX has accepted for filing a $3,ooo,000 private placement. 6,000,000 shares at $0.50 per share were issued to 83 parties to net the treasury $3,000,000 less commissions/finder's fees of $140,750. The shares are subject to a four-month hold period until September 24, 2006.

Change of Name

The TSX has accepted for filing the change of corporate name to Merrex Gold Inc.

High River Gold Property Acquisition

The TSX has accepted for filing the Corporation's Property Purchase Agreement with High River Gold Mines Ltd. ("High River") to acquire a bundle of five resource exploration property interests for $361,414.53 in exploration cost reimbursement and 2,245,000 common shares. These shares have been issued are subject to a four-month hold period until September 25, 2006.

The acquired property interests are:

West Voisey's Bay, Labrador - a 50% interest in 451 claims (approx. 112.75 square kilometres) located on the border of Inco's main block, in joint venture with Celtic Minerals Ltd.;

Hungry Hill Prospect, Newfoundland - a 50% interest in 232 claims in joint venture with Celtic Minerals Ltd.;

Sutherlands Pond Prospect, Newfoundland - a 50% interest in 50 claims in joint venture with Celtic Minerals Ltd.;

Red Lake/Birch Lake, Ontario - a 100% interest in 16 non-contiguous claim blocks totaling 201 claims; and

Fundy Sehnkweh Cestos Permit, Liberia - A 50% back-in right into Fundy Minerals Ltd. Liberian project.

The Corporation had previously concluded Joint Venture Agreements with Celtic Minerals Ltd. for each of the West Voisey's Bay, Hungry Hill and Sutherlands Pond properties. Exploration work is presently underway at West Voisey's Bay.

The TSX has accepted for filing a guarantee bonus of 144,667 shares to four individuals including three insiders. These shares have been issued and are subject to a four-month hold period until September 25, 2006.

Mali Property Options

The TSX has accepted for filing the Corporation's Option Agreement with Societe d'explorations Miniera Touba SARL ("Touba") whereby the Corporation may earn up to a 95% interest in certain West African mining concessions within a 4,100 square kilometer defined area of interest for cash payments of $85,000 and exploration expenditures of $750,000 over three years.

If optioned interests are earned and if the concessions are to be developed as a mine then the Corporation's 95% interest may be diluted to 75%, the 20% difference being acquired by the government of Mali as permitted under the mining laws of Mali.

All optioned concessions are subject to a 5% Net Profit Interest in favour of Touba.

Exploration work is presently underway on certain of the Corporation's Mali mineral concessions.

On behalf of the Board:

Gregory Isenor, President

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