Merrex Acquires New Mali Permit

MAR 24, 2006 - 23:00 ET

HALIFAX, NOVA SCOTIA--(CCNMatthews - Mar. 24, 2006) - Greg Isenor, President of Merrex Resources Inc. (NEX:MRX.H), (the "Corporation") announces:

The Corporation has entered into a Letter of Intent with la Societe Dianisse SUARL ("Dianesse") of Djelibougou, Bamako , Mali to option additional mining concessions within the west African nation of Mali. These concessions are separate from those concessions optioned from Touba Mining and wholly independent of the contractual arrangements with Touba Mining as previously disclosed in news releases dated November 1, 2005 and March 2, 2006.

Pursuant to the terms of the Letter of Intent with Denisse the Corporation may earn up to a 100% interest in that certain mining concession known and described as the Kakadian Permit. The Kakadian Permit, which covers approximately 109 square kilometers, will include rights to all minerals but the Corporation's primary interest in the concessions is for their potential for gold exploration.

The permit is located in the north portion of the prolific gold producing Sadiola-Kenieba Birimian window, approximately 10 kilometers west of the Sadiola gold mine. The property was acquired due to the presence of structural features and gold geochemical anomalies in the prospective Birimian rocks. Initial exploration will consist of geochemical anomaly follow-up, prospecting and sampling.
To earn the agreed interest the Corporation must make annual cash payments aggregating 35,000,000 Francs (Mali), or approximately $70,000 as set forth in the table below. There are no exploration expenditure obligations.



Cash Payments Cash Payments
Due Date Interest Earned
(Mali Francs) (Canadian Dollars)
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On Execution 5,000,000 $10,000 (approx.) 20%
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By First Anniversary 10,000,000 $20,000 (approx.) 60%
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By Second Anniversary 20,000,000 $40,000 (approx.) 20%
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Total 35,000,000 $70,000 (approx.) 100%
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If optioned interests are earned and if the concessions are to be developed as a mine then the Corporation's interest will be diluted in favour of the government of Mali as required by the mining laws of Mali as follows:



Parties Interest
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Merrex 80% participating
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Government of Mali 10% participating (optional)
10% carried
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If the government of Mali elects not to participate then their 10% participating interest reverts to Merrex.

The permit has a 3% Net Profit Interest in favour of Denissa.

The option agreement is subject to TSX approval.

This release contains forward-looking information. Statements that are not descriptions of historical facts are forward-looking statements provided under the "safe harbor" protection of the Private Securities Litigation Reform Act of 1995. These statements are made to enable a better understanding of our business, but because these forward-looking statements are subject to many risks, uncertainties, future developments and changes over time, actual results may differ materially from those expressed or implied by such forward-looking statements. Examples of forward-looking statements are statements about anticipated financial or operating results, financial projections, business prospects, future product performance and other matters that are not historical facts. Such statements often include words such as "believes," "expects," "anticipates," "intends," "plans," "estimates" or similar expressions.

These forward-looking statements are based on the information that was currently available to us, and the expectations and assumptions that were deemed reasonable by us, at the time the statements were made. We do not undertake any obligation to update any forward-looking statements in this report or in any of our other communications, except as required by law, and all such forward-looking statements should be read as of the time the statements were made, and with the recognition that these forward-looking statements may not be complete or accurate at a later date.

The NEX has not reviewed and does not accept responsibility for the accuracy of this release.

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