Merrex Resources Inc.: Contracts Concluded For Mali Concessions

MAR 2, 2006 - 23:00 ET

VANCOUVER, BRITISH COLUMBIA—-(CCNMatthews – Mar. 2, 2006) - John Cumming, President of Merrex Resources Inc. (NEX:MRX.H), (the "Corporation") announces:

The Corporation has concluded and is filing with the TSX the formal Option Agreement with Societe d'explorations Miniera Touba SARL ("Touba") of Bamako, Mali to option certain mining concessions within the west African nation of Mali.

Pursuant to the terms of the Option Agreement the Corporation may earn up to a 95% interest in certain mining concessions, including the Siribaya, Taya-Malea, Kofia and Babara Permits, all within a 4,100 square kilometer defined area of interest. The concessions, which cover over 500 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 permits, which are located in the southern West Malian Sadiola-Keniiba Birmian window, a prolific gold producing region, have been the subject of approximately $1,000,000 of prior exploration work. Previous exploration work has identified an area of old gold workings, several gold geochemical anomalies and associated geological structures, all of which remain undrilled.

To earn the agreed interest the Corporation must make annual cash payments aggregating $85,000 and incur exploration expenditures aggregating $750,000 over three years as follows:



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Due Date Cash Payments Exploration Expenditures Interest Earned
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On Execution $10,000
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By First Anniversary $25,000 $200,000 30%
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By Second Anniversary $50,000 $250,000 30%
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By Third Anniversary $300,000 35%
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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:



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Parties Interest
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Merrex 75% participating
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Government of Mali 10% participating (optional)
10% carried
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Touba 5% carried
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If the government of Mali elects not to participate then their 10% participating interest reverts to Merrex.

All concessions are encumbered by a 5% Net Profit Interest in favour of Touba.

The option agreement is subject to TSX approval.

On behalf of the Board:

John Cumming, Director

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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