Apr 26, 2011
Merrex Gold 10,000 Metres Diamond Drilling Commences at Siribaya Gold Project
HALIFAX, NOVA SCOTIA -- (Marketwire April 26, 2011) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX Venture: MXI) is pleased to announce that the 2011 diamond drill program has commenced at the Siribaya Gold Project in West Mali.
Drilling has commenced on the Merrex-IAMGOLD Corporation ("IAMGOLD") Siribaya Gold Project in West Mali. Up to 10,000 metres of diamond drilling is planned with up to 6,000 metres anticipated prior to the commencement of the seasonal rains.
On the western 1B substructure the drill program will include infill drilling within the Zone 1B NI 43-101 resource area and extension drilling to the north and to the south of the Zone 1B resource area. On the eastern 1A substructure the drill program will test strongly mineralized targets identified by the continuing RC drill program.
The 2011 diamond drill program was planned in conjunction with Merrex's consulting geologists, ACA Howe International (UK) Limited, which prepared Merrex's previous resource estimates for Siribaya, and is designed to increase the current NI 43-101 resource estimate.
The 2011 diamond drill program will be executed by project operator IAMGOLD.
About the Siribaya Gold Project
The Siribaya Gold Project in West Mali is Merrex's flagship property. Beginning in 2005 Merrex assembled an 848 km2 land package, the largest group of contiguous gold exploration permits in Mali. The Siribaya Gold Project is in the same gold-prolific sequence of Birimian-age greenstones shared by Randgold's Loulo mine, Anglogold Ashanti/IAMGOLD's Sadiola and Yatela mines and others in Western Mali.
Between 2006 and 2008 Merrex spent over C$8,000,000 in direct exploration and advanced the property from a grassroots exploration project to an initial NI 43-101 compliant Inferred resource estimate.
At the end of 2008 IAMGOLD joined forces with Merrex to explore Siribaya by optioning a 50% interest in return for incurring C$10,500,000 of exploration expenditures over a four year period. To March 31, 2011, IAMGOLD has spent approximately C$7,600,000 on direct exploration both within the Siribaya mega-structure and across major portions of the total land package including diamond, RC and mechanized auger drilling, a high-resolution airborne survey, soil and termite mound geochemical sampling and ground IP.
For more details on the Siribaya Gold Project visit our new website at www.merrexgold.com.
Gregory P. Isenor, P. Geo., is the Qualified Person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.
Merrex is a well funded Mali focused gold exploration company with experienced management, a solid exploration team, a prominent gold-producer as a partner and an expanding gold resource ... a winning combination offering investors an extraordinary opportunity.
On Behalf of the Board
Gregory Isenor, P.Geo.
President & CEO
Merrex Gold Inc.
1550 Bedford Highway Suite 802, Sun Tower Bedford, NS B4A 1E6
Tel.: (902) 832-5555
Fax: (902) 832-2223
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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