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Feb 27, 2015
Final 2014 Phase III Diamond Drilling Results at Siribaya's Diakha Discovery Zone Assay results include 6 m @ 10.53 g/t
HALIFAX, NOVA SCOTIA -- (February 27, 2015) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to announce the final assay results from the 2014 diamond drilling ("DD") program at the Diakha Discovery Zone located on the Siribaya JV Gold Project:

Highlights from Six Holes Reporting

Hole 154 3 m @ 10.15 g/t; 6 m @ 10.51 g/t including 4 m @ 15.45 g/t
Hole 150 4 m @ 4.91 g/t; 8 m @ 1.75 g/t; 10 m @ 0.95 g/t; 8 m @ 2.18 g/t

2014 Phase III Diamond Drill Program

A Phase III diamond drill program comprised of six holes totalling 1,075.5 metres of infill diamond drilling at the Siribaya gold project's Diakha discovery zone resumed on November 15th, 2014 following the end of the seasonal rains and continued until December 20th, 2014 breaking for the holiday season. All holes were drilled on a southeast orientation except for SRD 14-151 which was drilled in a northeast orientation to check the orientation of the mineralized zone. See map 2 below for drill hole locations and assay results.

Table of Significant Assays for Phase III Diamond Drill Program Diakha Discovery Zone

DD Hole # From
(m)
To
(m)
Interval and Average Grade
SRD14-149  
50
69
69
86
98
53
72
70
94
100
3 m @ 0.52 g/t
3 m @ 5.82 g/t
including 1 m @ 11.70 g/t
8 m @ 0.89 g/t
2 m @ 0.65 g/t
SRD14-150 (Note 7)  
192
212
228
245
196
220
238
253
4 m @ 4.91 g/t
8 m @ 1.75 g/t
10 m @ 0.95 g/t
8 m @ 2.18 g/t
SRD14-151 (Note 5)  
43
261
46
263
3 m @ 1.05 g/t
2 m @ 8.23 g/t
SRD14-152  
10
22
26
33
42
12
24
28
35
47
2 m @ 0.60 g/t>
3 m @ 3.61 g/t
2 m @ 0.83 g/t
2 m @ 1.12 g/t
5 m @ 0.91 g/t
SRD14-154  
18
43
55
57
190
218
25
46
61
61
194
225
7 m @ 1.40 g/t>
3 m @ 10.15 g/t>
6 m @ 10.51 g/t
including 4 m @ 15.45 g/t
2 m @ 0.90 g/t
7 m @ 0.85 g/t


Note 1: All samples sent to the laboratory are one meter samples
Note 2: QA/QC and additional technical information are described below
Note 3: Drill hole intercepts are calculated using a minimum down-hole length of 1 meter, a cut-off grade
of 0.5 g/t gold, are uncapped, and may include up to 5 metres of internal dilution
Note 4: The widths of intersections are downhole lengths; true widths are unknown at this time
Note 5: All holes were drilled at azimuth 115 and dip -60 except hole 151 which was drilled at azimuth 295
Note 6: Hole SRD14-153 did not return any significant values
Note 7 SRD-14-150 is an extension of RC hole 14-445 which had stopped at 100 metres depth.

2015 Exploration Program

The Siribaya camp was opened and drilling operations resumed January 16th, 2014. After two diamond drill holes were completed the drill rig was converted to RC and drilling continued.

The Siribaya joint venture management committee has approved a US$3.8 million work plan and budget in 2015 for the Siribaya gold project in West Mali.

The primary focus of the 2015 drilling program is to complete an initial infill delineation drilling program on the Diakha discovery to enable completion of a maiden NI43-101 compliant resource estimate by year end as results may merit. A combination of reverse circulation and diamond drilling will be used.

To February 20, 2015, 32 RC holes totalling 3,786 metres and 2 DD holes totalling 528 metres were completed.

About the Diakha Discovery Zone

The Diakha gold discovery is located in the western-most portion of the 910 km2 Siribaya exploration concessions approximately 10 kilometres south along strike of IAMGOLD's 1,900,000 ounce Boto gold deposit (scoping study in progress) and approximately 20 kilometres south along strike from B2Gold's (formerly Papillon's) 5,000,000 ounce Fekola deposit (permitted for production). See Map 1 below.

The 2014 drill program of over 9,000 metres RC and over 2,000 metres DD confirmed the presence of multiple zones of gold mineralization over a wide area at significant widths and grades, in association with disseminated sulphide and albite-hematite-chlorite alteration in sandstone host rocks with little quartz veining. There is mineralization at both the SE & NW strike extensions. The mineralization and associated mineralization bears similarities to the Boto gold deposit mentioned above.

Assay highlights* 2014 RC and DD programs include:
RC 445 34 m of 3.22 g/t and 16 m of 2.06 g/t gold
RC 429 30 m of 2.58 g/t gold
RC 421 26 m of 3.03 g/t gold
RC 441 10 m of 3.88 g/t gold
DD 148 34 m of 4.85 g/t gold
DD 145 21 m of 4.31 g/t gold
DD 146 12 m of 10.99 g/t gold
RC 489: 24 m of 2.36 g/t incl. 4 m of 11.26 g/t gold (hole ended in mineralization)
RC 471: 24 m of 1.06 g/t incl. 4 m of 3.30 g/t, 10 m of 1.71 g/t and 2 m of 7.16 g/t gold
RC 474: 10 m of 2.03 g/t gold
RC 504: 32 m of 0.99 g/t gold
DD 154: 3 m of 10.51 g/t and 6 m of 10.51 g/t incl. 4 m @ 15.45 g/t gold
*see news releases of July 2, August 28 and October 8 at www.merrexgold.com for additional details.

Based on these encouraging drill results, project operator IAMGOLD Corporation ("IAMGOLD") designed the 2015 exploration program to support completion of a NI43-101 maiden resource estimate by year end if results continue to be encouraging.

Technical Information and Quality Control Notes

The Siribaya Gold Project drilling results contained in this news release were prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The sampling of, and assay data from, drill core was monitored through the implementation of a quality assurance - quality control program designed to follow industry best practice.

Drill core (HQ and NQ size) samples were selected by the IAMGOLD geologists and sawn in half with a diamond saw at the project site. Half of the core was retained at the site for reference purposes. Sample intervals are generally one metre in length. The samples were assayed at the ALS Chemex Analytical Laboratory in Bamako, Mali, using a standard fire assay with a 50 gram charge and an Atomic Absorption finish.

About Merrex's Siribaya Gold Project

The Siribaya Gold Project is a 50/50 joint Merrex-IAMGOLD advanced-stage gold exploration project in West Mali comprised of approximately 910 square kilometres of gold-prolific exploration permits and permit applications pending. Exploration of the Siribaya Gold Project is conducted under a joint management committee with IAMGOLD as the project operator. Expenditures to date on the Siribaya Project exceed $40 million.

The Siribaya Gold Project presently hosts a gold resource estimated at 303,900 ounces grading 2.34 g/t Indicated, and 301,400 ounces grading 2.17 g/t Inferred. The gold resource estimate was prepared in accordance with CIM definitions as required by NI 43-101 and is at July 31, 2012 by ACA Howe International Limited. The Siribaya and Diakha deposit areas are open to the north, south and at depth. Numerous other gold-anomalous target areas have been identified by geochemistry and require drilling.

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 primarily a West African focused gold exploration company with experienced management, a solid exploration team, a prominent gold-producer as a JV partner and an expanding gold resource.

For further details about the Company's exploration activities or to view the most recent corporate presentation visit Merrex's website at www.merrexgold.com.

To be added to Merrex's email contact list please email your request to [email protected].

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
[email protected]

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 news release.
 
 

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