Apr 26, 2012
Merrex Provides Siribaya Gold Project Exploration Update
HALIFAX, NOVA SCOTIA - (Marketwire, April 26, 2012) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX Venture: MXI) is pleased to provide the following exploration update on the Siribaya Gold Project.
Drilling remains temporarily suspended at the Siribaya Gold Project in West Mali (see news release April 3, 2012). The Siribaya camp remains open and staffed with crews continuing geochemical sampling, compiling XRF (x-ray fluorescence) samples and completing the re-logging of Zone 1A and Zone 1B core. Camp expansion is complete and the upgrades are now fully functional. Road improvements within the permit area are complete allowing for improved drill rig access.
The political situation in Mali continues to stabilize with the interim President appointing a new Prime Minister on April 17, 2012 and government ministers being installed. The President and Prime Minister have been tasked with leading the transitional government until democratic presidential elections are held. Although we are still not able to predict a definite time line for the resumption of drilling activities, Merrex and project operator IAMGOLD are monitoring the situation on a daily basis and are hopeful that a plan for the resumption of drilling can be set in the upcoming weeks.
IAMGOLD advises as of March 31, 2012 the following work has been completed at the Siribaya Gold Project:
The 2012 diamond drilling program is following-up on encouraging results obtained from the 2011 RC drilling program with the potential of increasing the current NI 43-101 resource estimate. 3,701.5 metres (17 holes) of the 10,000 metre drilling program have been completed on the Eastern Trend of Siribaya in the area north of Zone 1A. 2,642 samples have been sent for assay and results will be released from time-to-time as assays are received, compiled and interpreted.
The 50,000 metre 2012 RC drilling program was operating on the Bambadinka Trend with heel-to-toe drill fences to follow up on positive auger drill results and identify future diamond drill targets. 18,946 metres (157 holes) have been completed with 18,465 samples sent for assay. Results will be released from time-to-time as assays are received, compiled and interpreted.
The auger drill was operating on the southern portion of the Bambadinka Trend and 416 metres (41 holes) of a planned 9,000 metres have been completed. 273 samples have been sent for assay and results will be released from time-to-time as assays are received, compiled and interpreted.
Termite mound sampling on the Babara permit has been completed with 5,942 samples collected. Sampling on the Kofia permit is underway and nearly complete with 5,438 samples collected. A total of 7,800 termite mound samples have been sent for assay. Results will be released from time-to-time as assays are received, compiled and interpreted.
About the Siribaya Gold Project
The Siribaya Gold Project is a joint Merrex-IAMGOLD exploration project in West Mali comprised of approximately 848 square kilometres of gold-prolific exploration permits and permits applications pending where exploration expenditures to date exceed $23 million. IAMGOLD has advised that the required $10.5 million of exploration expenditures under the terms of the Earn In Option Agreement has been completed and that subject to a final accounting review which is presently underway IAMGOLD will vest with a 50% interest in the land package. Exploration of the Siribaya Gold Project is ongoing under a joint management committee. A total of 75,000 metres of drilling (Reverse Circulation, Diamond and Auger) is planned for 2012 at a budgeted expenditure of $11.86 million before contractual overhead fees.
For further details about the Siribaya Gold Project visit Merrex's 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 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.
Please visit our website at www.merrexgold.com for the most recent corporate presentation.
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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