Apr 01, 2015
Merrex Shareholders Approve IAMGOLD as 'Control Person', and Reconnaissance Mapping and Sampling of Karita Permit Planned
HALIFAX, NOVA SCOTIA -- (April 1, 2015) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to report on the results of the Annual General Meeting held March 26, 2015.
Results of Annual and Special General Meeting
The Annual and Special General Meeting of Shareholders (the "Meeting") of the Company was held on March 26, 2015 in Halifax, Nova Scotia. At the Meeting, shareholders approved all resolutions put before them by management including the election of all director nominees, the appointment of the auditor, the approval of the Company's incentive stock option plan and IAMGOLD Corporation as a future 'control person'.
Total Voting Shares
A total of 39,690,929 shares representing 25.51% of the issued capital were voted at the annual meeting. No shares or proxies were disqualified.
Election of the Board of Directors
Greg Isenor - Votes for: 36,092,330 (98.25%); Votes withheld: 644,000 (1.75%)
John Cumming - Votes for: 36,092,330 (98.25%); Votes withheld: 644,000 (1.75%)
Walter Henry - Votes for: 36,092,330 (98.25%); Votes withheld: 644,000 (1.75%)
Jim Patterson - Votes for: 36,736,330 (100.0%); Votes withheld: 100 (0.00%)
IAMGOLD Corporation Approved as 'control person'
In anticipation that the agreement in principle to settle outstanding exploration debt owed to IAMGOLD Corporation may result in IAMGOLD Corporation owing greater than 20% of the Company's issued shares, the shareholders approved the future contingency that IAMGOLD Corporation may become a control person.
Notwithstanding shareholder approval, the future debt settlement remains subject to compliance with TSX-V policies and TSX-V approval. (See news release January 27, 2015 for further details.)
Appointment of Auditors
The shareholders re-appointed Morgan LLP, Chartered Accountants, as the Company's auditor and authorized the directors to fix the auditors remuneration.
Incentive Stock Option Plan
The shareholders approved the Company's incentive stock option plan.
About Merrex Gold
Karita Permit, Guinea
Merrex was recently granted the Authorization for Exploration for the 100 km2 Karita permit area in Guinea. The Karita permit area is 100% owned by Merrex and hosts a significant piece of the Feloka-Boto-Diakha trend It is contiguous south of Boto and north of Diakha (See map 1). Planning is underway for an immediate reconnaissance mapping and sampling survey of the Karita permit area to facilitate planning of a Phase 1 exploration program.
Siribaya Gold Project, Mali
The Siribaya Gold Project is a jointly owned (50/50) 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 on the Siribaya main structure 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 (which does not include anything from the Diakha discovery zone) was prepared in accordance with CIM definitions as required by NI 43-101 and is at July 31, 2012 by ACA Howe International Limited. Both 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
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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