Jun 01, 2010
Merrex Gold - Stock Options
HALIFAX, NOVA SCOTIA -- (Marketwire -- June 1, 2010) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX Venture: MXI) announces the grant of incentive stock options.
Merrex announces that 1,800,000 incentive stock options have been granted to directors, officers, employees and consultants pursuant to Merrex's rolling incentive stock option plan. The stock options are exercisable for five years at $0.60 per share. The closing price of Merrex shares on the TSX Venture Exchange on May 31, 2010 was $0.59.
Merrex's Siribaya Gold Project
Merrex controls 100% of the Siribaya Gold Project comprising over 840 square kilometres of contiguous exploration permits in West Mali including the Siribaya mega-structure. The Siribaya mega-structure has a CIM compliant NI43-101 resource estimate of 4,015,000 tonnes grading 2.39 g/t Indicated (308,200 oz Au) and 946,000 tonnes grading 2.29 g/t Inferred (69,500 oz Au). The NI43-101 resource is open to the north, south and at depth.
Within the Siribaya mega-structure are two distinct substructures; the 500 metre wide by 10.5 kilometre long 1B sub-structure and the twin 500 metre wide x 9.5 kilometre long 1A sub-structure. The Siribaya Mega-structure has yielded ore-grade drill intercepts in a number of selected targets along its entire length.
In December 2008, Merrex closed an Option Agreement with IAMGOLD pursuant to which IAMGOLD may incur up to CDN$10.5 million in exploration expenditures over 4 years, to earn a 50% interest in the Siribaya Gold Project, of which approximately $4.5 million has been spent to date. Since 2005 Merrex and IAMGOLD have invested over CDN$12,500,000 in exploration at Siribaya. Merrex is currently the Project Operator; IAMGOLD will become Project Operator at the conclusion of the 2010 exploration program estimated for sometime during the late summer. The operator transition planning is in process.
At Siribaya, 14,500 metres RC reconnaissance drill program designed to explore new areas of the Siribaya Mega-structure and begin defining the potential magnitude of the mineralised areas within the Siribaya Mega-structure is currently underway. To the east of Siribaya an expanded termite mound geochemical survey over un-sampled areas has been initiated at the Babara and Kofia Permit Areas. IAMGOLD has assumed primary responsibility for the management, staffing and supervising the exploration of the Babara and Kofia Permit Areas including this expanded termite mound geochemical survey.
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
Renmark Financial Communications Inc.
Jason Roy: [email protected]
Barbara Komorowski: [email protected]
Tel.: (514) 939-3989 or (416) 644-2020
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.
You can view the Next News Releases item: Tue Jun 22, 2010, Merrex Gold - Siribaya Drilling Hits Southern Extension of Zone 1B and Northern Extension of Zone 1A; New trend developing at Babara-Kofia permits
You can view the Previous News Releases item: Tue May 18, 2010, Merrex Gold - Drilling Hits Zone 1B Northern Extension and New Gold Zone at Siribaya Gold Project
You can return to the main News Releases page, or press the Back button on your browser.