Mar 04, 2010
Merrex Commences RC Drilling at Siribaya Gold Project
HALIFAX, NOVA SCOTIA -- (Marketwire -- March 4, 2010) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX Venture: MXI) announces that drilling has commenced at its Siribaya Gold Project in west Mali.
"Working in concert with IAMGOLD Corporation, Merrex has commenced a 14,500 metre RC drill program at Siribaya," said Gregory Isenor, President and CEO of Merrex Gold. "The program will focus primarily on the region south of Zone 1B as far as the major gold anomaly at Zone 1A and the old underground artisinal workings near Berekegni village approximately 2.5 kilometres south of Zone 1B. The 2009 program established an Indicated resource with 2.38 g/t Au average grade and continuity over 800 metres. With our increased confidence in grade and continuity, the next objective is tonnage, and our primary objective for the 2010 program will be to begin defining just how big the Siribaya Deposit might be."
Reverse Circulation Drill Program
The 2010 drilling program is comprised of approximately 14,500 metres of RC drilling. Six drill fences, consisting of drill holes oriented at -50° to approximately 100 metres target depth at 50 metre spacing, will be placed east-west across the entire width of the 1A and 1B substructures. One drill fence will be north of Zone 1B with the remaining five drill fences to the south of Zone 1B at 500 metres step-outs. The southern-most drill fence will reach the old Berekegni artisanal underground workings on the 1B substructure and the major RAB anomaly at Zone 1A.
RC drilling is by BLY Mali SA, the Malian division of Boart Longyear Canada of North Bay, Ontario.
Auger drilling designed to test outside surface gold anomalies will commence at a later date and shareholders will be advised.
About the Siribaya Gold Project
Merrex controls 100% of the Siribaya Gold Project comprising over 800 square kilometres of contiguous exploration permits in West Mali including the Siribaya mega-structure. Within the Siribaya mega-structure, Zone 1B, the primary subject of the current resource estimate is a 100 metre wide by 800 metre mineralized zone within the 500 metre wide by 10.5 kilometre long 1B substructure, and Zone 1A is part of 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 $3.0 million has been spent to date. Merrex will be the Project Operator for two years or until exploration expenditures of $5.5 million after which IAMGOLD can elect to be the Operator. Since 2005 Merrex and IAMGOLD have invested over CDN$11,000,000 in exploration at Siribaya. The current exploration program will satisfy IAMGOLD's next CDN$2,500,000 exploration obligation.
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 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.
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