Jan 07, 2010
New Year Greeting From the President
From the President,
The 2009 Holiday Season has come and gone so I trust that you have enjoyed a happy holiday and I wish you all a prosperous 2010!
I write from the plane en route to Mali, the first spare moment for reflection in some time. As I look back on the tumultuous financial times we have faced, I think we can all take some real pride in both how far and how well your company has progressed since then.
In the later months of 2008 we secured IAMGOLD as a partner in our Siribaya Gold Project in an exceptional $10.5 million exploration earn-in for 50% and a $1.5 million private placement. During 2009 we conducted a $3,000,000 exploration program comprised of termite mound geochemistry, high-resolution airborne geophysics and diamond drilling, all of which yielded excellent results advancing Siribaya substantially and also identified substantial structures at Babara and other areas within our permit boundaries. Planning for our 2010 exploration program is already well-advanced.
Notwithstanding the softness in the equity markets last year, we successfully completed a further private placement during May and June of 2009 and diligently managed our funds through to November when IAMGOLD exercised all of their outstanding warrants. That cash, together with other warrant proceeds, have Merrex starting 2010 with no debt and over $1,000,000 in the treasury.
On December 31 we completed the sale of a 50% interest in Jubilee securing in exchange 18,675,000 shares (39%) of Chrysos Capital Corporation (symbol CSZ) and effective control over that corporation and its 100% owned Niaouleni Gold Project in Mali. Niaouleni is an advanced stage exploration project acquired from Touba Mining, our partner in Mali and vendor of the Siribaya Gold Project! If you would like to receive information updates and news releases from Chrysos please reply to us at [email protected] and we will have your contact information added to the Chrysos distribution list.
Lastly, but certainly worth mentioning, I am sure you share my pleasure in seeing that the market is finally recognizing Siribaya for the exceptional gold project that it is and that the increased value of our Merrex shareholdings are reflecting that market recognition.
I am looking forward to 2010 being a momentous year for Merrex Gold and for our new venture, Chrysos Capital.
Thank you for your continuing support and best wishes for the New Year.
Merrex Gold Inc.
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