Apr 17, 2012
Merrex Sells Fontana Interest and Secures Irish Zinc Permits
HALIFAX, NOVA SCOTIA - (Marketwire April 17, 2012) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX Venture: MXI) is pleased to announce:
Merrex has optioned for sale its 25% interest in the 16 claim Fontana prospect to Tres-Or Resources Limited for $500,000 payable $150,000 on execution of the option agreement (received), $150,000 after six months and $200,000 after 12 months. The minority interest in the Fontana property was never a material asset to Merrex and Merrex had no desire to participate as a minority non-controlling partner in any joint exploration activity; therefore monetization was the best business choice.
Irish Zinc Concessions
Merrex has acquired for the cost of application four blocks of zinc exploration permits in the Republic of Ireland. The intention in securing these concession blocks is to enhance the Jubilee Zinc Project with additional zinc prospects and thereby render the entire package more attractive for disposition.
About the Siribaya Gold Project
Merrex's principal exploration project is the Siribaya Gold Project, a joint Merrex-IAMGOLD project in West Mali comprised of approximately 848 square kilometres of gold-prolific exploration permits and permit 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 60,000 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, Suntower
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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