Apr 14, 2015
Permit Renewal Update and Debt Settlement
HALIFAX, NOVA SCOTIA -- (April 14, 2015) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) announces:
Permit Renewal Update
Further to the Company's news release of April 7, 2015 the Company has been advised that they Mininister of Mines ,Mali has executed two further exploration Arrêtés (decrees) for the permits now called Siribaya-II and Taya-Maléa-II. As stated on April 7, this is part of continuing permit title management process which includes partial permit surrenders, re-applications and re-grants, consolidations and renewals of the numerous permits which comprise the Siribaya Gold Project land package. The renewal process is progressing in the normal course with the Mali National Department of Mines and Geology ("DNGM") and the Ministry of Mines.
Merrex has reached an agreement with Aurum Exploration Services ("Aurum") to settle an outstanding debt of €75,894.02 (at today's exchange rate = C$101,023.10) for geological exploration services and related disbursements and taxes by the issuance of 315,697 shares of Merrex, an effective issue price of $0.32 per share. The shares will to be subject to a mandatory four-month investment hold period. The debt settlement is subject to required TSX acceptance.
About the 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 760 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.
Within the Siribaya Gold Project the Diakha gold discovery is located in the western-most portion of the 760 km2 Siribaya exploration concessions approximately 10 kilometres south along strike of IAMGOLD's Boto gold discoveries (scoping study in progress) and approximately 20 kilometres south along strike from B2Gold's (formerly Papillon's) 5,000,000 ounce Fékola deposit (permitted for production). See Map below for the Diakha location).
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.
Karita Gold Project, Guinea
In March 2015 Merrex was 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 IAMGOLD's Boto deposit and north of the Diakha discovery zone. 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.
Together, the Siribaya Gold Project, Mali and Karita Gold Project, Guinea total 860 km2.
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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