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History

WORK COMPLETED ON THE SIRIBAYA MEGA-STRUCTURE

1996-1997 Emerging Africa Gold (EAG), through Russian contractor GeoConsult, conducted extensive prospecting, mapping, and geochemistry in the area covered by MXI's permits. This work identifies several large gold anomalous zones.
2005 Merrex entered into a strategic partnership with Touba Mining SARL (Touba), a Malian company, to acquire and explore favorable mineral permits in the West Mali Gold Belt
2005-2008 From 2005-2008, Merrex has completed airborne geophysics, data compilation, sub-regional and targeted prospecting, mapping, soil geochemical surveys, trenching, and pitting. Based on this work, an aggressive 622 (~31,000m) RAB drilling programme was conducted, and followed up by 86 diamond drill holes.

Geochem (2005-2006)
RAB Drilling (2007)
Diamond Drilling (2008)
2007-2008 Diamond drilling of priority targets on the Siribaya structure intersects significant intervals at ore grades, particularly at Zone 1B
2008 In 2008 an independent NI 43-101 resource estimate was completed for Zone 1B, which confirmed an indicated resource of 123,000 contained ounces Au and an additional inferred resource of 319,000 contained ounces Au (click here for NI 43-101 Resource Estimate document)
2008 Joint Venture agreement signed in December 2008 with IAMGOLD Corp. IMG may earn a 50% interest in Siribaya by spending $10,500,000 on exploration within three years. IMG also invested $1,500,000 in cash with MXI
2009 5,000 metres of diamond drilling tripled strike length of Zone 1B with many significant ore-grade intervals at Zone 1B. (see attached map)
2009 Airborne Magnetic Spectrometer Survey completed of approximately 22,785 line kilometers - significant structures identified. (see attached map)
2009 Termite Mound Geochemical Survey completed over the 10 kilometre Siribaya Structure as well as Babara, Kofia and Bambadinka. (see attached map)
2010 Updated NI 43-101 Resource Estimate completed. 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. (click here for NI 43-101 Resource Estimate document)
2010 10,673 metres of RC drilling completed to August 2010 over the Siribaya Structure (six drill fences, 500 metre spacing, 100 metre depth). Final results from this phase of the drill program clearly establish that the gold mineralization in both Zone 1A and Zone 1B has continuity. The Zone 1A mineralization extends for at least two kilometres and Zone 1B for at least three kilometres. The gold mineralization in both Zones 1A and 1B remains open to both the north and south within the 10 kilometre long 1A and 1B substructures, and is also open to depth. Multiple new and significant gold mineralized zones with continuity are present within each of the 1A and 1B substructures. These new zones also are open north, south and at depth. (see attached map) IAMGOLD, operator of the Siribaya Gold Project, has accelerated its exploration expenditures at Siribaya by approximately CDN$750,000 through to December 31, 2010. Drilling has recommenced on the initial 4,000 metres of RC drilling within the Siribaya mega-structure which will complete the previously planned 14,500 metres 2010 drill program. An additional 4,000 metres of RC drilling will follow-up on excellent intersections encountered earlier this year. To further evaluate the Bambadinka trend, the ground geophysical survey (gradient array IP) will be extended to cover the remainder of the trend and the mechanized auger program will be extended by 3,200 metres.
2011 The 50/50 Merrex-IAMGOLD Corporation ("IAMGOLD") joint project management committee approved a minimum US$3,000,000 exploration program for the 2011 field season at the Siribaya Gold Project. The exploration objectives of the 2011 program aim at (1) developing the mineral potential of the Siribaya permits and (2) confirming the potential for a 2 to 4 million ounce deposit along the strike extent of the Siribaya trend.

More specifically, the 2011 program includes:
  • Up to 40,000 metres of RC drilling to: i) investigate the strike length of the 1A and 1B Siribaya substructures for approximately two kilometres to the north of Zone 1B and approximately one kilometre to the south of Zone 1A, and ii) selective infill drilling along 200 - 300 metre spaced fences to follow up on mineralization intersected during 2010 drilling. (see attached map)
  • Complete the regional 400 x 100 m termite mound geochemical sampling over the full concession areas.
  • Infill termite mound geochemical sampling (200 x 40 m) as a follow up on soil and termite mound geochemical anomalies as detected during previous geochemical sampling programs. The program will initially focus on the Babara anomalous trends and a geochem trend to the west of Siribaya.
  • Finalise mechanized auger drilling along the Bambadinka trend to the west of Siribaya.
  • Initiate mechanical auger drilling along the Babara trends and the western Siribaya trend.
In addition, the joint project management committee has approved a diamond drill program of up to 10,000 metres of infill drilling within the Zone 1B resource area, and extension drilling north and south of the Zone 1B resource area, including selected targets in the 1A substructure.

The program was planned in conjunction with ACA Howe International (UK) Limited in the objective is to increase the present NI43-101 resources estimate to up to one million ounces.

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