Merrex Gold Inc.
TSX VENTURE : MXI

Merrex Gold Inc.

September 03, 2009 09:23 ET

Merrex 2009 Drilling Triples Strike Length of Area 55 at Siribaya

HALIFAX, NOVA SCOTIA--(Marketwire - Sept. 3, 2009) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX VENTURE:MXI) announces assay results from the 2009 diamond drill program at its 100% owned Siribaya Gold Project in West Mali. The 2009 program of only 17 holes had many very significant gold intersections and tripled the strike length of the continuously mineralized zone at Area 55 at Zone 1B from 300 metres to approximately 900 metres. The mineralization is still open to the north, south and at depth. Prior to the 2009 drill program, the mineralized zone of Area 55 along a 300 metre strike length drilled to a vertical depth of approx 250 metres had a NI 43-101 resource estimate of 123,000 ounces Au Indicated (2,120,000 tonnes grading 1.81 g/t) and 319,000 ounces Au Inferred (5,700,000 tonnes grading 1.74 g/t).



Drill Results - Assay Highlights
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Assay Highlights
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Hole Assay
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5.30 g/t over 10 m
SR-DD-09-81 including 17.85 g/t over 1 m
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SR-DD-09-82 2.75 g/t over 7.5 m
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5.81 g/t over 12 m
SR-DD-09-83 including 17.90 g/t over 1 m
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SR-DD-09-83 2.28 g/t over 17.5 m
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SR-DD-09-85 3.85 g/t over 9 m
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5.37 g/t over 16 m
SR-DD-09-85 including 25.50 g/t over 1 m
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SR-DD-09-85 2.61 g/t over 9 m
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3.14 g/t over 23 m
SR-DD-09-88 including 4.41 g/t over 14 m
including 15.08 g/t over 2 m
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2.18 g/t over 15 m
SR-DD-09-89 including 4.53 g/t over 5 m
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3.52 g/t over 10.5 m
SR-DD-09-89 including 11.39 g/t over 2.25 m
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SR-DD-09-93 3.69 g/t over 10.5 m
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SR-DD-09-93 2.56 g/t over 6 m
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SR-DD-09-93 2.42 g/t over 9 m
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SR-DD-09-94 1.57 g/t over 9 m
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SR-DD-09-95 4.75 g/t over 12 m
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SR-DD-09-96 2.64 g/t over 8.5 m
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SR-DD-09-96 1.27 g/t over 12 m
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8.45 g/t over 3 m
SR-DD-09-96 including 21.10 g/t over 1 m
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SR-DD-09-96 3.33 g/t over 21 m
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SR-DD-09-96 2.18 g/t over 12 m
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Notes regarding Assay Highlights and Detailed Assay Tables:
a) all intersection lengths are core lengths, not true widths,
b) only intersections of one metre and longer with average gold grade of 1.0
g/t and higher are included,
c) intersections grading less than 1.0 g/t were excluded


See attached map of Zone 1B for highlights.

To view the map, please visit the following link: http://media3.marketwire.com/docs/mximap903.pdf

Commentary

"Working in concert with IAMGOLD Corporation, Merrex has substantially completed its 2009 diamond drill program at Siribaya," said Gregory Isenor, President and CEO of Merrex Gold. "The 2009 program, which focused on Zone 1B south of Area 55, has convincingly demonstrated the high-grade potential of Zone 1B. We are especially pleased with the apparent width and high grades of the intersections and the large numbers of intersections in the drill holes. For example, hole #85 contains 15 mineralized intervals totalling 73.5 metres over a 237 metre hole length with one intersection of 5.37 g/t over 16 metres including 25.5 g/t over 1 metre, and hole #96 contains 13 mineralized intervals totalling 73 metres over a 236 metre hole length including one intersection of 8.45 g/t over 3 metres including 21.1 g/t over 1 metre. These holes with long sections of mineralization illustrate the excellent open pit potential. While considerable additional interpretation is required, early interpretation indicates that the continuity of mineralization within Zone 1B has been tripled from 300 metres to approximately 900 metres along strike and, because Zone 1B remains open to the north, south and at depth, there remains excellent opportunity for continued expansion of the gold resource. We believe we can confidently state that the two objectives of the program, i.e. increasing the economic potential of Zone 1B and improving our understanding of the geometry of the structure, have been accomplished. Our exploration team is continuing with the detailed interpretation and planning for the next drill program."

About the Siribaya Gold Project

Merrex controls 100% of the Siribaya Gold Project which comprises over 700 square kilometres of exploration permits in West Mali, with additional permits pending. Prior to the 2009 drill program, a gold deposit with an initial NI 43-101 resource estimate of 123,000 ounces Au Indicated (2,120,000 tonnes grading 1.81 g/t) and a further 319,000 ounces Au Inferred (5,700,000 tonnes grading 1.74 g/t) had been established (ACA Howe, January 31, 2009, see press release Feb 10, 2009). That initial estimate was based upon approximately 300 metres of strike length within Zone 1B which remained open along strike and at depth. The Siribaya Structure, which is approximately 10 kilometres long, has yielded ore-grade drill intercepts at numerous locations along the entire length.

From 2005 to the end of 2008 Merrex invested over $8,000,000 in exploration at Siribaya. On December 19, 2008 Merrex closed an Option Agreement with IAMGOLD Corporation 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 is being spent on the 2009 exploration program.

2009 Program Details

The 2009 diamond drill program comprised 17 holes totalling 4,707 metres to target depths of 200 - 250 metres. Drilling was focused on the Siribaya Structure, primarily in the region south of Zone 1B's Area 55 (with one fence of three holes drilled to the north of Area 55) filling in a gap of approximately 500 metres along strike between fences drilled in prior programs in the north of Zone 1B at Area 55 and holes drilled at the very south of Zone 1B.

Holes SR-DD-09-80 to 92, which were drilled with a West azimuth and a dip angle of 55 degrees, were designed to establish the continuity of gold mineralization and increase the known resource within the central part of Zone 1B and to test the North and South extension of the Zone. Holes SR-DD-09-81, 82, 83, 85, and 88 returned strong gold intersections in the central part of the Zone and Hole SR-DD-09-89 cut two good intersections on South extension of the Zone (see Detailed Assay Table below).

Holes SR-DD-09-93 to 96, which were drilled with an East azimuth and dip angles of 50 to 60 degrees, were designed as scissor holes to test the geometrical interpretation of Zone 1B on drill sections of previous campaigns. Numerous strong intersections have also been cut in these holes (see Detailed Assay Table below).

Quality Assurance/Quality Control

HQ size drill core samples were detail logged, sampled in one metre lengths down the entire hole with half core retained, and the samples shipped for gold analysis. Analysis of half core samples was carried out by ALS Chemex ABILAB Laboratory in Bamako and Merrex's independent Quality Control and Quality Assurance protocols for drill core included blank samples, check samples and duplicate samples. The program is being carried out under the supervision of Jean-Marc Gagnon, P. Eng., MBA, the qualified person as defined under National Instrument 43-101 responsible for the technical information presented in this news release. Drilling was carried out by BLY Mali SA, the African division of Boart Longyear Canada, of North Bay, Ontario.

Management

The 2009 exploration program is managed jointly by a Merrex and IAMGOLD technical management committee with Merrex as the operator. Project director is Jean-Marc Gagnon P.Eng., MBA, and chief geologist is Christian Plouffe, M.Sc. Both Mr. Gagnon and Mr. Plouffe have extensive experience and exploration successes in West Africa.

Detailed Assay Table

The Detailed Assay Table is a comprehensive list of the significant gold intersections returned by assay results. Intersections of one metre and longer with an average gold grade of 1.00 g/t and higher were considered as significant.


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Hole SR-DD-09-80
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25.0 m - 27.0 m 1.39 g/t over 2.0 m
40.0 m - 42.0 m 1.37 g/t over 2.0 m
43.5 m - 47.0 m 2.04 g/t over 3.5 m
61.0 m - 64.0 m 2.70 g/t over 3.0 m
101.0 m - 102.0 m 10.10 g/t over 1.0 m
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Hole SR-DD-09-81
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284.0 m - 294.0 m 5.30 g/t over 10.0 m
incl. 286.0 m - 287.0 (m) 17.85 g/t over 1.0 m
296.0 m - 299.0 m 5.24 g/t over 3.0 m
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Hole SR-DD-09-82
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6.0 m - 9.0 m 5.43 g/t over 3.0 m
21.0 m - 28.5 m 2.75 g/t over 7.5 m
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Hole SR-DD-09-83
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125.0 m - 126.0 m 1.89 g/t over 1.0 m
147.0 m - 159.0 m 5.81 g/t over 12.0 m
incl. 152.0 m - 153.0 (m) 17.90 g/t over 1.0 m
247.5 m - 265.0 m 2.28 g/t over 17.5 m
266.0 m - 269.0 m 1.67 g/t over 3.0 m
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Hole SR-DD-09-84
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73.0 m - 77.0 m 2.69 g/t over 4.0 m
154.5 m - 157.5 m 1.68 g/t over 3.0 m
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Hole SR-DD-09-85
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41.0 m - 42.0 m 1.18 g/t over 1.0 m
75.0 m - 79.0 m 2.53 g/t over 4.0 m
81.0 m - 87.0 m 2.15 g/t over 6.0 m
111.0 m - 120.0 m 3.85 g/t over 9.0 m
124.0 m - 125.0 m 1.38 g/t over 1.0 m
126.0 m - 133.0 m 1.87 g/t over 7.0 m
136.0 m - 141.0 m 1.32 g/t over 5.0 m
144.0 m - 147.0 m 1.06 g/t over 3.0 m
148.0 m - 164.0 m 5.37 g/t over 16.0 m
incl. 152.0 m - 153.0 (m) 25.50 g/t over 1.0 m
169.0 m - 170.0 m 4.49 g/t over 1.0 m
201.0 m - 203.0 m 1.75 g/t over 2.0 m
205.0 m - 214.0 m 2.61 g/t over 9.0 m
217.5 m - 222.0 m 2.50 g/t over 4.5 m
226.0 m - 230.0 m 3.72 g/t over 4.0 m
234.0 m - 237.0 m 3.46 g/t over 3.0 m
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Hole SR-DD-09-86
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112.0 m - 114.0 m 1.43 g/t over 2.0 m
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Hole SR-DD-09-87
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124.0 m - 125.0 m 2.84 g/t over 1.0 m
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Hole SR-DD-09-88
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56.0 m - 57.0 m 1.23 g/t over 1.0 m
59.0 m - 60.0 m 1.22 g/t over 1.0 m
111.0 m - 119.0 m 0.74 g/t over 8.0 m
176.0 m - 199.0 m 3.14 g/t over 23.0 m
incl. 176.0 m - 190.0 (m) 4.41 g/t over 14.0 m
incl. 179.0 m - 181.0 (m) 15.08 g/t over 2.0 m
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Hole SR-DD-09-89
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24.0 m - 25.0 m 1.58 g/t over 1.0 m
85.0 m - 87.0 m 1.51 g/t over 2.0 m
91.0 m - 93.0 m 1.20 g/t over 2.0 m
120.0 m - 121.0 m 1.53 g/t over 1.0 m
150.0 m - 165.0 m 2.18 g/t over 15.0 m
incl. 154.0 m - 159.0 (m) 4.53 g/t over 5.0 m
177.0 m - 187.5 m 3.52 g/t over 10.5 m
incl. 177.0 m - 179.25 m
11.39 g/t over 2.25 m
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Hole SR-DD-09-90
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220.5 m - 222.0 m 1.06 g/t over 1.5 m
234.0 m - 235.0 m 1.07 g/t over 1.0 m
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Hole SR-DD-09-91
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84.0 m - 89.0 m 1.27 g/t over 5.0 m
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Hole SR-DD-09-92
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No significant value
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Hole SR-DD-09-93
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145.5 m - 156.0 m 3.69 g/t over 10.5 m
158.0 m - 159.0 m 1.18 g/t over 1.0 m
182.5 m - 188.5 m 2.56 g/t over 6.0 m
195.0 m - 204.0 m 2.42 g/t over 9.0 m
225.0 m - 226.5 m 3.35 g/t over 1.5 m
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Hole SR-DD-09-94
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16.5 m - 18.0 m 2.25 g/t over 1.5 m
78.0 m - 87.0 m 1.57 g/t over 9.0 m
106.0 m - 107.0 m 1.01 g/t over 1.0 m
108.0 m - 112.5 m 1.28 g/t over 4.5 m
130.0 m - 131.0 m 1.84 g/t over 1.0 m
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Hole SR-DD-09-95
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177.0 m - 178.5 m 1.34 g/t over 1.5 m
190.0 m - 202.0 m 4.75 g/t over 12.0 m
207.0 m - 211.0 m 2.21 g/t over 4.0 m
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Hole SR-DD-09-96
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1.5 m - 10.0 m 2.64 g/t over 8.5 m
57.0 m - 58.5 m 2.02 g/t over 1.5 m
95.0 m - 96.0 m 1.07 g/t over 1.0 m
107.0 m - 119.0 m 1.27 g/t over 12.0 m
135.0 m - 141.0 m 1.41 g/t over 6.0 m
145.0 m - 148.0 m 8.45 g/t over 3.0 m
incl. 146.0 m - 147.0 m 21.10 g/t over 1.0 m
152.0 m - 173.0 m 3.33 g/t over 21.0 m
175.0 m - 176.0 m 1.06 g/t over 1.0 m
178.0 m - 179.0 m 1.29 g/t over 1.0 m
199.0 m - 202.0 m 1.18 g/t over 3.0 m
207.0 m - 219.0 m 2.18 g/t over 12.0 m
231.0 m - 233.0 m 1.16 g/t over 2.0 m
235.0 m - 236.0 m 1.00 g/t over 1.0 m
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Please visit our website at www.merrexgold.com for full details of the exploration history of the Siribaya Gold Project including tables of all assay results from prior drill programs.

Merrex owns a 100% interest in a large land position in the prolific West Mali Gold Belt from which in excess of 1.5 million ounces of gold are produced annually from such well-known large gold deposits as the Sadiola and Loulo mines. Together with strategic partner Touba Mining, Merrex acquired five mineral permits covering over 700 square kilometres and has permit applications in progress for an additional approximately 200 square kilometres, all within the prolific West Mali Gold Belt. The Merrex permits cover highly prospective land with significant geological structures with associated geochemically anomalous gold zones including the Siribaya Gold Project with an initial NI 43-101 resource estimate. Merrex's exploration partner is IAMGOLD Corporation which has an option to acquire 50% interest in the Siribaya Gold Project and the surrounding land package.

Merrex's principal projects are its Siribaya Gold Project in Mali (West Africa), an advanced exploration project with a NI 43-101 resource estimate and the Jubilee Zinc Deposit in Cape Breton, Nova Scotia, also with a NI 43-101 resource estimate.

Merrex has a solid organization of people and projects enabling aggressive exploration, discovery and growth.

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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