Merrex Gold Inc.

Merrex Gold Inc.

June 03, 2009 09:00 ET

Merrex Launches 5,000 Metre Drill Program at Siribaya

HALIFAX, NOVA SCOTIA--(Marketwire - June 3, 2009) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX VENTURE:MXI) announces that Merrex has launched its 2009 diamond drill program at its Siribaya Gold Project in West Mali.

"Working in concert with IAMGOLD Corporation, Merrex has commenced a 5,000 metre diamond drill program at Siribaya," said Gregory Isenor, President and CEO of Merrex. "The program will focus at Zone 1B with the primary objective of increasing the NI 43-101 gold resource estimate at Siribaya as quickly and cost effectively as possible."

At Siribaya, a 300 metre strike length at Area 55 of Zone 1B already has an initial resource estimate of 123,000 ounces Au Indicated plus 319,000 ounces Au Inferred (table below). Area 55 has been drilled to a depth of 250 metres and is open along strike to the north and south and also at depth. Management believes that the 2009 drill program will add significantly to the initial resource estimate.

Resource Block Cut-off Grade Tonnes Above Average Grade Ounces of
Category (g/tonne) Cut-off (g/tonne) Gold
Indicated 0.50 2,120,000 1.81 123,000
Inferred 0.50 5,700,000 1.74 319,000

Initial Resource Estimate by ACA Howe at January 31, 2009.

Start-up maintenance of the drilling equipment is complete and drilling is underway. The initial phase of drilling will be on targets within Zone B to the south of Area 55 to establish continuity with the Area 55 resource. Prior drilling within Zone B intersected significant gold-mineralization in the southern portion of Zone 1B. Management expects that this drilling will allow the resources within this entire continuous zone to be included in an updated resource estimate. The second phase of drilling will be to the north of Area 55 and south of the southern extension of Zone 1B. Management anticipates that this second phase will establish continuity to the north and south and further increase the resource estimate.

The 2009 exploration program is managed jointly by a Merrex and IAMGOLD technical management committee. Merrex is the program Operator.

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

Merrex Gold is a mineral resource exploration company focusing on gold exploration in West Mali, western Turkey and in the Red Lake area of Ontario and zinc exploration in Cape Breton, Nova Scotia. Merrex has a solid organization of people and projects enabling aggressive exploration, discovery and growth.

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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.

Contact Information

  • Merrex Gold Inc.
    Greg Isenor
    President & CEO
    (902) 832-5555