Merrex Gold Inc.
TSX VENTURE : MXI

Merrex Gold Inc.

August 24, 2009 14:37 ET

Merrex Loan Facility

HALIFAX, NOVA SCOTIA--(Marketwire - Aug. 24, 2009) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX VENTURE:MXI) announces:

Loan Agreement

Merrex announces that it has entered into a revolving loan facility with directors under which up to $500,000 may be advanced to the company from time to time. The loan facility has a term of one year, is unsecured, bears interest at the rate of 12% per annum and is convertible into units of the company at a price of $0.225 per unit. Each unit will be comprised of one common share and one two-year share purchase warrant exercisable at $0.30 per share. Loan advances will be used for general working capital requirements. The loan facility is subject to TSX acceptance.

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.

Please visit our website at www.merrexgold.com for the most recent presentation.

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