Merrex Gold Inc.

Merrex Gold Inc.

December 04, 2007 09:30 ET

Merrex Reports Extremely High Geochemical Assays at Siribaya Gold Project

HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 4, 2007) - Gregory Isenor, President and CEO of Merrex Gold Inc., ("Merrex")(TSX VENTURE:MXI) announces that further analysis of recent geochemical results from Zone Bambadinka at its Siribaya Gold Project, including a high sample of 25.2 grams per tonne, outline a very strong geochemical anomaly in this area.

Additional Geochemical Survey Results from Zone Bambadinka

"Further analysis of the recent soil geochemical survey in Zone Bambadinka at our Siribaya Gold Project revealed over 30 samples with gold values in excess of 1000 ppb (1 g/t) including one sample of 25,190 ppb (25.2 g/t) which for Mali are exceptional" said Merrex President, Gregory Isenor, P. Geo. "We are very excited by these results, particularly the high incidence and broad distribution of gold values in excess of 1 g/t. We interpret this as suggesting the presence of a very extensive gold-bearing structure occurring over 4 kilometres at Zone Bambadinaka." (See map 1)

As reported by news release dated November 6, 2007, a recent soil geochemistry survey within the Sirabaya Gold Project in Mali, West Africa identified additional gold-bearing zones. This geochemical survey covered three new grids to the north and west of the current area of exploration at Siribaya. A widespread area of coherent zones of anomalous gold values in excess of 200 ppb were outlined which are interpreted to reflect a significant regional gold-bearing zone or zones extending for approximately 10 km.

Further examination of the data revealed over 30 samples with values in excess of 1000 ppb (1 g/t) including one sample of 25,190 ppb (25.2 g/t) in the northern part of the grid. The numerous individual values in excess of 1 g/t at Zone Bambadinka are well supported by adjacent anomalous samples and, together with the extensive zone of anomalous gold values, suggest a major regional gold-bearing structure or structures stronger than initially believed.

Merrex immediately commenced a substantial program of trenching and pitting on these new zones which will be followed in 2008 by diamond drilling with particular emphasis on Zone Bambadinka.

The geochemical survey was conducted on lines 1.5 kilometres long spaced 100 metres apart. Soil samples were collected every 40 metres along each line and the samples shipped for gold assaying. Analysis of samples was carried out by ALS Chemex Laboratory in Bamako. The results of the geochemical survey were plotted with a colour contour system using a high value cut-off of 200 ppb. Background was less than 20 ppb. The program was 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.

Incentive Stock Options

Merrex announces that 1,200,000 incentive stock options have been granted to directors, officers and consultants pursuant to Merrex's incentive stock option plan and the recommendation of its Compensation Committee. The incentive stock option plan is a rolling stock option plan compliant with the prevailing policies of the TSX Venture Exchange. The incentive stock options granted are subject to a four-month hold period and are exercisable for five years at $0.75 per share.

There are a total of 5,460,000 incentive stock options outstanding after the current grant which represents 10% of the outstanding issued capital.

1,200,000 Incentive stock options granted October 29, 2007 did not proceed and are withdrawn.

Merrex owns a large land position in the prolific West Mali gold producing area. Together with strategic partner Touba Mining, Merrex has acquired five mineral permits with a sixth permit in process covering over 900 square kilometres within the West Mali Gold Belt, a region which currently produces in excess of 1.5 million ounces of gold per year from such well-known large gold deposits as the Sadiola, Loulo and Tabakoto mines. The Merrex permits cover highly prospective land with significant geological structures, associated geochemically anomalous gold zones, extensive orpailleur alluvial gold workings and artisinal underground workings. In addition, Merrex is in various stages of negotiations to acquire additional mineral permits in the area which, when completed, would result in a contiguous land position of approximately 1,000 square kilometres, all within the prolific West Mali Gold Belt.

Merrex Gold is a mineral resource exploration company focused on exploration for gold in West Mali, Africa, zinc in Cape Breton, Nova Scotia, gold in Red Lake, Ontario and nickel in West Voisey's Bay, Labrador, with a solid organization of people and projects to enable continued 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.


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