Merrex Gold Inc.
TSX VENTURE : MXI

Merrex Gold Inc.

December 29, 2009 08:45 ET

Merrex TSX Accepts Jubilee Zinc Transaction

HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 29, 2009) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX VENTURE:MXI) announces:

TSX ACCEPTS CHRYSOS ACQUISITION OF 50% OF JUBILEE ZINC PROJECT

The TSX has accepted for filing Chrysos Capital Corporation's ("Chrysos") acquisition of Merrex's Jubilee Zinc Project and other non-core exploration assets. Merrex is selling a 50% interest in its Jubilee Zinc Project and related Nova Scotia zinc exploration properties, its Turkey gold properties including its 90% ownership of Merrex Turkey and its strategic association with AgeanGold, and 100% of its properties in the Red Lake-Birch Lake region, all for 18,675,000 shares of Chrysos. Roscan Mineral Corporation has advised that it is not maintaining the Roscan-Turkey Option Agreement and therefore that agreement is no longer a part of the Chrysos asset purchase.

Chrysos has committed to funding the next phase diamond drilling program (1,500 metres estimated at $413,600) on the Jubilee Zinc Project. It is expected that drilling will commence in January 2010.

Concurrently Chrysos is acquiring the Niaouleni Gold Project in Mali. Niaouleni is an advanced gold exploration project with approximately $10,000,000 of historical exploration. Preparation for a $600,000 exploration program is beginning immediately.

Merrex is a Mali focussed gold exploration company with experienced management, a solid exploration team, a prominent gold-producer as a partner and an expanding gold resource … a winning combination offering investors an extraordinary opportunity.

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