HALIFAX, NOVA SCOTIA--(Marketwire - Nov. 14, 2012) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX VENTURE:MXI) is pleased to announce the appointment of Mr. Elias Foscolos to the Board of Merrex.
Mr. Foscolos brings over 15 years of capital market experience as a former investment banker and as a President, Director and Consultant to numerous public companies. Most recently, Mr. Foscolos served as President, Director and key unit holder of Amalgamated Income LP (TSX). Additionally, Mr. Foscolos was President of two resource flow-through funds and has also been retained by several different companies to provide independent financial advice on corporate sales and restructurings. Mr. Foscolos holds a MSc. in Industrial Administration from Carnegie Mellon University as well as a BSc. in Chemical Engineering from the University of Calgary.
"We are very fortunate to have Elias join the Board of Merrex" stated Gregory Isenor. "With his extensive experience in the financial sector he will be a tremendous asset to the Company."
Merrex's Siribaya Gold Project is a 50/50 joint Merrex-IAMGOLD advanced-stage gold exploration project in West Mali comprised of approximately 910.5 square kilometres of gold-prolific exploration permits and permits applications pending where exploration expenditures to date exceed $28 million. IAMGOLD has advised that the required $10.5 million of exploration expenditures under the terms of the Earn-In Option Agreement has been completed. The accounting review of those expenditures is substantially complete after which IAMGOLD's 50% interest in the land package will formally vest. Exploration of the Siribaya Gold Project is ongoing under a joint management committee.
Merrex is primarily a West African focused 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.
For further details about Merrex Gold's exploration activities visit Merrex's website at www.merrexgold.com.
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On Behalf of the Board
Gregory Isenor, P.Geo., President & CEO
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.