Merrex Gold Inc.
TSX VENTURE : MXI

Merrex Gold Inc.

November 23, 2006 12:26 ET

Merrex Commences Drilling Siribaya Gold Project in West Mali

HALIFAX, NOVA SCOTIA--(CCNMatthews - Nov. 23, 2006) - Merrex (TSX VENTURE:MXI) has commenced a Rotary Air Blast (RAB) drilling program on its Siribaya Gold Property located in the southern portion of the West Mali Gold Belt, Mali, West Africa. The RAB drilling program, totalling an estimated 40,000 meters, is designed to test both Merrex's gold discovery in the Siribaya Structure as well as other areas of the Siribaya Project (see press release: July 13, 2006). Several significant gold geochemical anomalies along the Siribaya structure have been defined by previous soil sampling and confirmed by trenching and pitting during Merrex's 2006 exploration programs. The Siribaya geological structure with its anomalous gold zones measures seven kilometers in length and is open both to the north and south.

Initially the RAB drilling program will comprise 19 lines of RAB drill holes, spaced 10 to 30 meters apart, and drilled at -50 degrees to a planned depth of 55 - 70 meters. The first lines of the drilling program will test a highly prospective geochemical anomaly in Zone 1A, where Merrex previously completed 370 meters of trenching and nine pits. This significant Zone 1A anomaly measures approximately 400 by 700 meters (see Map 1). Trench and pit sampling assay results from this area include 35 m of 3.1 g/t Au including 17 m of 5 g/t Au (Trench: TY-T-06-2) and 7.16 g/t Au over 5 meters (Pit: TY-P-06-13). The trenching and pitting results confirmed a major gold occurrence in saprolitic rocks associated with a wide lineament outlined by an airborne magnetic survey. The gold mineralization occurs in a strong hydrothermal system represented by stockwork zones, felsic dykes and tourmaline. Tourmaline is a significant gold indicator mineral often associated with producing gold mines in West Mali.

To see Map 1 please view the followiing link: http://www.ccnmatthews.com/docs/mximap.pdf

Merrex owns a large land position in the prolific West Mali Birimian gold producing area of Africa. Working with strategic partner Touba Mining, Merrex has acquired five mineral permits representing a significant contiguous land position covering over 750 square kilometres in a region that is producing in excess of 1.5 million ounces of gold per year. Merrex is in various stages of negotiations to acquire additional mineral permits which, if successful, would result in a contiguous land position of approximately 1,000 square kilometers in the southern portion of the West Mali Gold Belt.

Gregory Isenor, P.Geo, President and CEO of Merrex, is extremely pleased with the progress on the Siribaya Project and, the 2006-2007 RAB drilling program being underway, awaits the results with great anticipation. Drilling updates and analytical results will be released as received by Merrex.

Gregory Isenor, P. Geo., President and CEO of Merrex, is the named Qualified Person and has reviewed this news release.

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

Merrex Gold Inc. invites the public to visit its website at www.merrexgold.com or to email us at info@merrexgold.com to be added to the Company's email list for press releases and updates.

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.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE.

Contact Information

  • Merrex Gold Inc.
    Greg Isenor
    President & CEO
    (902) 832-5555
    (905) 832-2223 (FAX)
    or
    Merrex Gold Inc.
    Diane Webber
    Senior Geologist/Investor Relations
    (902) 832-5555
    (905) 832-2223 (FAX)
    Email: info@merrexgold.com
    Website: www.merrexgold.com