Merrex Gold Inc.
TSX VENTURE : MXI

Merrex Gold Inc.

September 23, 2010 15:59 ET

Merrex Gold-New Gold-Anomalous Trends Developing at Siribaya Gold Project

HALIFAX, NOVA SCOTIA--(Marketwire - Sept. 23, 2010) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX VENTURE:MXI) announces that the results from the soil and termite mound geochemistry and auger drilling indicate significant new gold-anomalous trends outside of the Siribaya Mega-structure.

Highlights 

  • Significant gold-mineralized trends developing on Babara, Bambadinka and West Siribaya
  • Multiple gold anomalies on Kofia, Taya-Melea and between the Siribaya Mega-structure and Bambadinka
  • All new trends and gold anomalies are outside the Siribaya Mega-structure 

The compilation and analysis of the soil and termite mound geochemistry and the assay results from the auger drill program are complete. At Babara, Bambadinka and West Siribaya significant new gold trends are indicated. In the northern region of Bambadinka this is supported by mechanized auger drill results. (see table below)

On Kofia, Taya-Melea, and on the area between Bambadinka and the Siribaya Mega-structure, the soil and termite mound geochemical survey results indicate extensive new gold anomalies that will require follow-up drilling.

See the three maps following:

a) http://media3.marketwire.com/docs/Merrex.TermiteMap.pdf

b) http://media3.marketwire.com/docs/Merrex.SoilMap.pdf

c) http://media3.marketwire.com/docs/MrxAug.pdf

"While much attention has been focused on our 2010 drill results from the 1A and 1B sub-structures within the Siribaya Mega-structure, it is still important to appreciate that the vast size of our West Mali land position and the abundance of gold targets outside of the Siribaya Mega-structure increases the blue-sky potential of our company immensely" said Merrex President and CEO Greg Isenor. "As we expand our exploration areas we recognize that we are really still scratching the surface of what is still to be discovered on our Siribaya Gold Project."

Significant Assay Results from 2010 Auger Drill Program on Northern Bambadinka
Hole and Line Depth
(in metres)
Assay
SRT-007 AGR–L-6 4.0 to 5.5 0.64 gr/t Au over 1.5 m
SRT-048 AGR–L-1 8.5 to 10.0 0.65 gr/t Au over 1.5 m
SRT-062 AGR–L-2 1.0 to 2.5 2.00 gr/t Au over 1.5 m
SRT-083 AGR–L-3 2.5 to 4.0 2.40 gr/t Au over 1.5 m
SRT-084 AGR–L-3 8.5 to 10.0 1.00 gr/t Au over 1.5 m
SRT-100 AGR–L-1 2.5 to 4.0 2.72 gr/t Au over 1.5 m
SRT-129 AGR–L-3 2.5 to 4.0 2.56 gr/t Au over 1.5 m
SRT-131 AGR–L-3 7.0 to 8.5 0.73 gr/t Au over 1.5 m
SRT-161 AGR–L-4 4.0 to 5.5 0.55 gr/t Au over 1.5 m
SRT-176 AGR–L-5 4.0 to 5.5 0.99 gr/t Au over 1.5 m
 
Note: Assay table intersections are drill intersection lengths, not true widths. Table includes all mineralized intersections with a grade > 0.50 g/t Au   

Working in concert with IAMGOLD Corporation ("IAMGOLD"), Merrex and IAMGOLD have completed the initial phase of a 14,500 metres RC reconnaissance drill program within the Siribaya Mega-structure, a soil and termite mound geochemical sampling program, and an auger drill program.

The RC drill program was designed to explore new areas of the Siribaya Mega-structure and begin defining the potential magnitude of the mineralised areas within the Siribaya Mega-structure.

The soil and termite mound geochemical sampling program and auger drill program was designed to test areas outside of the Siribaya Mega-structure and identify priority target areas for future exploration.

About the Siribaya Gold Project

Merrex controls 100% of the Siribaya Gold Project comprising over 840 square kilometres of contiguous exploration permits in West Mali including the Siribaya Mega-structure. The Siribaya Mega-structure has a CIM compliant NI43-101 resource estimate of 4,015,000 tonnes grading 2.39 g/t Indicated (308,200 oz Au) and 946,000 tonnes grading 2.29 g/t Inferred (69,500 oz Au). The NI43-101 resource is open to the north, south and at depth.

Within the Siribaya Mega-structure there are at least two distinct substructures; the 500 metre wide by 10.5 kilometre long 1B substructure and the twin 500 metre wide x 9.5 kilometre long 1A sub-structure. The Siribaya Mega-structure has yielded ore-grade drill intercepts in a number of selected targets along its entire length. Outside of the Siribaya Mega-structure significant new trends are developing at Babara, Zone Bambadinka and West Siribaya and new gold-anomalous zones have been indentified at Kofia, Taya-Melea and between Zone Bambadinka and the Siribaya Mega-structure.

In December 2008, Merrex closed an Option Agreement with IAMGOLD pursuant to which IAMGOLD may incur up to CDN$10.5 million in exploration expenditures over 4 years, to earn a 50% interest in the Siribaya Gold Project, of which approximately $5.5 million has been spent to date. Effective September 1, 2010 IAMGOLD became the Project Operator.

Since 2005, the combined exploration expenditures of Merrex and IAMGOLD total over CDN$13,500,000 at Siribaya.

Gregory P. Isenor, P. Geo., is the Qualified Person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.

Merrex is a Mali 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.

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

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.

Contact Information