Merrex Gold Inc.
TSX VENTURE : MXI

Merrex Gold Inc.

February 27, 2012 10:02 ET

Merrex Gold Siribaya Diamond Drill Program Update

HALIFAX, NOVA SCOTIA--(Marketwire - Feb. 27, 2012) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX VENTURE:MXI) is pleased to provide the following update on the continuing diamond drill program at the Siribaya Gold Project in West Mali:

Diamond Drill Program Highlights

  • Continuity of mineralization in the eastern substructure (Zone 1A) over 1.5 kilometres strike length diamond drill supported
  • Hole SRD11-128 assays include 15 metres of 0.97 g/t Au
  • Hole TYD11-49 assays include 10 metres of 0.79 g/t Au

Commentary

"The recent diamond drill assay results continue to evidence the continuity of gold mineralization within the eastern substructure" said Merrex President and CEO Greg Isenor. "The possibility of cross-structures as controls of mineralization, as seen in other deposits in West Mali, and the benefit of reorienting the drill direction to more north south in some areas are being considered. We are encouraged by the extent of the mineralization, and diamond drilling to increase the resource is continuing."

Diamond Drill Program Update

Assays have been received and compiled for a further 14 diamond drill holes at the Merrex-Iamgold joint exploration program at the Siribaya Gold Project in West Mali. All drill holes were in the eastern substructure. See map attached.

The continuity of gold mineralization is expanding within the eastern substructure with significant intersections in hole SRD11-128 (assays include 15 metres of 0.97 g/t Au) and hole TYD11-49 (assays include 10 metres of 0.79 g/t Au).

The 2012 diamond drill program is underway with 10,000 metres planned.

Table of Significant Assays

(See map for drill hole locations - http://media3.marketwire.com/docs/SiribayaDDH(2).pdf)

Hole Location From (m) To (m) Intersection
SRD11-127 Siribaya Eastern Substructure 116.0
191.0
216.0
117.0
192.0
217.0
6.39 g/t Au over 1.0 m
0.96 g/t Au over 1.0 m
1.98 g/t Au over 1.0 m
SRD11-128 Siribaya Eastern Substructure 9.0
38.0
59.0
70.0
74.0
110.0
122.0
177.0
184.0
10.0
41.0
60.0
71.0
76.0
111.0
123.0
178.0
199.0
0.53 g/t Au over 1.0 m
1.01 g/t Au over 3.0 m
0.67 g/t Au over 1.0 m
1.91 g/t Au over 1.0 m
0.66 g/t Au over 2.0 m
0.76 g/t Au over 1.0 m
0.75 g/t Au over 1.0 m
0.63 g/t Au over 1.0 m
0.97 g/t Au over 15.0 m
SRD11-129 Siribaya Eastern Substructure 19.0
48.0
55.0
74.0
78.0
82.0
111.0
125.0
21.0
50.0
56.0
75.0
79.0
83.0
112.0
126.0
1.15 g/t Au over 2.0 m
1.35 g/t Au over 2.0 m
0.86 g/t Au over 1.0 m
2.94 g/t Au over 1.0 m
5.60 g/t Au over 1.0 m
0.97 g/t Au over 1.0 m
0.68 g/t Au over 1.0 m
0.50 g/t Au over 1.0 m
SRD11-130 Siribaya Eastern Substructure 4.0
15.0
20.0
6.0
16.0
21.0
1.25 g/t Au over 2.0 m
3.77 g/t Au over 1.0 m
2.76 g/t Au over 1.0 m
SRD11-131 Siribaya Eastern Substructure 166.0 168.0 1.18 g/t Au over 2.0 m
SRD11-135 Siribaya Eastern Substructure 90.0
114.0
196.0
91.0
115.0
197.0
1.27 g/t Au over 1.0 m
1.02 g/t Au over 1.0 m
0.52 g/t Au over 1.0 m
SRD11-137 Siribaya Eastern Substructure 37.0 38.0 0.59 g/t Au over 1.0 m
SRD11-138 Siribaya Eastern Substructure 121.0
144.0
122.0
145.0
1.74 g/t Au over 1.0 m
0.50 g/t Au over 1.0 m
TYD11-46 Siribaya Eastern Substructure 96.0 98.0 1.00 g/t Au over 2.0 m
TYD11-47 Siribaya Eastern Substructure 152.0
185.0
153.0
186.0
0.81 g/t Au over 1.0 m
0.50 g/t Au over 1.0 m
TYD11-48 Siribaya Eastern Substructure 130.0
134.0
144.0
211.0
225.0
228.0
234.0
131.0
135.0
145.0
212.0
226.0
229.0
235.0
0.67 g/t Au over 1.0 m
1.62 g/t Au over 1.0 m
0.63 g/t Au over 1.0 m
4.17 g/t Au over 1.0 m
1.62 g/t Au over 1.0 m
0.89 g/t Au over 1.0 m
0.78 g/t Au over 1.0 m
TYD11-49 Siribaya Eastern Substructure 101.0
106.0
110.0
103.0
107.0
120.0
0.80 g/t Au over 2.0 m
1.45 g/t Au over 1.0 m
0.79 g/t Au over 10.0 m
TYD11-50 Siribaya Eastern Substructure 31.0
51.0
58.0
32.0
52.0
59.0
0.79 g/t Au over 1.0 m
1.27 g/t Au over 1.0 m
0.63 g/t Au over 1.0 m
TYD11-52 Siribaya Eastern Substructure 286.0
293.0
304.0
287.0
295.0
307.0
1.18 g/t Au over 1.0 m
1.01 g/t Au over 2.0 m
0.47 g/t Au over 3.0 m
Note 1: This table includes exhaustively all the mineralized intersections with a grade > 0.50 g/t Au; these intersections are considered as significant intersections.
Note 2: Intersections in bold characters refer to intersections with a grade > 0.50 g/t Au, and a length > 2.0 m; these intersections appear on the attached map.

About the Siribaya Gold Project

The Siribaya Gold Project is a joint Merrex-IAMGOLD exploration project over an 848 km2 gold-prolific land package in West Mali where exploration expenditures to date exceed $23 million. IAMGOLD has recently advised that a required $10.5 million of exploration expenditures has been completed and that subject to a final accounting review IAMGOLD will vest with a 50% interest in the land package. Exploration of the Siribaya Gold Project is ongoing under a joint management committee. A total of 60,000 metres of drilling (RC, DD and auger) is planned for 2012 at a budgeted expenditure of $11.86 million before contractual overhead fees.

For further details about the Siribaya Gold Project visit Merrex's website at www.merrexgold.com.

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.

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