Merrex Gold Inc.
TSX VENTURE : MXI

Merrex Gold Inc.

January 08, 2007 14:09 ET

Merrex Intersects Significant Gold Values in Initial RAB Drilling at Siribaya Project in Mali, West Africa

HALIFAX, NOVA SCOTIA--(CCNMatthews - Jan. 8, 2007) - Merrex Gold Inc. ("Merrex") (TSX VENTURE:MXI) is pleased to announce very positive drill results from the rotary air blast (RAB) drill program currently underway on its Siribaya Gold Project in West Mali. Significant assays are being reported from these holes and lend support to management's high expectations for the property. Assay highlights received to date include:

- 4.06 g/t Au / 14 meters (incl. 5.96 g/t Au / 8m, incl. 10.62 g/t Au / 2m)

- 1.58 g/t Au / 32 meters (incl. 4.25 g/t Au / 5m, incl. 11.28 g/t Au / 1m)

- 2.52 g/t Au / 10 meters

- 4.39 g/t Au / 4 meters

- 3.85 g/t Au / 2 meters

The current RAB drilling program, (See Map 1), with a planned total of 40,000 m, is designed to test the previously announced trench gold discovery and numerous geochemical anomalies within the 10 km long Siribaya structure. The first drill target, the highly prospective Zone 1A anomaly has been outlined for 400 m by 700 m. During 2006, Merrex's exploration program reported significant trench assays of 35m of 3.1 g/t Au including 17m of 5 g/t Au (see press release: July 25, 2006). The Zone 1A anomaly is one of several significant gold geochemical anomalies along the Siribaya structure that will be tested in the current RAB drilling program.

http://file.ccnmatthews.com/release/merrexgold1.pdf

Phase One of the planned program includes 19 lines of RAB drilling with lines spaced 100 to 200 m apart and holes spaced 10 to 30 meters apart on the lines. All holes are scheduled to be drilled at -50 degrees to a planned depth of 55 - 70 meters. To date, six RAB lines have been completed comprising 195 drill holes (9,456 meters). The cuttings from the RAB drill holes were detail logged and 5,046 samples were collected and shipped to ALS Chemex assay labs in Bamako, Mali for assay. Samples were collected every one or two meters down the hole and the entire hole was sampled.

The first five RAB lines (See Map 2) covered a strike length of one kilometer in order to define the bedrock extent of the mineralized envelope of the Zone 1A anomaly. A complete list of assays to date will be posted on the web site. Significant assay results are listed in the assay summary table as follows:

http://www.ccnmatthews.com/docs/merrex2.pdf



ASSAY SUMMARY TABLE
--------------------------------------------------------------
RAB Line # Hole ID From (m) To (m) Length (m) Au (g/t)
--------------------------------------------------------------
--------------------------------------------------------------
1 R-TY-06-09 4 6 2 1.14
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R-TY-06-10 16 18 2 0.95
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R-TY-06-11 24 26 2 0.90
--------------------------------------------------------------
R-TY-06-12 14 17 3 1.25
--------------------------------------------------------------
R-TY-06-15 6 12 6 0.94
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incl. 8 12 4 1.11
--------------------------------------------------------------
R-TY-06-16 6 12 6 0.62
--------------------------------------------------------------
R-TY-06-17 16 18 2 3.33
--------------------------------------------------------------
2 R-TY-06-40 26 36 10 1.12
--------------------------------------------------------------
R-TY-06-49 0 10 10 2.14
--------------------------------------------------------------
incl. 1 6 5 3.20
--------------------------------------------------------------
R-TY-06-50 11 26 15 1.32
---------- ----------- --------- --------- ---------- --------
incl. 12 13 1 3.40
--------------------------------------------------------------
incl. 17 19 2 4.43
--------------------------------------------------------------
R-TY-06-51 1 33 32 1.58
--------------------------------------------------------------
incl. 10 15 5 4.25
--------------------------------------------------------------
incl. 11 12 1 11.28
--------------------------------------------------------------
R-TY-06-52 25 36 11 1.06
--------------------------------------------------------------
incl. 29 36 7 1.35
--------------------------------------------------------------
R-TY-06-53 37 38 1 0.92
--------------------------------------------------------------
R-TY-06-54 3 9 6 1.00
--------------------------------------------------------------
R-TY-06-55 14 16 2 1.21
--------------------------------------------------------------
R-TY-06-56 31 35 4 0.95
--------------------------------------------------------------
R-TY-06-59 22 26 4 0.60
--------------------------------------------------------------
R-TY-06-248 8 22 14 4.06
--------------------------------------------------------------
incl. 8 16 8 5.96
--------------------------------------------------------------
incl. 10 12 2 10.62
--------------------------------------------------------------
R-TY-06-251 26 28 2 1.87
--------------------------------------------------------------
3 R-TY-06-78 16 18 2 3.85
--------------------------------------------------------------
4 R-TY-06-100 42 46 4 4.39
--------------------------------------------------------------
R-TY-06-107 2 12 10 2.52
--------------------------------------------------------------
incl. 4 6 2 6.82
--------------------------------------------------------------
5 R-TY-06-158 16 20 4 1.30
--------------------------------------------------------------


The current RAB drill program has confirmed the depth extension of the surface mineralization in the Zone 1A anomaly to be at least 30 meters. These initial results reported today further define a lens of increased gold mineralization measuring at least 240 meters long by 30 meters wide and open at depth. (See Maps 2 and 3).

http://www.ccnmatthews.com/docs/merrex2.pdf

http://www.ccnmatthews.com/docs/mgi3.pdf

Merrex controls a large land position in the prolific West Mali gold producing area. Together with strategic partner Touba Mining, Merrex has acquired five mineral permits covering over 750 square kilometers of the West Mali Gold Belt which currently produces in excess of 1.5 million ounces of gold per year from well known large gold deposits such as the Sadiola, Loulo and Tabakoto mines. The Merrex permits cover highly prospective land with significant geological structures, associated geochemically anomalous gold zones, extensive orpailleur alluvial gold workings and artisinal underground workings. In addition, 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.

Greg Isenor, President and CEO of Merrex Gold stated, "We are extremely encouraged by the results of our initial drilling in Mali and plan to continue an aggressive drilling program to further define the gold-bearing Siribaya Structure. Merrex has many similar geochemical anomalies in the Siribaya Structure to follow up with this RAB drilling. The results reported today confirm our previously reported Siribaya trench gold discovery at depth and we look forward to the results of the continuing drill program. The next step in this area will be diamond drilling."

Samples are collected at the exit of the drill cyclone with plastic buckets resulting in 30-35 kg of material. The cyclone is blown clean by the drill operator between samples. Each sample is split with a high capacity splitter until a two to three kg sample for assay and a duplicate are obtained, and both samples are bagged and numbered. The excess material is poured as heaps of cuttings on the ground in a systematic down-hole line for logging by a geologist. Control samples are inserted at approximately every 25 samples, and a duplicate sample and a blank sample are alternatively intercalated in the sampling sequence. The samples are then transported by truck to the exploration camp in Berekegni (less than four km) under the direction and supervision of the named Qualified Person. The secured samples are packed in rice bags and shipped directly by truck or plane to Bamako with a sample shipment control form. Samples are recorded upon receipt at the ALS Chemix ABILAB Laboratory and then assayed for gold by method of "fire assay" form a pulverized fraction of 50g and with a limit detection of 5ppb.

The program is being carried out under the supervision of Jean-Marc Gagnon, P.Eng., the qualified person responsible for the verification and accuracy of these results.

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