Merrex Gold Inc.

Merrex Gold Inc.

November 12, 2007 09:30 ET

Merrex Jubilee Zinc Resource Estimate

HALIFAX, NOVA SCOTIA--(Marketwire - Nov. 12, 2007) - Gregory Isenor, President and CEO of Merrex Gold Inc., (TSX VENTURE:MXI) (Merrex) announces that the company has received a mineral resource estimate for its Jubilee Zinc-Lead deposit, located in Nova Scotia, that is compliant with the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves (CIM Standards) and with disclosure requirements of National Instrument 43-101 (NI 43-101).

"The Jubilee Zinc-Lead deposit now has a NI 43-101 compliant resource estimate of 3.1 million tonnes grading 4.71% Zinc equivalent, including 2.1 million tonnes grading 5.6 % Zinc equivalent and 1.9 million tonnes grading 5.79% Zinc equivalent," said Merrex President Gregory Isenor, P. Geo. "This inferred resource estimate is based primarily on the currently drilled extent of the Jubilee Main Zone, with minor contributions from the adjacent Road Zone and Northeast Zone (see Map 1 located at Significant potential to expand the resource has been identified within the Jubilee Properties, particularly through further testing of the northwest extension of the Jubilee Main Zone, which remains open along strike beyond the current resource limits. Potential to extend the Main Zone more than 1 kilometer in this direction to the north side of St. Patrick's Channel (see Map 1 located at has been identified by Merrex. Additional potential lies along the near-vertical Jubilee Fault, which controls Main Zone mineralization, and also in newly discovered mineralized zones that parallel the Jubilee Fault and Main Zone to both northeast and southwest (see Map 2 located at These discrete mineralized zones appear comparable to the Jubilee Main Zone, and require further aggressive exploration. In addition, numerous unexplored, but potentially mineralized fault zones are also interpreted to exist within the Jubilee property area (see Map 1 located at Our plan for 2008 is to continue drilling at Jubilee to expand and upgrade existing mineral resources, and to fully evaluate recognized property potential. A NI 43-101 compliant technical report documenting the November 5, 2007 resource estimate will be filed on SEDAR within 45 days of this press release."

Jubilee Zinc-Lead Deposit Mineral Resource Estimate
(November 5, 2007 Effective Date)

Resource (1)Zn Equivalent Tonnes Pb (%) Zn Zn Equivalent
Category Threshold(%) (Millions, (%) (%)
Inferred 2.50 3.1 0.89 3.81 4.71
Inferred 3.00 2.7 0.95 4.10 5.05
Inferred 3.50 2.1 1.02 4.58 5.60
Inferred 3.75 1.9 1.04 4.75 5.79
(1) Zn Equivalent calculated as Zn Equivalent = (Zn% + Pb%) based on
averaged July 2007 through October 2007 Zn and Pb market pricing.

Metallurgical recoveries and net smelter returns are assumed to be 100%.

Resource Estimate Methodology

The resource estimate was developed from a three dimensional block model of the Jubilee deposit developed by Mercator Geological Services Limited of Dartmouth, Nova Scotia, using Surpac(c) Version 6.01 mine modelling software. Analytical results for 67 diamond drill holes were used in the model, 17 of which were completed by Merrex. Remaining drill holes were completed by previous explorers and results were accessed through Nova Scotia Department of Natural Resources archives. Block dimensions are 5 meters x 5 meters by 2.5 meters, with sub-blocking at 2.5 meters x 2.5 meters x 1.25 meters. Continuous 1.0 meter down hole composites of original core sample data were used in conjunction with inverse distance squared (ID2) grade interpolation and no capping factors were applied. Zn equivalent values were calculated from the 1.0 meter composites on the basis of Zn Equivalent % = (Pb % +Zn %), this being based on averaged market pricing of the two metals for the period July 2007 through October 2007. A three dimensional deposit solid was created to fully constrain grade interpolation and a density factor reflecting influence of contained Zn and Pb was calculated for each model block. These ranged in value between 3.54 gm/cm3 and 2.7 gm/cm3.

Michael P. Cullen, P. Geo., of Mercator Geological Services Limited, is the Qualified Person as defined under NI 43-101 responsible for the resource estimate and has reviewed related technical information presented in 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, gold in Red Lake, Ontario and nickel in West Voisey's Bay, Labrador, with a solid organization of people and projects to enable continued aggressive exploration, discovery, and growth.

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.

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