Merrex Gold Inc.
TSX VENTURE : MXI

Merrex Gold Inc.

October 10, 2008 07:00 ET

Merrex Options Turkish Gold Properties

HALIFAX, NOVA SCOTIA--(Marketwire - Oct. 10, 2008) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX VENTURE:MXI) announces that Merrex and its Turkish strategic partner, AgeanGold Madencilik Ltd. Sti, ("AgeanGold") have optioned to Roscan Minerals (BVI) Corp. ("Roscan") a 50% interest in four properties in the Republic of Turkey.

Commentary

"Our Siribaya Gold Project in Mali continues to be our flagship" said President Gregory Isenor. "While keeping Siribaya front and centre, Merrex continues to search worldwide for exploration opportunities to increase shareholder value. In Turkey, a geologically exciting but still under-explored country having immense mineral exploration and development potential, Merrex and AgeanGold have secured 12 exploration concessions in four regions. We welcome Roscan's involvement in the future exploration of our assembled land package."

The Roscan Option

Pursuant to the Roscan option agreement Roscan may earn up to 50% undivided interest in 12 exploration concessions in return for $1,000,000 of exploration expenditures over three years as follows:



Year 1 $300,000 (firm commitment)
Year 2 $350,000
Year 3 $350,000
----------
Total $1,000,000


The first year will be a grassroots program of geological research, data compilation, prospecting, sampling, trenching and pitting, mapping, assaying and report preparation and will include an initial evaluation of all concessions with greater emphasis on those concessions showing greatest early promise. The objective will be to identify those concessions with superior prospects and identify future drill targets on those concessions.

Merrex will be the operator during the earn-in period.

Efencukuru, Odemis, Ordu and Kure Permits

To date, Merrex (90%) and AgeanGold (10%) have acquired twelve exploration permits in four regions: Efencukuru (two permits of 1830 hectares), Odemis (four contiguous permits totalling 7450 hectares), Ordu-Ulubey-Sayaca (one permit of 887 hectares) and Kure (five contiguous permits totalling 8588 hectares).

The Efencukuru permit is contiguous to the south of Eldorado Gold's 30 square kilometre Efencukuru Project which has a reported proven and probable reserve of 3,875,000 tonnes grading 10.04 grams per tonne gold totalling 1,221,000 ounces of contained gold and has reported drill intersections as high as 41.54 g/t gold over 35.3 metres and 218.6 g/t gold over 5.6 metres.

Merrex's Efencukuru permit is located in Izmir province on the south-west coast of Turkey approximately 20 kilometres from the provincial capital Izmir. The Kure and Odemis permit areas are also in Izmir province; Kure approximately 83 kilometres from Izmir and Odemis approximately 64 kilometres from Izmir. The Ordu-Ulubey-Sayaca permit is located in Ordu province in the north-east of Turkey near the Black Sea approximately 22 kilometres from the provincial capital Ordu.

Business Plan for Merrex in Turkey

For the foreseeable future Merrex, assisted by AgeanGold, will function as an incubator of projects in western Turkey. Merrex may undertake initial exploration programs but generally Merrex plans to seek joint venture partners for its Turkish exploration permits.

Merrex's principal projects are its Siribaya Gold Project, an advanced exploration project in Mali (West Africa) and its Jubilee Zinc Deposit in Cape Breton, Nova Scotia.

Merrex is a mineral resource exploration company focusing on gold exploration in West Mali, Turkey and in the Red Lake area of Ontario and zinc exploration in Cape Breton, Nova Scotia. Merrex has a solid organization of people and projects enabling aggressive exploration, discovery, and growth.

Visit our website at www.merrexgold.com.

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)
    Website: www.merrexgold.com