Merrex Gold Inc.
TSX VENTURE : MXI

Merrex Gold Inc.

May 18, 2011 09:43 ET

Merrex Provides Siribaya Gold Project Exploration Update

HALIFAX, NOVA SCOTIA--(Marketwire - May 18, 2011) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX VENTURE:MXI) is pleased to provide the following exploration update on the Siribaya Gold Project.

Highlights

  • Diamond and RC drills operating
  • 27,000 metres of diamond and RC drilling planned
  • Termite mound sampling continues
  • IP Geophysics underway
  • Geological studies at Zone 1A
  • 4,929 samples analyzed by XRF

Exploration Update

The 2011 exploration program is now well underway at the Merrex-IAMGOLD joint Siribaya Gold exploration project in West Mali. There are three drills on the property with a total of 36,000 metres planned and budgeted for 2011. At present both the diamond and RC drills are active. The mechanized auger drill program has been suspended, and the human resources have been re-directed to the diamond and RC drill programs.

The 2011 Diamond drilling program on the Siribaya Structure began in the southern portion of Zone 1B corresponding to Reverse Circulation line 1372 000N (See news release January 21, 2011 for RC map). From commencement on April 21 to May 15, 2011 seven holes totalling 1,470 metres were completed. The 10,000 metre diamond drill program is designed to increase the present NI 43-101 resource estimate. Results will be released from time-to-time as assays are received, compiled and interpreted.

Reverse Circulation drilling continues along the strike of the Siribaya mega-structure with 7,657 metres (55 holes) of a planned 17,000 metres completed to April 30, 2011. The RC drill program is designed to establish the general footprint of the gold mineralization within the Siribaya mega-structure. Assay results are still pending and will be released from time-to-time as assays are received, compiled and interpreted. (See news release January 11, 2011 for details of the RC drill plan).

Mechanized Auger drilling along the Bambadinka trend is complete, and drilling has been suspended and human resources re-directed to the diamond and RC drill programs. To date, significant gold mineralized intersections in the near-surface saprolite bedrock have been discovered at various locations along the 10 kilometre Bambadinka trend. A total of 4,823 metres were completed in 2010 and of the 9,000 metres planned for 2011, 4,958 metres were completed to April 30. (See news release May 4, 2011 for current assays).

Termite mound sampling continues on the Siribaya, Taya-Malea, Kofia and Babara permits. In 2011 2,045 samples were taken and sent for assay. A termite mound sampling program for the as yet unexplored Kambaya permit (western-most portion of the Merrex permit area) has been initiated.

Additional field work is underway in the Zone 1A area to gain a better understanding of the controls on the gold mineralization at Siribaya in general. Four trenches have been deepened by three metres and 203 samples sent for analysis.

The gradient array IP survey continues over the eastern portion of the Siribaya mega-structure with 230 line kilometres completed in 2010 and an additional 329 line kilometres completed in 2011.

XRF (x-ray fluorescence) analysis of dry pulp samples is underway; 4,921 samples have been analyzed to date.

About the Siribaya Gold Project

The 848 km2 Siribaya Gold Project in West Mali is Merrex's flagship property. The Siribaya Gold Project is being explored in conjunction with Merrex's 50% earn-in partner and project operator IAMGOLD Corporation. The 2011 exploration program within the Siribaya mega-structure includes 17,000 metres of RC drilling to further extend the explored strike length of the Siribaya trends from three to six kilometres, and 10,000 metres of diamond drilling to increase the present NI 43-101 resource.

Outside of the Siribaya structures new mineralized trends have been discovered: Siribaya West which lies to the west of the Bambadinka trend, and the Babara-Kofia trends which lie to the east of Siribaya on the Babara and Kofia permits. These trends will be further tested during the 2011 field season.

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

  • Merrex Gold Inc.
    Gregory Isenor, P.Geo.
    President & CEO
    (902) 832-5555
    (902) 832-2223 (FAX)
    info@merrexgold.com