Merrex Gold Inc.
TSX VENTURE : MXI

Merrex Gold Inc.

March 27, 2008 09:30 ET

Merrex Siribaya Drilling Intersects 3.89 g/t Au over 30 Metres

HALIFAX, NOVA SCOTIA--(Marketwire - March 27, 2008) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX VENTURE:MXI) is pleased to release drill results for ten of fifteen holes from the expanded Phase I 2008 diamond drill program at Merrex's Siribaya Gold Project in West Mali.

"Partial results from two holes at Siribaya Zone 1B were released March 13, 2008" commented Merrex President and CEO Greg Isenor, P. Geo. "and the final assay results from the entirety of the holes are better than previously announced."



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Assay Highlights
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Hole Assay
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SR-DD-08-55 3.89 g/t over 30.0 m, including 5.54 g/t over 19.5 m
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SR-DD-08-55 3.79 g/t over 9.0 m
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SR-DD-08-53 4.65 g/t over 17.0 m, including 5.85 g/t over 10.0 m
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SR-DD-08-53 2.80 g/t over 20.0 m, including 5.17 g/t over 9.0 m
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SR-DD-08-53 1.78 g/t over 13.0 m, including 2.52 g/t over 4.0 m
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SR-DD-08-58 8.11 g/t over 4.0 m
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SR-DD-08-58 4.60 g/t over 8.0 m
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SR-DD-08-49 1.80 g/t over 13.0 m, including 4.05 g/t over 3.0 m
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"Hole SR-DD-08-53, previously indicated as 'our best hole to date', intersected eleven significant gold-mineralized sections totalling 63 metres occurring within 111 metres of sulphide-rich, gold-bearing, altered meta-sediments and felsic rocks. At the top of hole 53 a mineralized lense was intersected grading 2.8 g/t over 20 metres, in the centre of the hole a zone of 1.78 g/t over 13 metres was intersected and at the bottom of the hole we encountered a zone of 4.65 g/t over 17.0 metres including 5.86 g/t over 10.0 metres."

"Hole SR-DD-08-55 yielded twelve significant gold-mineralized sections totalling 67 metres within 141.5 metres of sulphide-rich, gold-bearing, altered meta-sediments and felsic rocks, and is now the 'best hole to date', outranking hole 53. Hole 55 intersected one or possibly two new lenses at the top of the hole grading 3.79 g/t over 9 metres followed by 1.32 g/t over 7 metres and the intersection at the bottom of the hole was 9.5 metres longer than previously announced assaying 3.89 g/t over 30 metres including 5.54 g/t over 19.5 metres."

All holes were located to test the depth and strike extension of previously intersected gold mineralization along the one kilometre strike length of Siribaya's Zone 1B. The strike and depth extensions throughout Zone 1B are open.

"Based on the early results, management expanded the 2008 Phase I program from 10 to 15 holes" explained CEO Gregory Isenor. Step-out drilling on 40 metre centres surrounding hole 53 to the south and hole 55 to the north of Zone 1B is underway and begins the process of drilling out a resource at Zone 1B."

Drill hole 53 was spotted to undercut and test the down dip extension of the gold mineralization previously intersected in hole 42 (reported January 14, 2008) and intersected a 111 metre envelope of sulphide-rich, gold-bearing, altered meta-sediments and felsic rocks. The eleven gold-mineralized intersections totalling 63 metres were within this 111 metre envelope.

Drill hole 55, located 500 m to the north of hole 53, intersected a similar gold mineralized envelope with 12 significant gold intersections totalling 67 metres within a 141.5 metre envelope with the largest intersection of 30 metres grading 3.89 g/t between 142 metres and 172 metres depth.

Management believes that the Siribaya Structure is part of a major gold-bearing system with the potential to deliver large deposits.

The planned 20,000 metre 2008 diamond drill program at Siribaya continues to yield significant assays. Phase I (expanded to fifteen holes totalling approximately 3,000 metres) focused on Zone 1B, a one kilometre long section of the ten kilometre long Siribaya structure, one of many structures on the 750 sq km property. These results confirm that comparable to producing mines in West Africa, gold grades increase with depth.



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Table of Assays
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Depth Assay
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Hole SR-DD-08-48
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0.0 m - 250.0 m No significant mineralization
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Hole SR-DD-08-49
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220.0 m - 222.0 m 1.05 g/t over 2.0 m
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245.0 m - 246.0 m 1.05 g/t over 1.0 m
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250.0 m - 263.0 m 1.80 g/t over 13.0 m, including 4.05 g/t over 3.0 m
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271.0 m - 272.0 m 0.74 g/t over 1.0 m
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275.0 m - 276.0 m 0.64 g/t over 1.0 m
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278.0 m - 279.0 m 0.69 g/t over 1.0 m
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Hole SR-DD-08-50
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19.5 m - 26.0 m 1.15 g/t over 6.5 m
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48.0 m - 50.0 m 0.83 g/t over 2.0 m
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59.0 m - 61.0 m 0.96 g/t over 2.0 m
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63.0 m - 64.0 m 0.53 g/t over 1.0 m
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116.0 m - 119.0 m 0.67 g/t over 3.0 m
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135.0 m - 136.0 m 1.34 g/t over 1.0 m
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222.0 m - 223.0 m 3.01 g/t over 1.0 m
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226.0 m - 227.0 m 0.81 g/t over 1.0 m
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Hole SR-DD-08-51
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139.0 m - 140.0 m 4.39 g/t over 1.0 m
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Hole SR-DD-08-52
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96.0 m - 97.0 m 0.61 g/t over 1.0 m
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107.0 m - 108.0 m 0.91 g/t over 1.0 m
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110.0 m - 111.0 m 1.05 g/t over 1.0 m
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121.0 m - 126.0 m 1.29 g/t over 5.0 m
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129.0 m - 130.0 m 1.03 g/t over 1.0 m
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Hole SR-DD-08-53
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77.0 m - 97.0 m 2.80 g/t over 20.0 m, including 5.17 g/t over 9.0 m
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103.0 m - 105.0 m 1.66 g/t over 2.0 m
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108.0 m - 110.0 m 0.90 g/t over 2.0 m
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111.0 m - 113.0 m 0.89 g/t over 2.0 m
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120.0 m - 123.0 m 1.06 g/t over 3.0 m
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141.0 m - 154.0 m 1.78 g/t over 13.0 m, including 2.52 g/t over 4.0 m
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155.0 m - 156.0 m 0.64 g/t over 1.0 m
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160.0 m - 161.0 m 0.79 g/t over 1.0 m
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162.0 m - 163.0 m 0.60 g/t over 1.0 m
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171.0 m - 188.0 m 4.65 g/t over 17.0 m, including 5.85 g/t over 10.0 m
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Hole SR-DD-08-54
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56.0 m - 57.0 m 5.57 g/t over 1.0 m
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63.0 m - 66.0 m 2.28 g/t over 3.0 m
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100.5 m - 102.0 m 0.79 g/t over 1.5 m
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111.0 m - 114.0 m 0.63 g/t over 3.0 m
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125.0 m - 127.0 m 0.83 g/t over 2.0 m
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142.0 m - 145.0 m 1.18 g/t over 3.0 m
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227.0 m - 229.0 m 0.68 g/t over 2.0 m
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231.0 m - 234.0 m 1.30 g/t over 3.0 m
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Hole SR-DD-08-55
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25.0 m - 34.0 m 3.79 g/t over 9.0 m
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39.0 m - 46.0 m 1.32 g/t over 7.0 m
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48.0 m - 49.0 m 0.79 g/t over 1.0 m
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62.0 m - 67.0 m 1.31 g/t over 5.0 m
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70.0 m - 71.0 m 0.52 g/t over 1.0 m
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103.0 m - 104.0 m 1.18 g/t over 1.0 m
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105.0 m - 107.0 m 1.70 g/t over 2.0 m
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108.0 m - 114.0 m 1.49 g/t over 6.0 m
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115.0 m - 117.0 m 0.71 g/t over 2.0 m
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118.0 m - 121.0 m 1.53 g/t over 3.0 m
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142.0 m - 172.0 m 3.89 g/t over 30.0 m, including 5.54 g/t over 19.5 m
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Hole SR-DD-08-56
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11.0 m - 12.0 m 0.99 g/t over 1.0 m
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39.0 m - 40.0 m 1.09 g/t over 1.0 m
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121.5 m - 202.5 m Assay results pending
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Hole SR-DD-08-57
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88.0 m - 89.0 m 0.54 g/t over 1.0 m
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90.0 m - 91.0 m 0.50 g/t over 1.0 m
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92.0 m - 94.0 m 2.60 g/t over 2.0 m
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100.0 m - 101.0 m 0.75 g/t over 1.0 m
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107.0 m - 109.0 m 0.75 g/t over 2.0 m
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Hole SR-DD-08-58
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11.0 m - 12.0 m 0.69 g/t over 1.0 m
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13.0 m - 21.0 m 4.60 g/t over 8.0 m
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26.0 m - 27.0 m .064 g/t over 1.0 m
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28.0 m - 29.0 m 1.91 g/t over 1.0 m
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103.0 m - 107.0 m 8.11 g/t over 4.0 m
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Hole SR-DD-08-59 Assay results pending
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Hole SR-DD-08-60 Assay results pending
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Hole SR-DD-08-61 Assay results pending
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Hole SR-DD-08-62 Assay results pending
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Results from the balance of the holes will be released as received and interpreted.

Please visit our website at www.merrexgold.com for full details of the exploration history of the Siribaya Gold Project including tables of all assay results from this and prior drill programs.

HQ size drill core samples were detail logged, samples were collected every one metre down the entire hole and the samples shipped for gold analysis. Analysis of half core samples was carried out by ALS Chemex ABILAB Laboratory in Bamako and Merrex's independent Quality Control and Quality Assurance protocols for drill core included blank samples and duplicate samples. The program is being carried out under the supervision of Jean-Marc Gagnon, P. Eng., MBA, the qualified person, as defined under National Instrument 43-101, responsible for the technical information presented in this news release. The driller was the African division of Longyear Canada, of North Bay, Ontario.

Merrex owns 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 700 square kilometres and has a permit applications in progress for an additional approximately 200 square kilometres, all within the West Mali Gold Belt, a region which currently produces in excess of one million ounces of gold per year from such well-known large gold deposits as the Sadiola and Loulo 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.

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.

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