Merrex Provides Siribaya Gold Project Exploration Update
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 06/30/11 -- 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
-- 40,000 metres of Diamond and RC drilling planned for 2011
-- 23,391 metres of Diamond and RC drilling completed to date
Exploration Update
The 2011 exploration program continues at the Merrex-IAMGOLD joint Siribaya Gold exploration project in West Mali. There are three drills on the property with a total of 49,000 metres (30,000 metres of RC, 10,000 metres of diamond and 9,000 metres of mechanized auger) planned and budgeted for 2011. Diamond drilling will continue until commencement of the seasonal rains in mid-July; RC drilling has been suspended temporarily for drill rig servicing.
The 2011 Diamond drilling program on the Siribaya Structure is progressing as planned. To date, infill drilling within Zone 1B as well as drilling immediately to the south of Zone 1B and the northern extension of Zone 1A has been completed. Twenty-two holes totalling 4,634 metres of a planned 10,000 metres have been drilled to June 22, 2011. Approximately 3,895 samples, including blanks and standards have been sent for assay. To date, approximately 2,270 assays have been received and results will be released once the assays have been compiled and interpreted. The Diamond drill program is designed to increase the present NI 43-101 resource estimate.
Reverse Circulation drilling continues along the strike of the Siribaya structure with RC lines completed approximately one kilometre north and two kilometres south of Zone 1B. 18,757 metres (173 holes) of a planned 30,000 metres have been completed to June 22, 2011. Approximately 22,527 samples, including blanks and standards have been sent for assay and approximately 2,635 assays have been received. Results will be released once the assays are compiled and interpreted. The RC drill program is designed to establish the general footprint of the gold mineralization within the Siribaya mega-structure.
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. 4,958 metres of a planned 9,000 metres have been completed to April 30, 2011 and approximately 2700 samples sent for assay. Approximately 2,000 assays have been received and results will be released once they are compiled and interpreted. To date, significant gold mineralized intersections in the near-surface saprolite bedrock have been discovered at various locations along the 10 kilometre Bambadinka trend (See news release May 4, 2011 for current assays).
About the Siribaya Gold Project
The 848 km squared 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 30,000 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.
Jubilee Update
Steps are being taken to ready the Jubilee Zinc Project for sale or other disposition.
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.
Contacts:
Merrex Gold Inc.
Gregory Isenor, P.Geo.
President & CEO
(902) 832-5555
(902) 832-2223 (FAX)
info@merrexgold.com
