Merrex Provides Siribaya Gold Project Exploration Update
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 08/10/11 -- 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
-- 49,000 metres of Diamond, RC and Auger drilling planned for 2011
-- 30,715 metres of Diamond, RC and Auger drilling completed to date
-- Expansion of the Siribaya camp continues
Exploration Update
All drilling at the Merrex-IAMGOLD joint Siribaya Gold exploration project in West Mali has been suspended, with drills remaining on stand-by on site until drilling resumes after cessation of the seasonal rains. There are three drills (Diamond, RC and Auger) 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. To date, 30,715 metres of drilling has been completed.
The 2011 Diamond drilling program is 65% complete.
To date, infill drilling within Zone 1B, drilling immediately south of Zone 1B, and drilling on the northern extension of Zone 1A have been completed. Of the planned 10,000 metres, thirty-four holes totalling 6,571 metres have been drilled to July 14, 2011. All drill holes have been sampled and sent to the laboratory. Approximately 7,028 samples including blanks and standards have been sent for assay with 2,451 assays returned. The remaining 4,577 samples are at the laboratory for assaying. Results will be released from time to time once the assays have been received, compiled and interpreted.
The Diamond drill program is designed to increase the present NI 43-101 resource estimate.
The Reverse Circulation drilling program is 64% complete. To date, drilling has been completed along the strike of the Siribaya structure with RC lines finished approximately one kilometre north and two kilometres south of Zone 1B. To June 25, 2011, 19,186 metres of the planned 30,000 metres have been completed. Approximately 25,255 samples including blanks and standards have been sent for assay and approximately 7,827 assays have been received. Results will be released from time to time as 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 (486 holes) of a planned 9,000 metres have been completed and approximately 3,309 samples including blanks and standards were sent for assay. Approximately 2,819 assays have been received and results will be released once they are compiled and interpreted.
Camp Infrastructure
Expansion of the Siribaya Camp continues, with the addition of 26 residential rooms and a new kitchen. A new office area, previously announced, has also been completed. Drilling of an on-site water well is planned after cessation of the seasonal rains and ground conditions have dried sufficiently that heavy equipment can cross the river to access the Siribaya Camp location. Construction of an infirmary is also planned, and a contract has been signed to provide, on a permanent rotational basis, a doctor and a nurse for the camp.
To support increased drilling activity three additional 50,000 litre fuel tanks have been installed in the tank farm area.
About the Siribaya Gold Project
The 848 square kilometre 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 and /or 2012 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.
Contacts:
Merrex Gold Inc.
Gregory Isenor, P.Geo.
President & CEO
(902) 832-5555
(902) 832-2223 (FAX)
info@merrexgold.com
www.merrexgold.com
