Merrex Gold Inc. Files NI 43-101 Technical Report for Updated Resource Estimate for the Siribaya Gold Project
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 09/19/12 -- Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX VENTURE: MXI) announces:
NI 43-101 Technical Report Filed
The NI 43-101 Technical Report in support of the updated Resource Estimate for the Siribaya Gold Project has been filed on SEDAR.
The report may be viewed at www.sedar.com or www.merrexgold.com.
Resource Estimate
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July 30, 2012 Updated Resource Estimate
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Resource
Category Tonnes Au (g/t) Grams Au (Ozs)
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Indicated 4,045,000 2.34 9,452,660 303,900
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Inferred 4,316,000 2.17 9,373,468 301,400
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For further details regarding the updated resource estimate see news release of July 30, 2012.
About the Siribaya Gold Project
The Siribaya Gold Project is a joint Merrex-IAMGOLD exploration project in West Mali comprised of approximately 910.5 square kilometres of gold-prolific exploration permits and permits applications pending where exploration expenditures to date exceed $28 million. IAMGOLD has advised that the required $10.5 million of exploration expenditures under the terms of the Earn In Option Agreement has been completed and that subject to a final accounting review which is nearing completion IAMGOLD will formally vest with a 50% interest in the land package. Exploration of the Siribaya Gold Project is ongoing under a joint management committee. A total of 75,000 metres of drilling (Reverse Circulation, Diamond and Auger) is planned for 2012 at a budgeted expenditure of $11.86 million before contractual overhead fees. However, given the drilling interruption it is anticipated that the total planned program meterage will not be reached during calendar year 2012.
Merrex is primarily 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.
For further details about Merrex's exploration activities or to view the most recent corporate presentation visit our website at www.merrexgold.com.
To be added to the email contact list please email your request to info@merrexgold.com.
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
