Merrex Siribaya Gold Project 2013 Exploration Program Planning Underway
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 10/04/12 -- Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX VENTURE: MXI) announces:
2013 Exploration Program
Planning has commenced for the 2013 exploration program for the Siribaya Gold Project in West Mali. Exploration teams from Merrex and our 50% joint venture partner and project operator IAMGOLD Corporation have begun independently considering various alternatives and plans in preparation for a technical review session to be held in Bamako, Mali in mid-October. It is expected that the planning session will consider how to continue exploration within the Siribaya Structure to increase the known resource and explore the other target areas of interest within the total property package.
Final approval of the 2013 Siribaya exploration program and the related budget is subject to a formal approval process by the Joint Venture Management Committee and by the respective partners' Boards of Directors.
Commentary
"Although the 2012 drilling program at our Siribaya Gold Project was temporarily interrupted (March 27 - June 25, 2012), the political situation in Mali has now stabilized under a blended military and civilian government and the Ministry of Mines and the National Directorate of Geology and Mining (DNGM) are operating normally," said Merrex President & CEO Greg Isenor. "While internal Mali issues created concerns for both management and our shareholders, I am pleased to report we, along with many other resource sector companies, are back to 'business as usual'. Our Siribaya Gold project is in the far southwest corner of West Mali near the Guinea and Senegal borders, over 1,000 kilometres from the nearest insurgent activity in northern Mali and about as distant as one can get from the insurgents and still remain in Mali, so we see no risk of trouble at our location. Southern Mali is politically stable with government institutions running smoothly. Therefore, I am very pleased to report that technical teams from both IAMGOLD and Merrex and have begun actively planning the 2013 exploration program for our Siribaya Gold Project. Our wish is to see a robust drill program to continue to increase the resource at Siribaya, and an equally robust program to explore for additional deposits on other promising gold anomalies within the larger land package."
2012 Drilling Program
It is planned that the 2012 diamond drill program will resume during late October once the seasonal rains are over.
About the Siribaya Gold Project
The Siribaya Gold Project is a 50/50 joint Merrex-IAMGOLD advanced-stage gold 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) was planned for 2012 at a budgeted expenditure of approximately $12 million. However, given the drilling interruption that followed the political unrest in March 2012, the total drill meterage originally planned for 2012 will probably not be reached during this calendar year.
Merrex is primarily a West African 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 Gold's exploration activities or to view the most recent corporate presentation visit Merrex's website at www.merrexgold.com.
To be added to Merrex's 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
