Merrex Releases Drill Results and Results of Annual and Special Meeting of Shareholders
HALIFAX, NOVA SCOTIA -- (Marketwired) -- 04/24/13 -- Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("the "Company") (TSX VENTURE: MXI) is pleased to make the following announcements:
Diamond Drill Results - Siribaya Structure
Results have been received for the remaining seven diamond drill holes completed on the Siribaya Structure in 2012. A total of 7,790 metres of diamond drilling was completed in 2012.
Six of the holes were drilled in the northern extension of Zone 1A and one hole was drilled in the southern extension of Zone 1A. All holes were designed to continue to test the extent of the 1A structure gold mineralization. Results of the drilling confirm the continuity of the mineralization within the 1A structure and all of the holes returned significant assay intersections including hole TY-DD-12-080 returning 3.90 g/t Au over 7.0 m.
See attached map for drill hole locations, available at the following link: http://media3.marketwire.com/docs/MXIfig1.png.
Table of Significant Assays
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Hole # FROM TO INTERSECTION
(m) (m) (g/t Au)/m
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SR-DD-12-144 8.0 9.0 0.51 g/t Au over 1.0 m
15.0 17.0 1.47 g/t Au over 2.0 m
20.0 21.0 0.58 g/t Au over 1.0 m
31.0 32.0 0.85 g/t Au over 1.0 m
61.0 62.0 0.96 g/t Au over 1.0 m
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TY-DD-12-078 55.0 57.0 2.95 g/t Au over 2.0 m
57.0 58.0 Incl. 4.02 g/t Au over 1.0 m
103.0 107.0 0.86 g/t Au over 4.0 m
130.0 131.0 2.28 g/t Au over 1.0 m
139.0 140.0 0.93 g/t Au over 1.0 m
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TY-DD-12-079 117.0 119.0 1.37 g/t Au over 2.0 m
126.0 127.0 3.07 g/t Au over 1.0 m
132.0 135.0 1.08 g/t Au over 3.0 m
174.0 176.0 1.62 g/t Au over 2.0 m
182.0 184.0 2.16 g/t Au over 2.0 m
183.0 184.0 Incl. 3.59 g/t Au over 1.0 m
191.0 194.0 1.51 g/t Au over 3.0 m
191.0 192.0 Incl. 3.60 g/t Au over 1.0 m
201.0 204.0 0.90 g/t Au over 3.0 m
211.0 212.0 0.75 g/t Au over 1.0 m
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TY-DD-12-080 79.0 85.0 1.52 g/t Au over 6.0 m
118.0 119.0 0.74 g/t Au over 1.0 m
135.0 136.0 2.10 g/t Au over 1.0 m
140.0 147.0 3.90 g/t Au over 7.0 m
142.0 144.0 Incl. 11.44 g/t Au over 2.0 m
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TY-DD-12-081 6.0 7.0 0.60 g/t Au over 1.0 m
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TY-DD-12-082 150.0 152.0 2.62 g/t Au over 2.0 m
188.0 189.0 1.49 g/t Au over 1.0 m
201.0 204.0 3.31 g/t Au over 3.0 m
202.0 204.0 Incl. 4.62 g/t Au over 2.0 m
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TY-DD-12-083 39.0 40.0 0.93 g/t Au over 1.0 m
44.0 45.0 0.70 g/t Au over 1.0 m
47.0 48.0 0.57 g/t Au over 1.0 m
68.0 69.0 1.47 g/t Au over 1.0 m
75.0 84.0 0.93 g/t Au over 9.0 m
81.0 82.0 Incl. 2.71 g/t Au over 1.0 m
105.0 106.0 0.56 g/t Au over 1.0 m
190.0 192.0 0.99 g/t Au over 2.0 m
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Note: this table includes all of the mineralized intersections with a grade greater than 0.50 gr/t Au; these intersections are considered significant intersections.
Complete table of assays are available on the Company's website at www.merrexgold.com.
Results of Annual and Special Meeting of Shareholders
The Annual and Special Meeting of Shareholders was held on April 15, 2013 in Halifax, Nova Scotia. Over 41 million shares were voted representing 35.29% of the outstanding shares of the Company.
The shareholders elected to fix the number of directors at five (5) for the ensuing year with directors authorized to appoint two additional directors. Shareholders voted for the re-election of Gregory Isenor, John Cumming, Walter Henry, James Patterson and Elias Foscolos as Directors of the Company until the next annual meeting of shareholders.
The shareholders re-appointed Morgan & Company, Chartered Accountants as the Company's auditor for the ensuing year and authorized the directors to fix the auditors' remuneration.
In addition, the shareholders re-approved the Company's share incentive plan including the incentive stock option plan.
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 square kilometres of gold-prolific exploration permits and permits applications pending. Exploration of the Siribaya Gold Project is conducted under a joint management committee. Expenditures to date on the Siribaya Project total approximately $35 million.
The Siribaya Gold Project presently hosts a NI 43-101 compliant gold resource estimated at 303,900 ounces grading 2.34 g/t Indicated, and 301,400 ounces grading 2.17 g/t Inferred (July 31, 2012 ACA Howe International Limited); the deposit areas are open to the north, south and at depth. Numerous other gold-anomalous target areas have been identified by geochemistry and require drilling.
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 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
