Merrex Gold – Comments on Rumoured Takeover of Papillion Resources and Results of Annual and Special General Meeting of Shareholders


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PK:MXGIF / TSX.V:MXI
05/28/2014 [ACCESSWIRE]

HALIFAX, NOVA SCOTIA / ACCESSWIRE / May 28, 2014 / Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) announces:

Commentary

"In response to numerous calls from shareholders regarding the rumoured takeover of Australian gold explorer Papillion Resources Limited I can only say that it should come as no surprise given the reported size and quality of the Fekola Deposit that Papillion would be the subject of an offer. However, Merrex knows nothing more about this story than what everyone can read in the various press reports, all of which are speculative" said Merrex President Greg Isenor. "That said if the speculation proves accurate then it would be a very exciting development for the region. Meanwhile I can report that drilling is continuing on Merrex's joint ventured Siribaya Gold Project including on the Diakha Prospect which, as can be seen on the map below, is located along the Fekola-Boto trend approximately 20 kilometres to the south of Papillion's 5,000,000+ ounce Fekola deposit and approximately 10 kilometres south of IAMGOLD Corporations 1,160,000 ounce Boto deposit. Drill results from our ongoing 2014 exploration program are pending and will be released as soon as possible."


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Results of Annual and Special General Meeting

The Annual and Special General Meeting of Shareholders (the "Meeting") of the Company was held on May 27, 2014 in Halifax, Nova Scotia. At the Meeting, shareholders approved all resolutions put before them by management including the election of all director nominees, the re-appointment of the auditor and the re-approval of the Company's share incentive plan.

Total Voting Shares

A total of 74,477,125 shares representing 47.87% of the issued capital were voted at the annual meeting. No shares or proxies were disqualified.


Election of the Board of Directors

 -----------------------------------------------------
 |Directors    |Votes For          |Votes Withheld   |
 |---------------------------------------------------|
 |Greg Isenor  |67,924,421 (93.96%)|4,366,800 (6.04%)|
 |---------------------------------------------------|
 |John Cumming |67,699,721 (93.77%)|4,501,500 (6.33%)|
 |---------------------------------------------------|
 |Walter Henry |67,739,721 (93.56%)|4,461,500 (6.44%)|
 |---------------------------------------------------|
 |Jim Patterson|71,085,421 (98.95%)|755,800 (1.05%)  |
 -----------------------------------------------------

Appointment of Auditors


The shareholders re-appointed Morgan LLP, Chartered Accountants, as the Company's auditor and authorized the directors to fix the auditors remuneration.


Share Incentive Plan including Stock Option Plan


The shareholders re-approved the Company's share incentive plan including the Company's rolling incentive stock option plan.

About Merrex's 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 permit applications pending. Exploration of the Siribaya Gold Project is conducted under a joint management committee. Expenditures to date on the Siribaya Project total approximately $40 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 JV partner and an expanding gold resource.


For further details about the Company'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

Merrex Gold Inc.
Suite 802, 1550 Bedford Highway, Bedford, NS B4A 1E6
Tel.: (902) 832-5555 Fax: (902) 832-2223

 


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.

 

SOURCE: Merrex Gold Inc. 

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