HALIFAX, NOVA SCOTIA / ACCESSWIRE / April 10, 2014 / Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex") (TSX Venture: MXI) announces:
Drilling Operations Update for Siribaya Gold Project, West Mali
Drilling at the Diakha prospect finished April 1, 2014. Fifty-four Reverse Circulation ("RC") holes (including 2 abandoned holes) totalling 5,211 metres were completed. Drill samples have been submitted for assay. Once assay results have been returned to project operator IAMGOLD Corporation, validated, compiled and provided to Merrex those assays will be released as soon as possible.
Project driller Amco Drilling (UK) Limited has moved the drill rig to the Babara target area (see map) to begin Air Core ("AC") drilling of prioritized geochemical targets. The drill will move progressively westward towards the Siribaya area to test other targets including Fandou, Liberta and Guia to finish near the Siribaya camp before the beginning of the seasonal rains.
About the 2014 Exploration Program
The 2014 exploration plan includes 30,250 metres of RC and AC drilling budgeted at US$1.75 million and is designed to test priority targets identified by geochemical termite sampling. Greater emphasis will be placed on targets occurring within the western permits (Kambaya and Siribaya West), while those located further east will be further refined and prioritized (Kofia to Diarindi).
IAMGOLD is funding the US$1.75 million 2014 program and has agreed to extend the payment deadline for all joint venture exploration contributions to December 31, 2014 providing Merrex with additional time to finance.
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 $37 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 [email protected].
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.