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HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 3, 2012) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (News - Market indicators) is pleased to report the results of the termite mound gold geochem sampling program at the Siribaya Gold Project in West Mali.
2012 Termite Mound Geochemistry Program
The 2012 termite mound geochemistry sampling program has been completed. All 29,669 assays have been received and the results analyzed. Fifty samples assayed greater than 1 g/t Au with the highest assaying at 63.1 g/t Au.
All 850 square kilometers of the Siribaya Project permit area has been sampled with a 400 x 100 metre density, including 490 square kilometers sampled with a 100 x 100 metre density.
Six new strong anomalous gold zones were identified: Kono and Tila, Diakha, Guia and Fandou, and Liberta and Hafia (see attached map for gold anomalous zone locations, available at the following link: http://media3.marketwire.com/docs/1203-Map-Termite-Mound-Results.pdf). Numerous smaller anomalies are also evident.
2013 Exploration Program
Planning of the 2013 exploration program for the Siribaya Project is continuing.
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 850 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. The accounting review of those expenditures is now complete and formal execution of the Joint Venture Agreement is imminent. Exploration of the Siribaya Gold Project is ongoing under a joint management committee.
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 visit Merrex's website at www.merrexgold.com.
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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.
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.