NEWS RELEASE 08-13
Merit
Mining Continues to Expand the Lexington-Grenoble Deposit
April 23, 2008 – Vancouver,
British Columbia. Merit Mining Corp. announces assay
results from its fall 2007 diamond drilling program on the Lexington-Grenoble
deposit located near Greenwood,
BC. The Company completed a 3,282
metre, 19 hole surface drill program with the objective of extending the size
of the Lexington-Grenoble deposit. The program successfully achieved this
objective by intercepting multiple gold-copper intercepts at the edges of the
deposit, which remains open for further expansion.
The highlights of the drill program
are tabled below.
2007 Lexington-Grenoble Surface
Drilling Highlights
Hole
|
From (m)
|
To (m)
|
Length (m)
|
Au (g/t)
|
Cu (%)
|
AuEQ (g/t)*
|
DHL07-01
|
151.44
|
152.82
|
1.38
|
3.59
|
1.12
|
6.91
|
DHL07-02
|
186.18
|
187.65
|
1.47
|
7.61
|
0.41
|
8.82
|
DHL07-03
|
155.50
|
159.80
|
4.30
|
7.36
|
0.49
|
8.81
|
DHL07-03
|
168.50
|
171.50
|
3.00
|
7.19
|
0.54
|
8.79
|
DHL07-04
|
24.50
|
25.50
|
1.00
|
7.54
|
0.16
|
8.01
|
DHL07-04
|
215.50
|
216.55
|
1.05
|
2.82
|
1.81
|
8.18
|
DHL07-05
|
24.90
|
26.00
|
1.10
|
6.90
|
0.06
|
7.08
|
DHL07-08
|
25.18
|
28.18
|
3.00
|
8.58
|
0.10
|
8.88
|
DHL07-12
|
88.87
|
90.21
|
1.34
|
3.27
|
1.21
|
6.86
|
DHL07-13
|
94.44
|
96.50
|
2.06
|
4.40
|
1.01
|
7.39
|
DHL07-14
|
84.00
|
86.00
|
2.00
|
8.62
|
0.51
|
10.13
|
DHL07-14
|
172.12
|
172.93
|
0.81
|
5.70
|
0.62
|
7.54
|
DHL07-18
|
26.85
|
27.75
|
0.90
|
4.00
|
0.74
|
6.19
|
DHL07-18
|
55.20
|
58.10
|
2.90
|
8.19
|
1.88
|
13.76
|
DHL07-19
|
47.00
|
48.67
|
1.67
|
3.85
|
1.73
|
8.98
|
DHL07-19
|
57.10
|
58.60
|
1.50
|
3.68
|
2.76
|
11.86
|
* AuEQ = gold equivalent grade (AuEQ) was calculated
using a gold price of US$921/oz and copper price of US$3.98/lb., at April 22,
2008 to obtain a conversion factor of % copper x 2.963 + gold g/t = AuEQ g/t.
Metallurgical recoveries and smelting/refining costs were not factored into the
gold equivalent calculation.
Holes DHL07-01 through DHL07-10
focused on up dip and down dip extensions of the 535 metre long northeast
dipping Lexington-Grenoble deposit and encountered mining widths and economic
grades to expand the limits of the deposit. This program only tested a small
portion of the remaining untested edges of the deposit. Approximately 35% of
the up dip and 50% of the down dip edges of the deposit remain untested by
drilling and are thus open to expansion.
The two intercepts in holes DHL07-05
and DHL07-08 represent a new near surface zone, which Company geologists are
currently evaluating.
Holes DHL07-11 through DHL07-19
focused on two satellite bodies of mineralization located 100 to 200 metres
north of the Lexington-Grenoble deposit and within the mine plan. Holes
DHL07-12 and 13 successfully extended the known mineralization in the first
body. DHL07-14 extended the known mineralization in the second body. New zones
were encountered in DHL07-14, DHL07-18 and DHL07-19.
The 2007 surface drill program was
supervised by Mr. John Rus, P.Geo. and Henry Castillo, geologists for Merit
Mining, and directed by Paul Cowley, P.Geo., Vice President Exploration and
Qualified Person for the Company. The 2007 holes were generally 20 metre
step-outs from known drillhole intercepts. Appropriate QA/QC protocols were
followed. Standards and blanks were inserted into the sample sequence. The HQ
drill core was cut in half and sent to Eco Tech Laboratory of Kamloops for fire
assay, assay and ICP analyses.
Mining of a 10,000 tonne bulk sample
from the Lexington-Grenoble deposit is nearly completed. This material is being
processed through the Company’s newly constructed mill and tailings
facility. The first shipment of gravity gold concentrate has been shipped to an
off-site refiner.
Fred Sveinson, President and CEO of
Merit states, “We are pleased with the success of the drill program in
expanding the mineralized zones within our Lexington-Grenoble Mine. The
exploration potential for further mine life extension, within and around the
Lexington-Grenoble deposit, remains excellent.”
Merit
Mining Corp.
Signed “Fred
Sveinson”
Fred Sveinson,
President & CEO
For
further information please contact:
Fred
Sveinson at (604) 694-2344
For
Investor Relations Information Contact:
MarketSmart Communications (604)
261-4466
(Toll
Free 1-877-261-4466)
The
TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Paul
Cowley, P.Geo., VP Exploration of Merit Mining Corp., is the Qualified Person
as defined in National Instrument 43-101, who has reviewed and approved the
technical content of this news release.
The
statements made in this News Release may contain certain forward-looking
statements. Actual events or results may differ from the Company’s
expectations. Certain risk factors may also affect the actual results
achieved by the Company.