Highlights

• All diamond drill holes mineralized
• Zone 1B expanded southward and open
• Gold mineralization in 1A substructure confirmed by diamond drilling for 500 metres and is open in all directions

To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/MXImap711.pdf.

Commentary

"I am pleased that the diamond drilling continues to point out the continuity and extension of the mineralization within the Zone 1B area" commented Merrex President and CEO Greg Isenor, "and that to the east of the Zone 1B resource area a new and strongly mineralized zone is developing within the parallel 1A substructure. The exploration at Siribaya has proceeded very well. The 2011 diamond drilling program called for 10,000 metres total with 6,000 metres to be completed prior to the commencement of seasonal rains. That initial objective is now within our grasp. While there has been some slowness with the return of assays, the assay data flow now appears satisfactory and we expect that release of exploration results from both the diamond drilling and RC programs will be continuing as assays are received and processed."

Table of Significant Assays (see map for full assay list)

Diamond Drilling Program

The Siribaya Gold Project is a 50/50 Merrex-IAMGOLD Corporation joint project. The plan for the 2011 diamond drill program is for 10,000 metres of drilling including infill drilling within the Zone 1B NI43-101 resource area, expansion drilling to the north and south of Zone 1B and targeted drilling within the 1A substructure in the interpreted northern extension of Zone 1A, all with the objective of increasing the present NI 43-101 resource estimate (see news release March 1, 2011 for more complete details of the diamond drill program).

To July 8, 2011, 30 diamond drill holes have been completed for a total of 5,862 metres. (Note: not all recently completed drill holes are plotted on the attached map, http://media3.marketwire.com/docs/MXImap711.pdf). Assays have been received and compiled for 9 holes and are reported here.

Zone 1B

A line of four holes, SRD11-097 through SRD11-100, was drilled 50 metres south of the Zone 1B, NI43-101 resource area along the east-west line designated as RC-L-2. (see map attached, http://media3.marketwire.com/docs/MXImap711.pdf) All four holes are mineralized, with holes SRD11-097 (2.37 g/t Au over 5 metres) and SRD11-100 having a significant number of mineralized intercepts confirming the southern extension of the Zone 1B gold mineralization. A further 12 infill holes have been completed to date within Zone 1B. Assays for those holes are pending. Zone 1B is still open to the south, north and at depth. Additional drilling to extend this zone to the north and further to the south is planned.

Zone 1A

Within the 1A substructure which lies approximately 500 metres east of Zone 1B, three holes, SRD11-101, SRD11-102 and SRD11-103, were drilled 1500 metres north of the Zone 1A resource and along the east-west line designated as RC-L-2. Five hundred metres south of line RC-L-2 two holes, TY-DD-11-41 and TY-DD-11- 43, were drilled along the east-west line designated as RC-L-3.

All holes are significantly mineralized. In the fence of holes drilled on RC-L-3, hole TY-DD-11- 41 intersected a total of 25 metres of gold mineralization in a number of separate intercepts including 4.06 g/t Au over 4 metres and 4.05 g/t Au over 3 metres, and hole TY-DD-11-43 had a total of 36 metres of gold mineralization in a number of separate intercepts throughout the hole with one intersection grading 1.59 g/t Au over 13 metres. 

In the fence of holes drilled on RC-L-2, hole SRD-11-103 intersected a total of 20 metres of gold mineralization in a number of intercepts, including one intersection of 1.97 g/t Au over 5 metres.

(A summary of significant assays are listed above; complete assays tables are posted on the Company's website.)

These results are interpreted as confirming that the Zone 1A gold mineralization continues over the 500 metres strike between the two lines of diamond drill holes, while prior RC drilling has indicated that both the 1A and 1B mineralized trends extend over distances of at least three kilometres.

Diamond drilling is by BLY Mali SA, the Malian division of Boart Longyear Canada of North Bay, Ontario. The project operator is IAMGOLD Corporation.

RC Drilling

RC drilling has resumed. Longyear has provided a replacement drill rig which is now on site and operational.

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.

For further details about the Siribaya Gold Project visit Merrex's website at www.merrexgold.com.

Merrex is a Mali 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.

Please visit our website at www.merrexgold.com for the most recent corporate presentation.

On Behalf of the Board

Gregory Isenor, P.Geo., President & CEO