Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX Venture:MXI) announces that IAMGOLD had advised of its intention to proceed with the 2010 exploration program on Merrex�s Siribaya Gold Project.
From Merrex President Greg Isenor�.
�Given the significant and very positive results from the 2009 exploration program at our Siribaya Gold Project we are not surprised, but are nevertheless very pleased to report that IAMGOLD has indicated its intention to proceed with the 2010 exploration program at Siribaya subject to IAMGOLD�s board approval of their corporate 2010 plans and budgets� commented Gregory Isenor, President and CEO of Merrex Gold Inc. �Planning for this program is already well advanced and it is anticipated that the 2010 program will include extensive exploration on both the Siribaya 1A and 1B sub-structures and on priority satellite targets on other regions of the permits area. I want to use this opportunity to thank IAMGOLD Corporation�s Exploration Group for recognizing the potential of the Siribaya Gold Project and for their contributions and continuing support of our project over the past year.�
From IAMGOLD Corporation Senior Vice President Exploration Mike Donnelly�.
�The 2009 drill results at Siribaya have certainly validated our belief that the project hosts excellent untapped gold potential, and the program planned for 2010 goes one step further in realizing that potential� commented Mike Donnelly, Senior Vice-President, Exploration of IAMGOLD Corporation.
Siribaya Gold Project
Merrex holds a 100% interest in an 800 square kilometre land package located in west Mali, Africa. The Siribaya Gold Project is joint exploration project funded by IAMGOLD Corporation, managed by a joint IAMGOLD-Merrex management team and operated by Merrex. IAMGOLD may earn up to 50% interest in the Siribaya Gold Project by expending C$10.5 Million over four years.
During 2009 over C$3,000,000 was spent on an exploration program comprised of diamond drilling, soil and termite mound geochemical sampling and an airborne magnetometer and spectrometer survey.
An exploration program of not less than C$2,500,000 is planned for 2010 with significant drill campaigns planned for the Siribaya 1A and 1B sub-structures and on priority satellite targets highlighted by the 2009 program.
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 which offers investors an extraordinary opportunity.
ON BEHALF OF THE BOARD
President and Chief Executive Officer
Merrex Gold Inc.
1550 Bedford Highway
Suite 802, Sun Tower
Bedford, NS B4A 1E6
Tel.: (902) 832-5555
Fax: (902) 832-2223
Renmark Financial Communications Inc.
Jason Roy: firstname.lastname@example.org
Barbara Komorowski: email@example.com
Tel.: (514) 939-3989 or (416) 644-2020
Or visit our website at www.merrexgold.com
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.