HALIFAX, NOVA SCOTIA / February 28, 2014 / Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex") (TSX Venture: MXI) announces:
Update on 2014 Exploration Plan, Siribaya Gold Project
Merrex and project operator and JV partner IAMGOLD Corporation have finalized the 2014 exploration plan for the Siribaya Gold Project.
The 2014 exploration plan includes 30,250 metres of 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).
Summary details of the 2014 exploration plan are as follows.
-Termite mound infill sampling to 100m x 100m centres over the Diakha prospect and over a possible northeast striking mineralized structure on the Kambaya permit.
-7,750 metres of RC drilling over the Diakha and Kono prospects.
-10,000 metres of AC drilling initially at Kono with additional AC drilling to test the Hafia, Liberta and Guia geochemical anomalies.
-12,500 metres of shallow auger drilling over gold geochemical anomalies and trends located in the eastern half of the project area.
-Complete geological mapping over Diakha and Kono.
The Siribaya camp is open with crews currently engaged in geological mapping and geochemical sampling. The first phase of drilling on the Diakha prospect will begin in March. 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 firstname.lastname@example.org.
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.
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Release ID: 34715