Merrex Gold Inc. Releases Drill Results from Siribaya Gold Project

Wed Aug 22, 2012 10:09am EDT

* Reuters is not responsible for the content in this press release.

  HALIFAX, NOVA SCOTIA, Aug 22 (MARKET WIRE) --
Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")
(TSX VENTURE:MXI) is pleased to release the following RC and DD drill
results from the Siribaya Gold Project in West Mali.

    Diamond Drill Results - Siribaya Structure

    Diamond drill results released are for drilling completed up to March 27,
2012, at which time drilling operations were shut down due to political
unrest. The holes are located within the Siribaya 1A structure. Assays
for all diamond drill holes drilled up to March 27, 2012 have been
received and were incorporated in the updated NI43-101 compliant resource
estimate released July 30, 2012 which increased the resource to 303,900
oz Indicated grading 2.34 g/t plus 301,000 oz Inferred grading 2.17 g/t.

    Diamond drilling resumed in the southern region of the 1A structure on
June 25, 2012 and continued until July 14th when weather forced a
temporary suspension until the end of the seasonal rains in the latter
part of October. Six holes, totaling 1,322 metres, were completed during
June 25th and July 14th. Assays are pending for these six holes drilled
south of the 1A structure.

    See attached map Number 1 for diamond drill hole locations.

    To view map Number 1, please visit the following link:
http://media3.marketwire.com/docs/MXIN1.pdf 

    Table of Significant Assays for Diamond Drill Program Siribaya Structure


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                INTERSECTION
Hole #                          FROM (m) TO (m)                   (g Au/t)/m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                    15.0   16.0       1.23 g/t Au over 1.0 m
                                    19.0   21.0       1.47 g/t Au over 2.0 m
SRD12 - 139                         54.0   55.0       1.01 g/t Au over 1.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                   116.0  117.0       1.64 g/t Au over 1.0 m
SRD12 - 140                        128.0  129.0       0.74 g/t Au over 1.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TY-DD-12-053                         3.0    4.0       0.55 g/t Au over 1.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TY-DD-12-054                        70.0   71.0       0.99 g/t Au over 1.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                    61.0   62.0       2.97 g/t Au over 1.0 m
                                    72.0   73.0       1.82 g/t Au over 1.0 m
TY-DD-12-055                        76.0   78.0       0.79 g/t Au over 2.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                     9.0   10.0       0.51 g/t Au over 1.0 m
                                    15.0   19.0       0.75 g/t Au over 4.0 m
TY-DD-12-056                       204.0  205.0       1.59 g/t Au over 1.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                   104.0  108.0       2.23 g/t Au over 4.0 m
TY-DD-12-057                       105.0  106.0 Incl. 6.38 g/t Au over 1.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                     9.0   10.0       0.86 g/t Au over 1.0 m
                                    30.0   31.0       0.56 g/t Au over 1.0 m
TY-DD-12-058                        50.0   51.0       0.95 g/t Au over 1.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                    21.0   22.0       0.80 g/t Au over 1.0 m
                                    25.0   26.0       0.54 g/t Au over 1.0 m
                                    29.0   30.0       0.77 g/t Au over 1.0 m
                                    32.0   33.0       0.60 g/t Au over 1.0 m
TY-DD-12-060                        46.0   47.0       0.53 g/t Au over 1.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                     7.0    8.0       0.57 g/t Au over 1.0 m
                                    49.0   50.0      1.64 gr/t Au over 1.0 m
                                   195.0  196.0      9.62 gr/t Au over 1.0 m
                                   202.0  203.0       2.22 g/t Au over 1.0 m
                                   206.0  207.0       0.76 g/t Au over 1.0 m
                                   232.0  233.0       1.02 g/t Au over 1.0 m
                                   256.0  257.0       6.01 g/t Au over 1.0 m
                                   263.0  264.0       0.50 g/t Au over 1.0 m
                                   271.0  279.0       1.51 g/t Au over 8.0 m
TY-DD-12-061                       282.0  284.0       1.60 g/t Au over 2.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                   231.0  233.0       2.38 g/t Au over 2.0 m
TY-DD-12-062                       231.0  232.0 Incl. 4.02 g/t Au over 1.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TY-DD-12-063                       161.0  162.0       2.00 g/t Au over 1.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                   255.0  256.0       0.50 g/t Au over 1.0 m
                                   301.0  302.0     220.00 g/t Au over 1.0 m
                                   313.0  314.0       1.81 g/t Au over 1.0 m
                                   328.0  329.0       0.67 g/t Au over 1.0 m
                                   335.0  336.0       0.91 g/t Au over 1.0 m
                                   339.0  340.0       0.98 g/t Au over 1.0 m
TY-DD-12-065                       382.0  386.0       1.61 g/t Au over 4.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TY-DD-12-066                       292.0  293.0       0.82 g/t Au over 1.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------


    Note 1: this table includes exhaustively all the mineralized
intersections with a grade greater than 0.50 g/t Au; these intersections
are considered as significant intersections.

    RC Drill Results - Siribaya Structure

    RC drill results are for drilling up to March 27, 2012. The holes are
located within the southern region of the Siribaya 1A structure. All RC
drill assays in this release were incorporated in the updated NI43-101
compliant resource estimate released July 30, 2012. There are no RC
assays pending for holes drilled in the Siribaya Structure. 

    RC drilling results will assist target identification for future diamond
drilling campaigns.

    See attached map Number 2 for drill hole locations.

    To view map Number 2, please visit the following link:
http://media3.marketwire.com/docs/MXIN2.pdf 

    Table of Significant Assays for RC Drill Program Siribaya Structure


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                Intersection
Hole #                  Line #   From (m)   To (m)                (g Au/t)/m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                      0.0      5.0    1.31 g/t Au over 5.0 m
TYC12 - 232              NEW-5       38.0     39.0    0.53 g/t Au over 1.0 m
----------------------------------------------------------------------------
                                      1.0      5.0    0.84 g/t Au over 4.0 m
TYC12 - 233              NEW-5      129.0    130.0    1.04 g/t Au over 1.0 m
----------------------------------------------------------------------------
                                    113.0    118.0    0.73 g/t Au over 5.0 m
                                    137.0    141.0    0.76 g/t Au over 4.0 m
TYC12 - 234              NEW-5      143.0    146.0    1.38 g/t Au over 3.0 m
----------------------------------------------------------------------------
                                     15.0     17.0    0.92 g/t Au over 2.0 m
                                     26.0     27.0    0.69 g/t Au over 1.0 m
TYC12 - 236              NEW-5       29.0     30.0    0.86 g/t Au over 1.0 m
----------------------------------------------------------------------------
                                     13.0     15.0   0.70 gr/t Au over 2.0 m
TYC12 - 237              NEW-5       19.0     20.0    0.55 g/t Au over 1.0 m
----------------------------------------------------------------------------
TYC12 - 238              NEW-5        6.0     11.0    0.66 g/t Au over 5.0 m
----------------------------------------------------------------------------
                                     51.0     52.0    2.75 g/t Au over 1.0 m
TYC12 - 242              NEW-7       54.0     55.0    0.75 g/t Au over 1.0 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------


    Note 1: this table includes exhaustively all the mineralized
intersections with a grade greater than 0.50 g/t Au; these intersections
are considered as significant intersections.

    RC Drill Results - Bambadinka Trend

    RC drill results are for drilling up to March 27, 2012. The holes are
located within the Bambadinka trend. 

    The RC assays are consistent with prior soil and termite mound
geochemical survey results, and the results of the 10,000 metre
(approximately) auger drill program which identified Bambadinka as a
gold-mineralized trend. A total of 141 holes (16,946 metres) were
completed in the Bambadinka trend and 8,753 assays (7,448 metres) are
pending. RC drilling results will assist planning of future exploration
programs.

    See attached map Number 3 for RC drill hole locations.

    To view map Number 3, please visit the following link:
http://media3.marketwire.com/docs/MXIN3.pdf 

    Table of Significant Assays for RC Drill Program Bambadinka Trend


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                   From     To                  Intersection
Hole #                    Line #    (m)    (m)                    (g Au/t)/m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SRC12 - 274               NEW-22  110.0  111.0        1.79 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC12 - 280               NEW-22    7.0    8.0        0.52 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC12 - 281               NEW-22   32.0   33.0        0.84 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC12 - 282               NEW-22   95.0   96.0        0.61 g/t Au over 1.0 m
----------------------------------------------------------------------------
                                    9.0   10.0        1.12 g/t Au over 1.0 m
                                   61.0   62.0        1.05 g/t Au over 1.0 m
SRC12 - 283               NEW-22  107.0  108.0        4.10 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC12 - 284               NEW-22   71.0   72.0        3.01 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC12 - 286               NEW-21    3.0    4.0        3.90 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC12 - 287               NEW-21  101.0  102.0        0.59 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC12 - 288               NEW-21    0.0    1.0        0.84 g/t Au over 1.0 m
----------------------------------------------------------------------------
                                    5.0    6.0        0.63 g/t Au over 1.0 m
SRC12 - 295               NEW-21  100.0  101.0        0.60 g/t Au over 1.0 m
----------------------------------------------------------------------------
                                   51.0   52.0        0.81 g/t Au over 1.0 m
                                   96.0   97.0        0.54 g/t Au over 1.0 m
SRC12 - 296               NEW-21   99.0  100.0        0.53 g/t Au over 1.0 m
----------------------------------------------------------------------------
                                   13.0   14.0        0.57 g/t Au over 1.0 m
SRC12 - 303               NEW-20   89.0   90.0       10.50 g/t Au over 1.0 m
----------------------------------------------------------------------------
                                   84.0   85.0       0.51 gr/t Au over 1.0 m
SRC12 - 308               NEW-20  101.0  102.0        1.07 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC12 - 314               NEW-20   83.0   84.0        0.66 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC12 - 320               NEW-19   25.0   26.0        0.64 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC12 - 322               NEW-19   13.0   14.0        1.87 g/t Au over 1.0 m
----------------------------------------------------------------------------
                                   27.0   28.0        0.73 g/t Au over 1.0 m
                                   44.0   45.0       0.65 gr/t Au over 1.0 m
SRC12 - 345               NEW-18   72.0   73.0        2.48 g/t Au over 1.0 m
----------------------------------------------------------------------------
                                   16.0   17.0        0.94 g/t Au over 1.0 m
                                   32.0   37.0        1.47 g/t Au over 5.0 m
                                   33.0   34.0  Incl. 3.99 g/t Au over 1.0 m
SRC12 - 346               NEW-18   85.0   86.0        0.59 g/t Au over 1.0 m
----------------------------------------------------------------------------
                                   71.0   72.0        1.49 g/t Au over 1.0 m
SRC12 - 347               NEW-18  113.0  114.0        1.27 g/t Au over 1.0 m
----------------------------------------------------------------------------


    Note 1: this table includes exhaustively all the mineralized
intersections with a grade greater than 0.50 gr/t Au; these intersections
are considered as significant intersections.

    About the Siribaya Gold Project

    The Siribaya Gold Project is a joint Merrex-IAMGOLD 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 and that subject
to a final accounting review which is nearing completion IAMGOLD will
formally vest with a 50% interest in the land package. Exploration of the
Siribaya Gold Project is ongoing under a joint management committee. A
total of 75,000 metres of drilling (Reverse Circulation, Diamond and
Auger) is planned for 2012 at a budgeted expenditure of $11.86 million
before contractual overhead fees. However, given the drilling
interruption it is anticipated that the total planned program meterage
will not be reached during calendar year 2012.

    For further details about Merrex Gold's exploration activities visit
Merrex's website at www.merrexgold.com.

    To be added to Merrex's email contact list please email your request to
info@merrexgold.com.  

    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 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

    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.

Contacts:
Merrex Gold Inc.
Gregory Isenor, P.Geo.
President & CEO
(902) 832-5555
(902) 832-2223 (FAX)
info@merrexgold.com
www.merrexgold.com

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