Merrex Siribaya drilling program update
HALIFAX, NOVA SCOTIA–(Marketwire – May 30, 2012) – Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX VENTURE:MXI) announces that the 2012 drilling program at the Siribaya Gold Project in West Mali will remain suspended until after the end of the seasonal rains.
Drill Program Suspension
Drilling was suspended at the Siribaya Gold Project in West Mali by project operator IAMGOLD Corporation ("IAMGOLD") shortly after the March 22, 2012 coup in Mali. Merrex and IAMGOLD have been monitoring the situation in Mali and in its capacity as project operator IAMGOLD has advised Merrex that due to continuing security concerns the drilling operations at the Siribaya Gold Project will remain suspended until at least after the end of the seasonal rains in October. IAMGOLD continues to monitor the situation and expects to resume drilling after the rainy season if the political and security concerns have settled. Meanwhile, the Siribaya camp remains open and all other work is continuing.
"As previously released, while our Siribaya Gold Project is not located anywhere near the areas of conflict or unrest, our drilling program was impacted by the coup in Mali" said Merrex President and CEO Greg Isenor. "Project operator IAMGOLD has determined that the situation in Mali remains too unsettled to resume drilling. This will be reviewed after the seasonal rains. On a more positive note, the Siribaya camp remains open and fully operational and the hiatus will provides us with the opportunity to catch up on the assay backlog (there are approximately 4,000 DD, 21,000 RC and 18,000 termite mound geochem assays outstanding) and to conduct a detailed review and interpretation of the program results to date. Assuming political progress under the interim administration in Mali we would anticipate resuming drilling by October."
About the Siribaya Gold Project
The Siribaya Gold Project is a joint Merrex-IAMGOLD exploration project in West Mali comprised of approximately 848 km2 of gold-prolific exploration permits and permits applications pending where exploration expenditures to date exceed $28 million. Exploration of the Siribaya Gold Project is conducted under a joint management committee. A total of 75,000 metres of drilling (Reverse Circulation, Diamond and Auger) was planned for 2012 at an estimated cost of $12 million; however, given the present drilling suspension it is anticipated that the planned program meterage will not be reached during calendar year 2012.
For further details about the Siribaya Gold Project visit Merrex's website at www.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 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.
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