Merrex Gold announced on Thursday a private placement worth $1.75m with Iamgold, its earn-in partner on the Siribaya Gold Project in Mali, which is potentially a 5m ounce deposit. Merrex's agreement with Iamgold will see the company take a 50% stake in Siribaya with Iamgold spending $10.5m on exploration over four years. In a note to investors Merrex said that spending on the 800 square km Mali project which kicked off in 2005, is being accelerated.