HALIFAX, NOVA SCOTIA, Jan. 14, 2010 (Marketwire) -- Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX VENTURE:MXI) announces:
Chrysos Commences Trading
Chrysos Capital Corporation ("Chrysos") will commence trading on the TSX Venture Exchange on Thursday, January 14, 2010 under trading symbol CSZ.V. The principal assets of Chrysos are a 100% ownership of the Niaouleni Gold Project in Mali and a 50% interest in the Jubilee Zinc Project in Nova Scotia. Merrex owns a 39% equity interest in Chrysos.
Niaouleni Gold Project
The Niaouleni Gold Project is an advanced-stage gold exploration project comprised of two exploration permits (71 sq km) with a third permit (23 sq km) under application. Niaouleni has been the subject of approximately $10,000,000 of historical exploration and substantially all of the data from those programs has been acquired. Chrysos acquired a 100% interest (subject to retained government and vendor royalties) in Niaouleni from Touba Mining SARL. Touba was also the vendor of Merrex's Siribaya Gold Project
Jubilee Zinc Project
The Jubilee Zinc Project and related Nova Scotia zinc exploration properties are owned 50/50 by Merrex and Chrysos. Jubilee has a CIM Standards and NI 43-101 compliant resource estimate of 3.1 million tonnes grading 4.71% Zinc equivalent, including 2.1 million tonnes grading 5.6 % Zinc equivalent and 1.9 million tonnes grading 5.79% Zinc equivalent (November 5, 2007 Mercator Geological Services Limited).
Siribaya Gold Project
Merrex principal project is its 100% interest (subject to retained government and vendor royalties) in the 800 square kilometre Siribaya Gold Project in west Mali. Siribaya is a joint exploration project funded by IAMGOLD Corporation, managed by a combined IAMGOLD-Merrex management team and operated by Merrex. IAMGOLD may earn up to 50% interest in Siribaya by expending Can$10.5 Million over four years. Siribaya has a CIM Standards and NI 43-101 compliant initial resource estimate of 2,210,000 tonnes grading 1.81 g/tonne (123,000 ounces Au) Indicated plus 5,700,000 tonnes grading 1.74 (319,000 ounces Au) Inferred (ACA Howe International Limited January 31, 2009). Subsequently, over $3,000,000 was spent during the 2009 exploration season on diamond drilling, soil and termite mound geochemical sampling and an airborne magnetometer and spectrometer survey. (For detailed exploration results see news releases of June 24, Sept 3, Nov 19, Nov24 and Nov 27 or visit www.merrexgold.com). An updated resource estimate is underway. IAMGOLD has committed to and planning is underway for the 2010 exploration program estimated at $2,500,000.
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 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.