HALIFAX, NOVA SCOTIA--(Marketwire -04/03/12)- Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX-V: MXI.V - News) announces that the 2012 drilling program at the Siribaya Gold Project in West Mali has been suspended.
Drill Program Suspended
Drilling has been suspended at the Siribaya Gold Project in West Mali. The decision by project operator IAMGOLD Corporation was taken after careful consideration of the indirect impacts of the coup in Mali. Drilling is expected to resume as soon as normal commerce can be conducted.
"While our Siribaya Gold Project is not located anywhere near the areas of conflict or unrest, and we did not have non-Malian personnel in-country at the time, Merrex nevertheless has been impacted by the coup in Mali" said Merrex President and CEO Greg Isenor. "Normal business operations have been disrupted by many factors including operators and suppliers withdrawing ex-patriot personnel from Mali, unreliable fuel supply and commercial banking interruptions, and the disruption was to the extent that project operator IAMGOLD determined that the prudent course of action in the near-term was to suspend drilling operations. We continue to actively monitor the situation in Mali and look forward to a return to a business normalcy at which time drilling can be resumed."
About the Siribaya Gold Project
The Siribaya Gold Project is a joint Merrex-IAMGOLD exploration project in West Mali comprised of approximately 848 square kilometres of gold-prolific exploration permits and permits applications pending where exploration expenditures to date exceed $23 million. Exploration of the Siribaya Gold Project is conducted under a joint management committee. A total of 60,000 metres of drilling (Reverse Circulation, Diamond and Auger) is planned for 2012 at a budgeted expenditure of $11.86 million before contractual overhead fees.
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.
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.