[ACCESSWIRE]
HALIFAX, NOVA SCOTIA / ACCESSWIRE / April 21, 2015 / Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to provide shareholders with the following update on the 2015 drilling program on the Diakha deposit area of the Siribaya Gold Project, West Mali, and exploration for the Karita Permit, Guinea:
2015 Diakha Drilling Update
The 2015 drill program at the Diakha gold deposit area continues to make good progress. To April 19th, 2015 9,013 metres of reverse circulation ("RC") drilling and 1,057.5 metres of diamond drilling ("DD") were completed. Diamond drilling is continuing, and assays from both the RC and DD are pending and will be released when available.
The primary focus of the 2015 drilling program is to complete an initial infill delineation drilling program on the Diakha discovery to enable completion of a maiden NI43-101 compliant resource estimate by year end as results may merit. A combination of reverse circulation and diamond drilling is being used.
Karita Permit Exploration
The Company has dispatched an advance exploration team to the Karita Permit in guinea. The advance team, including both Guinean and Malian geologists, will conduct a preliminary mapping and sampling program in the vicinity of the substantial artisanal workings that are along the primary shear structure that extends southerly from Fekola in the north, through Boto, through Karita and into Diakha. The advance team will also organize logistics for the main mapping and sampling program scheduled to be completed before the season rains begin in July.
Private Placement including the New 'Existing Shareholder Exemption'
On April 14, 2015 the Company announced a private placement using the new 'Existing Shareholder Exemption'. The non-brokered private placement offering (the "Offering") is for up to C$500,000 comprised of up to 3,333,333 units at a price of $0.15 per unit. Each unit will be comprised of one common share and one-half share purchase warrant, with each whole share purchase warrant exercisable until January 31, 2016 at an exercise price of $0.30 per Warrant Share.
Under the new 'Existing Shareholder Exemption' existing shareholders on April 13th, 2015 Record Date may purchase up $15,000 of securities in the placement directly from Merrex. Additionally they may purchase more than $15,000 value of securities if they obtain 'suitability advice' from a registered investment dealer.
Other interested investors may be able to rely upon other exemptions such as the 'accredited investor' and 'eligible investor' exemptions. Please contact the Company or your personal advisor as to the applicability and the suitability of those exemptions.
The private placement Offering will remain open until 4:30 PM (Atlantic Time zone) on April 30th, 2015 subject to earlier cut-off if the Offering is over-subscribed.
The Offering is subject to the approval of the TSX Venture Exchange.
See Merrex news release of April 14th, 2015 for full details of the private placement Offering and the offering exemptions.
About the Diakha Discovery Zone
The Diakha gold discovery is located in the western-most portion of the 760 km2 Siribaya exploration concessions approximately 10 kilometres south along strike of IAMGOLD's Boto gold discoveries (scoping study in progress) and approximately 20 kilometres south along strike from B2Gold's (formerly Papillon's) 5,000,000 ounce Fekola deposit (permitted for production).
Karita Permit, Guinea
Merrex was recently granted the Authorization for Exploration for the 100 km2 Karita permit area in Guinea. The Karita permit area is 100% owned by Merrex and hosts a significant piece of the Feloka-Boto-Diakha trend It is contiguous south of Boto and north of Diakha. Planning is underway for an immediate reconnaissance mapping and sampling survey of the Karita permit area to facilitate planning of a Phase 1 exploration program.
Siribaya Gold Project, Mali
The Siribaya Gold Project is a jointly owned (50/50) Merrex-IAMGOLD advanced-stage gold exploration project in West Mali comprised of approximately 760 square kilometres of gold-prolific exploration permits and permit applications pending. Exploration of the Siribaya Gold Project is conducted under a joint management committee with IAMGOLD as the project operator. Expenditures to date on the Siribaya Project exceed $40 million.
The Siribaya Gold Project presently hosts a gold resource on the Siribaya main structure estimated at 303,900 ounces grading 2.34 g/t Indicated, and 301,400 ounces grading 2.17 g/t Inferred. The gold resource estimate (which does not include anything from the Diakha discovery zone) was prepared in accordance with CIM definitions as required by NI 43-101 and is at July 31, 2012 by ACA Howe International Limited. Both the Siribaya and Diakha deposit areas are open to the north, south and at depth. Numerous other gold-anomalous target areas have been identified by geochemistry and require drilling.
Together, the Siribaya Gold Project, Mali and Karita Gold project, Guinea total 860 km2.
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 West African focused gold exploration company with experienced management, a solid exploration team, a prominent gold-producer as a JV partner and an expanding gold resource.
For further details about the Company's exploration activities or to view the most recent corporate presentation visit Merrex's website at www.merrexgold.com. To be added to Merrex's email contact list please email your request to [email protected].
On Behalf of the Board
Gregory Isenor, P.Geo.
President & CEO
MERREXGOLD
Suite 802, 1550 Bedford Highway, Bedford, NS B4A 1E6 T
Tel.: (902) 832-5555 Fax: (902) 832-2223
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.
SOURCE: Merrex Gold Inc.
