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DEVELOPMENT OF A MAJOR GOLD RESOURCE at the 840 square kilometre Siribaya Gold Project in Mali, West Africa
Message: Merrex Terminates Property Options
| May 26, 2009 |
| Merrex Terminates Property Options |
| HALIFAX, NOVA SCOTIA--(Marketwire - May 26, 2009) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX VENTURE:MXI) announces that Merrex has terminated two non-core property options. Merrex has terminated an option on the 43 claim Sand Brook property in New Brunswick converting a vested 15% participating interest into a 1% Net Smelter Return royalty subject to a 50% buy-back for $500,000. Merrex also terminated an option on the 555 claim PCP, BearBrook/Rawdon and Scrubgrass Brook/Eastville properties in Nova Scotia retaining no residual interest. "The termination of option agreements on these non-core, early stage exploration prospects is part of our corporate strategy of focussing our financial resources on our more advanced principal assets," said Gregory Isenor, President and CEO of Merrex Gold. "The terminations will save Merrex approximately $1,500,000 in option payments and exploration costs over the next three years." Merrex's principal projects are its Siribaya Gold Project in Mali (West Africa), an advanced exploration project with an initial NI 43-101 resource estimate and the Jubilee Zinc Deposit in Cape Breton, Nova Scotia, also with a NI 43-101 resource estimate. Merrex Gold is a mineral resource exploration company focusing on gold exploration in West Mali, western Turkey and in the Red Lake area of Ontario and zinc exploration in Cape Breton, Nova Scotia. Merrex has a solid organization of people and projects enabling aggressive exploration, discovery and growth. Please visit our website at www.merrexgold.com for the most recent presentation. |
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