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Merrex Gold Inc.: 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.
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.
