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Merrex Receives IAMGOLD Approval for Siribaya 2010 Exploration Program

^{Published on 2009-12-21 09:50:07 - Market Wire}
 

HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 21, 2009) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX VENTURE:MXI) announces that IAMGOLD has confirmed its approval of the 2010 exploration plan and forecast a C$2.5 million expenditure for Merrex's Siribaya Gold Project.

Commentary

"Further to our news release of December 1, 2009 we are pleased to report that IAMGOLD has confirmed that it is ready to proceed with the proposed exploration program for 2010 at Siribaya." commented Gregory Isenor, President and CEO of Merrex. "Our option agreement with IAMGOLD requires a minimum expenditure of $2.5 million for 2010. Planning for this program is already well advanced and it is anticipated that the 2010 program will include extensive exploration on both the Siribaya 1A and 1B sub-structures and on priority satellite targets on other regions of the permits area including the extensive structures identified on the Babara Permits area."

Siribaya Gold Project

Merrex holds a 100% interest in an 800 square kilometre land package located in west Mali, Africa. The Siribaya Gold Project is joint exploration project funded by IAMGOLD Corporation, managed by a joint IAMGOLD-Merrex management team and the approved work plan will be operated by Merrex. IAMGOLD may earn up to 50% interest in the Siribaya Gold Project by expending C$10.5 Million over four years.

During 2009 over C$3,000,000 was spent on an exploration program comprised of diamond drilling, soil and termite mound geochemical sampling and an airborne magnetometer and spectrometer survey.

About Merrex

Merrex is a Mali focussed 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 which offers investors an extraordinary opportunity.

ON BEHALF OF THE BOARD

Gregory Isenor, President and Chief Executive Officer

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.