MERREX GOLD INC 
By HALIFAX, NOVA SCOTIA -- (Marketwire January 11, 2012) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX Venture: MXI) is pleased to announce that the joint Merrex- IAMGOLD Corporation ("IAMGOLD") exploration program for the Siribaya Gold Project has been approved by the co-ventures.
2012 Exploration program
The approved budget for 2012 exploration program at the
Siribaya Gold Project will be US$ 11,857,562 of which
Merrex's 50% proportionate share will be US$5,928,781
prior to contractual administrative overhead fees. The 2012
exploration budget does not account for any unpaid amounts
due IAMGOLD from the 2011 diamond drill program and
reconciliation of exploration expenditures incurred in 2011
that exceeded IAMGOLD's $10,500,000 earn-in requirements.
Merrex has sufficient cash-on-hand to cover all 2011 budget
adjustments, the 2012 exploration budget and anticipated G&A
expenses for the next 12 months.
The objectives of the 2012 exploration program are to
continue scoping the Siribaya and Bambadinka trends and
provide further evidence of continuity of gold mineralization
along the Siribaya trend with widely spaced RC drilling,
build resources within the Siribaya trend with diamond
drilling and generate a drill-target pipeline within the
Siribaya, Bambadinka and Babara trends.
The 2012 program will include:
