HALIFAX, NOVA SCOTIA -- (Marketwire January 4, 2012) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX Venture: MXI) is pleased to announce that IAMGOLD Corporation ("IAMGOLD") has advised that it has completed its earn-in expenditures for the Siribaya Gold Project in West Mali.
Earn-in Option Exploration Expenditures Completed
IAMGOLD Corporation has advised Merrex that IAMGOLD's earn-in
expenditure requirements were satisfied during the fourth
quarter of 2011.
Pursuant to an earn-in option agreement dated December 23,
2008, IAMGOLD could earn up to a 50% interest in Merrex's
Siribaya Gold Project by incurring $10.5 million of
exploration expenditures over four years. As advised by
IAMGOLD, the exploration expenditures were completed in three
years, a full 12 months ahead of schedule.
Merrex is awaiting a complete accounting of the expenditures
and, once reviewed and accepted by Merrex,
execution of the final Joint Venture Agreement and formal
vesting of IAMGOLD's 50% interest in
Siribaya will follow, all of which is expected to be
completed during Q1 of 2012.
All exploration expenditures incurred after the $10.5 million
of earn-in exploration expenditure requirement was satisfied
will be shared equally by Merrex and IAMGOLD.
For further details
about the Siribaya Gold Project visit Merrex's website at
www.merrexgold.com.
Merrex is a Mali focused 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
offering investors an extraordinary opportunity.
Please visit our website
at www.merrexgold.com for the most recent
corporate presentation. On Behalf of the Board
Gregory Isenor, P.Geo. President & CEO
1550 Bedford Highway
Suite 802, Suntower
Bedford, NS B4A 1E6
Tel.: (902) 832-5555
Fax: (902) 832-2223 info@merrexgold.com
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.
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