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Merrex Gold-Siribaya Gold Project 2013 Exploration Program Update

Merrex Gold-Siribaya Gold Project 2013 Exploration Program Update 
Including Drill Results of 2.04 g/t Au Over 11 m and 2.24 g/t Au Over
10 m 
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 01/29/13 -- Gregory Isenor,
P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX
VENTURE:MXI) announces: 
Exploration Update 
2013 Exploration Program 
Planning of the 2013 exploration program is complete. Program
operator IAMGOLD Corporation has proposed an exploration program
comprised of a) diamond drilling in the Siribaya Structure to test
targets identified by Leapfrog 3D modelling, b) air core and reverse
circulation drilling over seven significant new target areas
identified by termite mound geochemistry, and c) additional termite
mound geochemical sampling to tighten up certain grid areas to 100m x
100m. The budget for the proposed program is approximately
$6,900,000. 
Exploration Activity 
At this time, program operator IAMGOLD Corporation has suspended all
in-country exploration due to the escalation of insurgent activity in
northern Mali and the military response to that increase. The
situation in Mali is being monitored, and exploration will resume
when the risk assessment reduces to an acceptable level. 
Diamond Drill Results - Eastern (1A) Substructure  
Diamond drill results released are for eight holes totaling 1,675
metres out of 13 holes totaling 2,766 drilled between October 30,
2012 and December 12, 2012 before the break for the Holiday Season.
In 2012, 37 holes totaling 7,790 metres were drilled on the Siribaya
1A gold substructure.  
Four holes in the central region of the Eastern (1A) substructure
were drilled to test for cross-structures in some mineralized areas.
Drill holes TY-DD-12-073, which included intersections of 2.04 g/t Au
over 11 m and 2.24 g/t Au over 10 m, and TY-DD-12-074 intersected
widespread gold mineralization down to 50 metres in depth. While
encouraging, additional exploration will be required to better
interpret the structures controlling the gold mineralization.  
The four other holes were drilled in the southern region of the
Eastern (1A) substructure on 50 metre step-outs from significant gold
mineralization in RC hole TY11-139 (3.99 g/t Au over 12 m) to test
its continuity. Hole TY-DD-12-075 intersected 1.75 g/t A
u over 9 m
providing additional evidence of the continuity of this zone to the
south.   
Results of the last 5 holes of the 2012 diamond drilling program will
be released when available.  
See attached map for drill hole locations, and the table of
significant assays below. 
To view the map associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/SiribayaDDH.pdf. 
Commentary 
"I am pleased with the exploration program proposed for 2013, as a
new discovery anywhere on the Siribaya land package has the potential
to add real value for Merrex's shareholders," said Merrex President
and CEO Gregory Isenor. "The program is technically sound and I would
not expect any significant changes between now and formal approval by
the joint technical management committee. The timing of Merrex
formally approving the program, however, is heavily dependent upon
Merrex's financing for its share of the proposed program, and several
alternatives are being discussed between Merrex and joint venture
partner IAMGOLD Corporation. While at present security concerns are
hindering an immediate start to the 2013 program, matters appear to
be moving quickly in north Mali and I am confident that IAMGOLD is
anxious to proceed with exploration at Siribaya as soon as it is
satisfied that crews can operate safely. Merrex is equally anxious to
begin as soon as financing matters are resolved." 


 
       Table of Significant Assays for Diamond Drill Program Siribaya  
                                  Structure                            
                                                                       
     ------------------------------------------------------------------
     ------------------------------------------------------------------
                                                          INTERSECTION 
      Hole #             FROM (m)     TO (m)                (g Au/t)/m 
     ------------------------------------------------------------------
     ------------------------------------------------------------------
      SRD12 - 143           104.0      105.0      0.88 g/t Au over 1.0 
                            121.0      123.0      1.89 g/t Au over 2.0 
     ------------------------------------------------------------------
     ------------------------------------------------------------------
      TY-DD-12-073           12.0       23.0     2.04 g/t Au over 11.0 
                             25.0       26.0      0.81 g/t Au over 1.0 
                             32.0       33.0      1.04 g/t Au over 1.0 
                             35.0       39.0      0.71 g/t Au over 4.0 
                             43.0       53.0     2.24 g/t Au over 10.0 
     ------------------------------------------------------------------
     ------------------------------------------------------------------
      TY-DD-12-074           12.0       13.0      1.35 g/t Au over 1.0 
                             15.0       16.0      1.09 g/t Au over 1.0 
                             18.0       21.0      0.92 g/t Au over 3.0 
                             24.0       26.0      0.98 g/t Au over 2.0 
                             33.0       35.0      0.58 g/t Au over 2.0 
                             51.0       54.0      1.84 g/t Au over 3.0 
                            139.0      140.0      0.64 g/t Au over 1.0 
     ------------------------------------------------------------------
     ------------------------------------------------------------------
      TY-DD-12-075            8.0        9.0      0.62 g/t Au over 1.0 
                             11.0       12.0      2.14 g/t Au over 1.0 
                             14.0       15.0      2.48 g/t Au over 1.0 
                             25.0       26.0      1.19 g/t Au over 1.0 
                            153.0      155.0      1.54 g/t Au over 2.0 
     ------------------------------------------------------------------
     ------------------------------------------------------------------
      TY-DD-12-077           62.0       71.0      1.75 g/t Au over 9.0 
                            124.0      125.0      0.80 g/t Au over 1.0 
                            169.0      170.0      0.67 g/t Au over 1.0 
                            179.0      180.0      2.31 g/t Au over 1.0 
                            184.0      187.0      1.21 g/t Au over 3.0 
                            192.0      193.0      3.83 g/t Au over 1.0 
     ------------------------------------------------------------------
     ------------------------------------------------------------------
      TY-DD-12-078           55.0       57.0      2.95 g/t Au over 2.0 
     ------------------------------------------------------------------
     ------------------------------------------------------------------
                                                                            
Note 1: This table includes exhaustively all the mineralized intersections  
 with a grade greater than 0.50 g/t Au; these intersections are considered 
 as significant intersections.                                              

 
About the Siribaya Gold Project 
The Siribaya Gold Project is a 50/50 joint Merrex-IAMGOLD
advanced-stage gold exploration project in West Mali comprised of
approximately 910.5 square kilometres of gold-prolific exploration
permits and permits applications pending. Exploration of the Siribaya
Gold Project is conducted under a joint management committee.
Expenditures to date total approximately $32 million.  
The Siribaya Gold Project presently hosts a NI 43-101 compliant gold
resource estimated at 303,900 ounces grading 2.34 g/t Indicated, and
301,400 ounces grading 2.17 g/t Inferred (July 31, 2012 ACA Howe
International Limited); the deposit areas are open to the north,
south and at depth. Numerous other gold-anomalous target areas have
been identified by geochemistry and required drilling.  
Merrex is primarily a West African 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.  
For further details about Merrex Gold's exploration activities or to
view the most recent corporate presentation visit Merrex's website at
www.merrexgold.com.  
To be added to Merrex's email contact list please email your request
to info@merrexgold.com. 
On Behalf of the Board   
Gregory Isenor, P.Geo., President & CEO  
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. 
Contacts:
Merrex Gold Inc.
Gregory Isenor, P.Geo.
President & CEO
(902) 832-5555
(902) 832-2223 (FAX)
info@merrexgold.com
www.merrexgold.com
 
 
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