Gregory Isenor, P.Geo.,
President and CEO of Merrex Gold Inc. ("Merrex")(TSX Venture:MXI)
announces that Merrex has acquired a 50% interest in
the Crackingstone River uranium property and sold 25%
of its West Voisey�s Bay Joint Venture.
Crackingstone River Option
Merrex has agreed to
option from International Montoro Resources Inc. (�Montoro�) and Belmont Resources Inc. (�Belmont�) a 50%
interest in their jointly owned Crackingstone River
uranium property. Pursuant to the terms of the option agreement
Merrex will issue to Montoro
and Belmont 1,200,000 common shares and will incur $1,200,000 of exploration
expenditures in the first year and may incur a further $2,400,000 of
exploration expenditures in the second year to earn up to a 50% interest in the
Crackingstone River
uranium property. Merrex will be the
Operator during the expenditure period. The shares are subject to a four month
investment hold period.
The Crackingstone
River
uranium property is a 750
hectare claim block located on the north shore
of Lake
Athabasca and 8
kilometres southwest of Uranium City,
Saskatchewan.
During 2008 Montoro and Belmont conducted a Phase I
drill program of 20 holes which tested and confirmed the presence of uranium mineralization for a
strike distance of 1800
meters along the Boom Lake Fault and intersected an east-west structure (the North Crackingstone Fault). Hole C-14-08 returned the highest
assay results from the 20-hole drill program of 2.087% U3O8 (41.74 lbs./ton) over 0.3 metre which was included in a 3.0m
intersection assaying 0.36% U3O8 (7.19 lbs./ton), and a 1.7 metre
intersection assaying 0.633% U3O8 (12.66 lbs./ton).� The same hole also intersected a 0.5m
intersection assaying 0.873% U3O8 (17.46 lbs./ton and,� a further 6.8 meter intersection
with assays from 0.003% to 0.09% (1.80 lbs./ton).
The
option agreement is subject to regulatory approval.
West Voisey�s Bay Joint Venture Sale
Merrex has agreed to
sell one-half of its 50% interest (net 25%) interest in the West Voisey�s Bay Joint Venture to Montoro
and Belmont for $1,200,000. Merrex will retain a net
25% participating interest in the West
Voisey�s
Bay Joint Venture.
The sale of the West Voisey�s Bay Joint Venture is an Exempt Disposition as defined in
the Listings Policies of the TSX Venture Exchange.
A finder�s fee of 25,000 shares will be paid in respect of these
transactions.
Merrex�s principal
projects are its Siribaya Gold Project, an advanced
exploration project in Mali (West Africa), and its Jubilee Zinc Deposit in Cape Breton, Nova Scotia.
Merrex Gold is a mineral resource exploration company focused on exploration
for gold in West Mali (Africa), Turkey
and in the Red
Lake
area of Ontario
and zinc in Cape
Breton, Nova
Scotia, with a solid
organization of people and projects to enable continued aggressive exploration,
discovery, and growth.
FOR FURTHER INFORMATION PLEASE
CONTACT:
Greg Isenor
President & CEO����������������������������������������������������
(902) 832-5555
Email: info@merrexgold.com
Or visit our website at
www.merrexgold.com