Merrex Launches 2008 Siribaya Drilling Program: Financial News

Merrex Launches 2008 Siribaya Drilling Program
Monday February 4, 2008 3:30 pm ET

HALIFAX, NOVA SCOTIA--(MARKET WIRE)--Feb 4, 2008 -- Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(CDNX:MXI.V - News) announces that Phase I of the 2008 planned 20,000 metre diamond drill program has begun on Merrex's Siribaya Gold Project in West Mali.

Commentary

"This is just the beginning of a major diamond drill program at our Siribaya Gold Project" commented Merrex President and CEO Greg Isenor, P. Geo. "The focus of Phase I drilling will be Zone 1B which, at present, is one of our primary exploration targets on the Siribaya Structure.

Based on the integration of the geology, geochemistry, geophysics, RAB drilling and diamond drilling within Zone 1B at Siribaya, we have generated a geological model and outlined the first of the mineralized sub-zones which is approximately 1000 metres long, 10 metres wide and at least 150 metres deep. The strike and depth extensions are open. Phase I drilling will test both the strike and down dip extension of this sub-zone. Management believes that the Siribaya Structure is part of a major gold bearing system and has the potential to develop into a major deposit."

2008 Phase I Drill Program, Siribaya

The integration of all prior exploration data from the Siribaya Gold Project indicates that the initial sub zone to be drill tested is approximately 1000 metres long, 7 - 12 metres average true width, at least 150 metres deep grading between 2 and 5 grams per tonne gold. The gold is associated with fine grained sulphides and disseminated mainly in felsic rocks with occasional graphite. This zone is open along strike and at depth.

In addition, within Zone 1B there are several gold intersections outlined by prior Merrex drilling. Similar to other deposits in West Mali, it is expected that additional drilling will further define these additional sub-zones within Zone 1B and identify subsidiary structures and the controls of mineralization.

Phase I of the 2008 drill program is designed to test both the strike extension and down dip extension of this sub-zone to a depth of 200 metres. Zone 1B remains open to the north, south and at depth. It is anticipated that the initial drilling at Zone 1B will allow for a resource calculation.

The Siribaya structure is over 10 kilometres long and one kilometre wide. Detailed drilling at Zone 1B has tested only one kilometre of that strike length.

Zone Bambadinka

At Zone Bambadinka initial geochemistry outlined a gold anomalous zone five kilometres long and one kilometre wide. As previously announced, the geochemistry at Zone Bambadinka yielded over 30 samples greater than one gram per tonne and one as high as 25 grams per tonne. The surface gold is contained in a transported laterite layer and an initial pitting program indicates this lateritic layer is at least two metres thick.

A detailed program of deep pitting and trenching (a series of 200 pits dug to approximately 7 metres depth and trenches over one kilometre in length) is underway to identify the potential and extent of this mineralization and to evaluate the possibility of further developing what management feels is a surface lateritic deposit.

Please visit our website at www.merrexgold.com for full details of the exploration history of the Siribaya Gold Project including tables of all assay results from prior exploration programs.

All exploration programs at the Siribaya Gold Project are carried out under the supervision of Jean-Marc Gagnon, P. Eng., MBA, the qualified person, as defined under National Instrument 43-101, responsible for the technical information presented in this news release.

Merrex owns a large land position in the prolific West Mali gold producing area. Together with strategic partner Touba Mining, Merrex has acquired five mineral permits covering over 750 square kilometres and has a permit applications in progress for an additional approximately 250 square kilometres, all within the West Mali Gold Belt, a region which currently produces in excess of one million ounces of gold per year from such well-known large gold deposits as the Sadiola and Loulo mines. The Merrex permits cover highly prospective land with significant geological structures, associated geochemically anomalous gold zones, extensive orpailleur alluvial gold workings and artisinal underground workings.

Merrex Gold is a mineral resource exploration company focused on exploration for gold in West Mali, Africa, zinc in Cape Breton, Nova Scotia, nickel in West Voisey's Bay, Labrador, and gold in Red Lake, Ontario, with a solid organization of people and projects to enable continued aggressive exploration, discovery, and growth.

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.

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