Financing fails, drilling complete until fallNo surprise there on the financing. It was pretty much doomed from the outset.
Drilling completed until after rainy season ends. Should have results in sooner than usual I expect as the industry has really cooled off so labs should be less busy, just a guess there. Let's hope some good results turn things around here.
Merrex Gold operator drills Kona, Diakha anomalies
2013-07-23 11:11 ET - News Release
Mr. Gregory Isenor reports
MERREX GOLD SIRIBAYA DRILLING UPDATE
Merrex Gold Inc. has provided a 2013 drilling update on the Siribaya gold project. To the end of June, 2013, Iamgold Corp., Siribaya gold project operator, stated there were 5,050 metres of air core drilling completed on the Kona anomaly and 273 metres of mechanized auger drilling completed on the Diakha anomaly. These anomalies are located in the western portion of the Siribaya property. Assays are pending. Drilling at Siribaya has been suspended due to the seasonal rains and the rising Falame River.
Private placement
The private placement announced May 22, 2013, will not proceed at this time due to market conditions. Financing activity will resume once all drill results from the current exploration program have been received and released.
About the Siribaya gold project
The Siribaya gold project is a 50/50 joint Merrex-Iamgold advanced-stage gold exploration project in West Mali comprising approximately 910 square kilometres of gold-prolific exploration permits and permit applications pending. Exploration of the Siribaya gold project is conducted under a joint management committee. Expenditures to date on the Siribaya project total approximately $35-million.
The Siribaya gold project presently hosts a National Instrument 43-101-compliant gold resource estimated at 303,900 ounces grading 2.34 grams per tonne indicated and 301,400 ounces grading 2.17 grams per tonne inferred (July 31, 2012, ACA Howe International Ltd.); the deposit areas are open to the north, south and at depth. Numerous other gold-anomalous target areas have been identified by geochemistry and require drilling.
Gregory P. Isenor, PGeo, is the qualified person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.
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