Merrex Commences Diamond Drilling at West Voisey's Bay Nickel Project; $2.2 Million in Expenditures Approved
Merrex Commences Diamond Drilling at West Voisey's Bay Nickel Project; $2.2 Million in Expenditures Approved
Jun. 22, 2007 03:07 PM
HALIFAX, NOVA SCOTIA -- (MARKET WIRE) -- 06/22/07 -- Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX VENTURE: MXI) announces that diamond drilling of Merrex's West Voisey's Bay Nickel Project in Labrador has commenced.
"The management committee of the West Voisey's Bay Joint Venture has approved a program budget of approximately $2.2 million comprised primarily of diamond drilling and additional geophysics for the 2007 field season" stated Merrex President and CEO Greg Isenor.
The first hole will test a coincidental magnetotelluric (MT) and gravity high along a prominent east-west structural intersection to a target depth of 1,150 meters. This target is one of four high-priority targets selected for test drilling following the completion of a three dimensional Gocad compilation model and additional geophysical data interpretation.
Additional work completed over the winter months included processing and analysis of ASTER remote sensing and satellite lineament and airborne gravity survey.
Merrex's West Voisey's Bay Nickel Project, Labrador consists of a 50% ownership interest in 451 mineral claims (112.75 sq km) and an option to earn a 50% interest of the adjacent 60 claim (15 sq km) VB-2 property. The other 50% of West Voisey's Bay and the option to acquire the other 50% of the VB-2 claim is held by Celtic Minerals Ltd., the joint venture operator.
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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE.
Contacts:
Merrex Gold Inc.
Greg Isenor
President & CEO
(902) 832-5555
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