The Gold Report

Merrex Gold Inc. TICKER: MXI:TSX.V; MXGIF:OTCQX Visit Company Website Merrex Gold Inc. is a Canadian-based mineral exploration company with an experienced discovery team and two advanced exploration projects: The 840-sq.-km. Siribaya Gold Project in Mali, West Africa, with IAMGOLD Corporation as an earn-in partner and the high-grade Jubilee Zinc-Lead Project in Nova Scotia. Both projects have NI 43-101 resource estimates and are 100% controlled by Merrex.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Jay Taylor, Gold, Energy & Tech Stocks (1/16/12) "Ranking high among my favorites in the A3 category is Merrex Gold Inc.; look for this company and its joint venture partner, IAMGold, to outline a multimillion-ounce, relatively high-grade, open-pit mining operation in Mali. . .the extent of the upside should become apparent as last year's drill results are calculated into a new NI 43-101 resource. I do not think the markets are paying any attention to this story and it is a very good one."

The Gold Report Interview with Jay Taylor (12/5/11) "Merrex is exploring the Siribaya deposit mine in Mali with IAMGOLD Corp. as its 50% joint venture partner and largest shareholder. IAMGOLD is there because it believes this is going to be a multimillion-ounce deposit. And IAMGOLD is committed—it spent about $10M to earn a 50% interest. . . IAMGOLD is the operator of the project. It has a joint committee that decides on the strategy and drill programs. In fact, one of the management members of Merrex who I was with in Switzerland was going to Toronto on his return to talk to IAMGOLD about the next drill program.

[The desposit] has about 460 Koz from a relative high-grade open pit at a quarter grams per ton. However, that's based on less than 5% of the total strike length of two major zones, plus another zone was discovered, too. Moreover, some of the assays recently from the south end of the zone that was drilled have been much higher grades. The average grade may be even higher than 2.25 grams."

Jay Taylor, J Taylor's Gold, Energy & Tech Stocks (12/2/11) "I believe Merrex Gold Inc.is one to watch because the number of ounces in the ground on its Siribaya project, Mali, is likely to grow considerably in the early part of 2012; so far, the resource is small—just 377 Koz on this 50% joint venture project with IAMGOLD; however, <5% of two gold-bearing structures has yet to be drilled. So far, with an average grade of 2.37 g/t gold, this is looking like it could be a highly profitable open-pit gold mine. . .the company has $12M, enabling it to fund its 50% share of exploration in 2012."

Jay Taylor, Gold, Energy & Tech Stocks (11/11/11) "Merrex Gold Inc.'s Siribaya assays factored into the 377 Koz gold resource plus some considerably higher-grade intersections just reported this week provide sound reason to suspect this could be a fairly high-grade open-pit mining project. . .this is an exciting exploration play that has not gained much attention from a market that is not treating junior gold stocks very well in general. But this is a story that I believe is real and highly credible. And a strong partner like IAMGOLD adds to its credibility."

Anthony Vaccaro, The Northern Miner (10/31/11) "The hard-hit junior gold mining sector enjoyed a rare respite in October, but while many juniors moved up, Merrex Gold was among the most favored of them all. The company, whose Siribaya gold project in western Mali has already attracted the attention of Iamgold and some large institutional investors, saw its share price jump 12%. . . the company's ability to draw in investors has to do with three things: the property size, the deposit's grade and its potential tonnage. . .and while the structure may be shaping into a hefty deposit, it is important to note that the entire 10.5km strike represents 1% of the total property package."

• Corporate Fact Sheet (9/12/11)
• Corporate Presentation (9/19/11)

(11/22/11) MXI's Greg Isenor Talks to Jay Taylor

(10/4/11) Jay Taylor Interviews MXI's Greg Isenor

(7/26/11) Jay Taylor Interviews Gregory Isenor of MXI

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