Merrex Gold : RC Drilling Results for Siribaya's Zone 1B and Taya Ko Deposits

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NEWS RELEASE Merrex Gold - RC Drilling Results for Siribaya's Zone 1B and Taya Ko Deposits

HALIFAX, NOVA SCOTIA -- (March 7, 2016) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to announce the assay results from 31 reverse circulation ("RC") drill holes within the Siribaya Structure located on the Siribaya Joint Venture Gold Project in West Mali. The Siribaya Gold project is owned jointly by Merrex (50%) and IAMGOLD Corporation (50%) ("IAMGOLD").

Highlights from 31 Holes Reporting Hole SRC15-615: From 30 to 102 metres - 72 m @ 1.61 g/t including 8 m @ 6.38 g/t Hole SRC15-610: From 22 to 74 metres - 52 m @ 1.4 g/t Hole SRC15-616: From 20 to 62 metres - 42m @ 1.62 g/t including 6m @ 6.26 g/t; and from 84 to 112 metres - 28 m @ 1.1 g/t 22 of 31 holes returned significant mineralization Drilling on the Siribaya Structure

Prior to the end of the 2015 drilling season the Merrex-IAMGOLD joint venture completed a 31 hole (3,474

metres) drill program on the Siribaya main structure. (news release December 29, 2015)

The objective of the drilling program was to evaluate for additional shallow oxide mineralization at the Zone 1B deposit area (20 holes totalling 2231 metres) and the adjacent Zone Taya-Ko deposit area (11 holes totalling 1243 metres) within areas that were sparsely drilled in 2005-2015 campaigns. The drill plans for the two zones were based on a review and reinterpretation of the geologic model of the deposit areas completed by IAMGOLD earlier in the year.

The drill program was successful with 22 of 31 drill holes returning significant mineralization (see tables of assays below) including Hole 615 which returned 72 metres @ 1.61 g/t, and validating the reinterpretation of the geologic model. Additional drilling within Zone 1B, Taya Ko and other selected zones within the Siribaya Structure is warranted and will be considered in future programs although for 2016 continued drilling at Diakha will be the exploration priority.

Zone 1B and Taya Ko were included in the December 31, 2015 NI 43-101 resource estimate (see table below) (see also news release February 9, 2016 for additional details of the resource estimate including Qualified Person disclosures). The holes released today were not included in that estimate but will be in future estimates as warranted.

SIRIBAYA PROJECT - MINERAL RESOURCE ESTIMATE

December 31, 2015

Classification	Zone	Tonnage (000s)	Gold Grade (g/t Au)	Contained Ounces (Au) (000s)
Indicated	Zone 1B	2,102	1.90	129
Total Indicated	2,102	1.90	129
Inferred	Zone 1B	4,094	1.52	200
Inferred	Taya Ko	882	1.02	29
Inferred	Diakha	14,840	1.81	863
Total Inferred	19,816	1.71	1,092

Notes:

1. CIM definitions were followed for classification of Mineral Resources.

2. Cut-off grades range from 0.45 to 0.60 g/t Au and vary by weathering material type.

3. Mineral Resources are estimated using a gold price of US$1,500 per ounce.

4. Bulk density varies from 1.55 g/cm3 to 2.63 g/cm3 based on deposit and weathering code.

5. The resources are constrained by a Whittle optimized pit shell.

6. Numbers may not add due to rounding.

7. Assays are capped prior to compositing. Capping levels reduced the resource estimate gold grade for Diakha by approximately 12%, and for Zone 1B and Taya Ko by approximately 4%.

Table of Significant Assays for Zone 1B

Hole#	UTM WGS84 Zone29			AZ	DIP	EOH	From	To	Length	Gold	Comment
Easting	Northing	Elevation	(m)	(m)	(m)	(g/t)
SRC15-590	261645	1373004	155	270	-55	108	48	56	8	0.52	Comment 1
SRC15-596	261509	1372528	161	270	-55	114	26	30	4	1.36	Comment 2
SRC15-599	261492	1372405	177	270	-55	114	28 62	40 70	12 8	2.03 1.46	Comment 1
SRC15-600	261487	1372322	168	270	-55	96	4 26	14 28	10 2	1.61 1,33	Comment 1
							48	52	4	0.80
SRC15-601	261485	1372281	169	270	-55	114	6	28	22	1.70	Comment 1
SRC15-602	261451	1372220	180	270	-55	124	8	30	22	1.03	Comment 1
SRC15-603	261459	1372166	175	270	-55	120	2	18	16	1.61	Comment 1
SRC15-604	261450	1372115	180	270	-55	120	24	46	22	1.37	Comment 1
SRC15-605	261482	1372042	174	270	-55	78	2	16	14	1.63	Comment 1
							24	32	8	1.45
SRC15-607	261401	1372002	171	270	-55	90	4	10	6	0.63	Comment 1
SRC15-608	261530	1372466	172	270	-55	150	36	48	12	2.78	Comment 3
							61	68	7	1.02
SRC15-616	261448	1372042	184	270	-55	132	20	62	42	1.62	Comment 1
						including	40	46	6	6.26
							84	112	28	1.11

Table of Significant Assays for Taya Ko

Hole#	UTM WGS84 Zone29			AZ	DIP	EOH	From	To	Length	Gold	Comment
Easting	Northing	Elevation	(m)	(m)	(m)	(g/t)
SRC15-609	262133	1371510	180	290	-55	132	76	84	8	1.39	Comment 3
						including	90 94	110 100	20 6	3.87 6.29
SRC15-610	262095	1371526	180	290	-55	114	22	74	52	1.49	Comment 4
							108	112	4	1.43
SRC15-611	262041	1371545	178	290	-55	78	20	28	8	0.65	Comment 4
							44	48	4	0.59
SRC15-612	262096	1371422	177	290	-55	123	108	114	6	0.77	Comment 1
SRC15-613	262044	1371439	183	290	-55	120	32	50	18	2.08	Comment 4
							64	68	4	0.92
SRC15-614	261998	1371459	184	290	-55	110	8	18	10	1.38	Comment 1
SRC15-615	261800	1371266	187	110	-55	114	30	102	72	1.61	Comment 1
						including	36	44	8	6,38
SRC15-619	261855	1371287	174	290	-55	104	36	40	4	0.74	Comment 1
							52	58	6	1.96
							64	68	4	1.02
SRC15-620	261878	1371262	178	290	-55	126	80	94	14	0.62	Comment 1

Comment 1 Drill hole is within the historical zone of mineralization Comment 2 Drill home is 90 metres north of the delineated mineralization

Comment 3 Drill home is 60 metres northeast of the delineated mineralization Comment 4 Drill home is 40 metres northeast of the delineated mineralization

Note 1: All samples sent to the laboratory are two meter samples

Note 2: QA/QC and additional technical information are described below

Note 3: Drill hole intercepts are calculated using a minimum down-hole length of 2 meter, a cut-off grade of 0.5 g/t gold, and may include up to 4 metres of internal dilution

Note 4: The widths of intersections are downhole lengths; true widths are unknown at this time

Note 5: Holes SRD15-591, 592, 593, 594, 595, 597, 598, 606, 617, and 618 did not return any significant values

Note 6: Elevations and hole locations were taken with hand held GPS. SOH means Start of Hole; EOH means End of Hole

All previously reported assay results are available in the Company's news release archive at

www.merrexgold.com.

Drill Plan Map Zone 1B