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HALIFAX, NOVA SCOTIA--(Marketwire - April 1, 2011) -


NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES



Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. (<<Merrex>>) (TSX VENTURE:MXI) is pleased to announce the closing of the brokered private placement financing led by Casimir Capital LP (the <<Agent>>) as lead agent and sole book runner, previously announced by news release dated March 25, 2011. Selling group participants included Raymond James Ltd., Strategic Energy Research and Capital, LLC, and Grafton Securities Canada Limited.


Under the terms of the Private Placement, Merrex issued a total of 20,340,000 units (the <<Units>>) at a price of C$0.50 per Unit for total gross proceeds of C$10,170,000 (the <<Private Placement>>). Each Unit consisted of one (1) common share in the capital of Merrex (a <<Common Share>>) and one-half (1/2) of one common share purchase warrant (each whole warrant being a <<Warrant>>). Each Warrant entitles the holder thereof to purchase one (1) additional Common Share at an exercise price of C$0.75 per share for a period of eighteen (18) months following the closing of the Private Placement.


Merrex paid the Agent a cash commission of C$711,900 and issued to the Agent 1,423,800 common share purchase warrants (the <<Agent's Warrants>>). Each Agent's Warrant entitles the holder thereof to purchase one (1) additional Common Share at an exercise price of C$0.75 per share for a period of eighteen (18) months following the closing of the Private Placement.


The Private Placement includes an over-allotment option allowing the Agent to offer up to an additional 2,660,000 Units for gross proceeds of C$1,330,000, on the same terms as the Private Placement, exercisable, in whole or in part, from time to time, but in any event, no later than thirty (30) days following the closing date.


The securities issued under the Private Placement will be subject to a four-month and one-day hold period, expiring August 1st, 2011.


Merrex will use the net proceeds of the Private Placement primarily for exploration work on its property located in West Mali and for working capital purposes.



About the Siribaya Gold Project



The 848 km2 Siribaya Gold Project in West Mali is Merrex's flagship property. The Siribaya Gold Project is being explored in conjunction with Merrex's 50% earn-in partner IAMGOLD Corporation. The 2011 exploration program within the Siribaya structures include 17,000 metres of RC drilling to further extend the explored strike length of the Siribaya trends from three to six kilometres, and 10,000 metres of diamond drilling to increase the present NI 43-101 resource.


Outside of the Siribaya structures new mineralized trends have been discovered; Siribaya West which lies to the west of the Bambadinka trend, and the Babara trends which lie to the east of Siribaya on the Babara and Kofia permits. These trends will be further tested during the 2011 field season.


Merrex is a Mali focused gold exploration company with experienced management, a solid exploration team, a prominent gold-producer as a partner and an expanding gold resource; a winning combination offering investors an extraordinary opportunity.


Please visit our website at http://www.merrexgold.com/">www.merrexgold.com for the most recent corporate presentation.


On Behalf of the Board


Gregory Isenor, P.Geo., President & CEO