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Merrex Gold Inc announced that the Jubilee Zinc Project continues to deliver encouraging diamond drill results.
-- Jubilee delivers more encouraging drill results
-- Significant drill intersections include Zn/Pb of
4.8% over 10.6 metres;
2.4% over 16 metres and
2.2% over 22.2 metres
"We are pleased to announce that our 50% owned Jubilee Zinc has again delivered very encouraging drill results" said Gregory Isenor, President and CEO of Merrex. "This limited diamond drill program was a requirement of Frontline Gold Corporation's Qualifying Transaction and we are very pleased that the program was completed so quickly following approval of Frontline's Qualifying Transaction and with such good results."
A 2010 Phase I diamond drill program of 6 holes totalling 1,371 metres has been completed on the Jubilee Zinc Project with drill intersections including Zn/Pb of 4.8% over 10.6 metres; 2.4% over 16 metres and 2.2% over 22.2 metres.
Now that the 2010 Phase I drill program is complete, the project will be managed under a 50/50 Joint Venture Agreement with Frontline as operator. Jubilee has a CIM Standards and NI 43-101 compliant resource estimate of 3.1 million tonnes grading 4.71% Zinc equivalent, including 2.1 million tonnes grading 5.6 % Zinc equivalent and 1.9 million tonnes grading 5.79% Zinc equivalent (November 5, 2007 Mercator Geological Services Limited).
In addition to a direct 50% interest in Jubilee, Merrex also owns 18,675,000 shares of Frontline (a 39% equity interest) which Merrex will dividend to its shareholders on a record date to be announced.