NEWS RELEASE

December 12, 2008                                                                  Trading Symbol:  TSX-V: MXI

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Merrex Executes Final Documentation with IAMGOLD

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HALIFAX, NOVA SCOTIA -- (Marketwire - December 12, 2008) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX Venture:MXI) announces that Merrex and IAMGOLD Corporation ("IAMGOLD") have executed the definitive Option Agreement for 50% of Merrex's Siribaya Gold Project in West Mali, Africa.

IAMGOLD has concluded its due diligence review and Merrex and IAMGOLD have executed final documents for the option of Merrex’s Siribaya Gold Project and the concurrent private placement. (see news release October 21, 2008)

The required filings have been made with the TSX Venture Exchange. Closing will follow receipt of regulatory approvals at which time Merrex will issue a comprehensive news release.

Merrex’s principal projects are its Siribaya Gold Project, an advanced exploration project in Mali (West Africa) and its Jubilee Zinc Deposit in Cape Breton, Nova Scotia.

Merrex Gold is a mineral resource exploration company focusing on gold exploration in West Mali, Turkey and in the Red Lake area of Ontario and zinc exploration in Cape Breton, Nova Scotia.  Merrex has a solid organization of people and projects enabling aggressive exploration, discovery, and growth.

FOR FURTHER INFORMATION PLEASE CONTACT:

Greg Isenor, President & CEO                                                      
(902) 832-5555      

Or visit our website at www.merrexgold.com

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.