Objective Capital's Africa Resources Investment Congress 2011 Ironmongers' Hall, City of London 14-15 June 2011 Day 1: Africa Resources Speaker: John Cumming, Merrex Gold

1. AFRICA RESOURCES
INVESTMENT CONGRESS
Siribaya: A Special West African Gold Opportunity
John Cumming– Merrex Gold
IRONMONGERS’ HALL, CITY OF LONDON ● TUESDAY-WEDNESDAY, 14-15 JUN 2011
www.ObjectiveCapitalConferences.com
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2. MXI:TSX-V
Accomplished Experienced Proven Track Record
Siribaya
A Special West African Gold Opportunity
Objective Capital
African Resources Investment Conference
June 14, 2011

3. MXI:TSX-V
Accomplished Experienced Proven Track Record
Disclaimer
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
FORWARD-LOOKING
INFORMATION
This presentation includes certain forward-looking statements. While
forward looking
these statements represent our best current judgment, they are
subject to risks and uncertainties that could cause actual results to
vary. These risks and uncertainties include the inherent risks
involved in the exploration and development of mineral properties
properties,
interpretation of drilling results and other geological data, fluctuating
metal prices, project cost overruns, costs of future financings, and
other factors. The reader is cautioned not to place undue reliance on
forward-looking statements.
fo a d looking statements All references to currency made in this
efe ences c enc
presentation are in Canadian dollars, unless otherwise stated.
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4. MXI:TSX-V
Accomplished Experienced Proven Track Record
Overview
 Siribaya is an advanced gold exploration project in
West Mali, Africa
 848 k 2 contiguous gold exploration permits
km ti ld l ti it
 Over $16 million total exploration expenditures
 IAMGOLD spending $10.5 million on exploration to
earn 50% of Siribaya ($8.0 million spent to date)
 IAMGOLD earn in 12 months ahead of schedule
earn-in
 Project Operator: IAMGOLD Corporation
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5. MXI:TSX-V
Accomplished Experienced Proven Track Record
Directors and Officers
40 years of resource exploration experience Past
experience.
Greg Isenor, P. Geo. President & CEO of Jilbey Gold – discovered the Bissa Gold
President & CEO, Director Deposit in Burkina Faso and negotiated Jilbey’s takeover
by High River Gold in 2005.
John Cumming, LLB, LLM 35 years experience as a corporate securities and mining
corporate,
lawyer. Founding shareholder of St. Philips Resources
Executive VP & General Counsel, which in a JV with Hunter Dickinson found the Kemess
CFO, Director Gold/Copper Mine in British Columbia.
Walter Henry, CFA, ICD.D Extensive financial experience in the exploration industry.
industry
Past CFO of Royal Nickel and Tiburon Minerals. President
Director & CEO of Frontline Gold Corp.
Over 40 years exploration and mining experience. Past VP
James Patterson, Ph.D.
Patterson Ph D Exploration for FNX Mining Past director of Jilbey Gold
Mining. Gold.
Director Has also held senior positions in numerous other
exploration companies.
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6. MXI:TSX-V
Accomplished Experienced Proven Track Record
Capital Structure
Shares Outstanding 118.9 M
Directors/Insiders 15.8%
Options 8.8 M
IAMGOLD Corporation 14%
Warrants 13.5 M
Fully Diluted 141 M Representative Institutional &
Corporate Investors
C t I t
12 Month High/Low $0.74/$0.35 Chilton Global
GAMCO Gold Fund (Mario Gabelli)
Average Daily Volume ~76,000 Genus Dynamic Gold Fund (Baker Steel)
TD Asset Management
Market Capitalization $60 M High River Gold
Cash on Hand $14.25 M
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7. MXI:TSX-V
Accomplished Experienced Proven Track Record
IAMGOLD Earn-in Joint Venture
 Can earn a 50% interest, and no more
 $10,500,000 expenditures, one year ahead of schedule
 Vesting projected Q4 2011
 After vesting then 50/50 joint venture, with shared
management
 Major camp expansions underway
 $1,400,000 access bridge construction approved
 Accumulated 16,616,883 shares (14%) of MXI equity
via three private placements at a cost of $7,750,000
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8. MXI:TSX-V
Accomplished Experienced Proven Track Record
With this brief introduction in mind,
we invite these questions…
q
Why…
 …does IAMGOLD want 50% of Siribaya?
 …did IAMGOLD accumulate 14% of Merrex?
 …did major, sophisticated institutions in New
York, London and Toronto just invest $10,000,000
in Merrex equity?
What value attributes do they see in Merrex and
Siribaya? Why are they in our story?
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9. MXI:TSX-V
Accomplished Experienced Proven Track Record
BEST ADDRESS
IN AFRICA
Stable democracy with
low geopolitical risk
Fixed i i
Fi d mining law and
l d
taxation.
Government royalties
10% f free carried,
i d
10% (optional)
participating
Gold Production from
West Mali exceeds
ONE MILLION
OUNCES annually y
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10. MXI:TSX-V
Accomplished Experienced Proven Track Record
Siribaya Gold Project  Strategic Partner (Mali):
Touba Mining Sarl.
 Largest contiguous
block of gold
exploration permits in
Mali
 Massively anomalous
for gold
 Detailed exploration
along 10 km long
g g
Siribaya Mega-Structure
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11. MXI:TSX-V
Accomplished Experienced Proven Track Record
Siribaya - The Big Picture
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12. MXI:TSX-V
Accomplished Experienced Proven Track Record
Siribaya Gold Project
> $16 million of exploration to May 30, 2011
$ o o po o o y ,
 Trenching & Pitting
 Auger, RAB and RC Drilling
A d D illi
 Diamond Drilling
 Gradient Array IP
 NI-43-101 Resource Estimate Completed
 Airborne Magnetic Spectrometer Survey over all permits
 Soil & Termite Geochemistry over a large portion of the
permit area
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13. MXI:TSX-V
Accomplished Experienced Proven Track Record
Zone 1B
Diamond Drill
Results
The diamond drilled
mineralization
 over 800 m along strike
 300 m in depth
Intersections to
25 m @ 5.52 g/t
33 m @ 5.07 g/t
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14. MXI:TSX-V
Accomplished Experienced Proven Track Record
Siribaya
Zone 1B
Block Model
NI 43-101 resource
Open to the north
north,
south, and at depth.
Resource expansion
diamond drilling
underway.
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15. MXI:TSX-V
Accomplished Experienced Proven Track Record
NI43-101 Resource Estimate
(
(January 2010)
y )
Block Cut-off: 0.5 g/t
Indicated Resource
Material Tonnes Indicated
377,700 ounces
Rock
(block cut-off Au (g/t) Grams Ounces of
Domaine Density
at 0.5 g/t) Gold
Zone 1B
Zone 1A
2.20
1.82
3,921,000
94,000
2.40
1.85
9,410,400
173,900
302,600
5,600
@ 2 37 g/t Au
2.37
TOTAL 4,015,000 2.39 9,584,300 308,200
Inferred Resource
Material Tonnes Inferred
Rock
(block cut-off Au (g/t) Grams Ounces of
Domaine Density
at 0.5 g/t) Gold
Zone 1B 2.34 941,000 2.29 2,151,060 69,200
Zone 1A 1.82 5,000 2.13 10,645 300
TOTAL 946,000 2.29 2,161,705 69,500
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16. MXI:TSX-V
Accomplished Experienced Proven Track Record
NI43-101 Resource Estimate
(
(January 2010)
y )
Block Cut-off: 1.5 g/t
Indicated Resource
316,300 ounces
Material Tonnes Indicated
Rock
(block cut-off Au (g/t) Grams Ounces of
Domaine Density
at 1.5 g/t) Gold
Zone 1B 2.20 2,327,000 3.39 7,895,558 253,800 @ 3.31 g/t Au
33 u
Zone 1A 1.82 74,000 3.03 224,236 7,200
TOTAL 2,401,000 3.38 8,119,793 261,000
Inferred Resource
Material Tonnes Inferred
Rock
(block cut-off Au (g/t) Grams Ounces of
Domaine Density
at 1.5 g/t) Gold
Zone 1B 2.34 565,000 3.01 1,702,837 54,700
Zone 1A 1.82
1 82 7,000
7 000 2.51
2 51 17,598
17 598 600
TOTAL 572,000 3.01 1,720,018 55,300
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17. MXI:TSX-V
Accomplished Experienced Proven Track Record
Siribaya
Mega Structure
Mega-Structure
RC drill program
outlines footprint of
1A and 1B
substructures over
7 km by Q4 2011
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18. MXI:TSX-V
Accomplished Experienced Proven Track Record
Siribaya
y
Mega-Structure
Two parallel
substructures within
10.5 km mega-structure
Significant potential for
expansion of NI43-101
g
gold resource
IAMGOLD-sized
resource opportunity
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19. MXI:TSX-V
Accomplished Experienced Proven Track Record
Bambadinka
Trend
Mechanized auger
drilling has
established an 8 km
long x 1 km wide
priority satellite
exploration target.
RC drilling planned
for 2011
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20. MXI:TSX-V
Accomplished Experienced Proven Track Record
2011 Exploration Programs
 $7 million budgeted ($4.5 IAMGOLD, $2.5 Merrex)
($4 5 IAMGOLD $2 5
 Exploration Objectives:
– 30 000 metres of RC Drilling:
30,000
• Confirm the potential for 2 – 4 million ounces at Siribaya
• Begin RC drilling at Bambadinka
– 10 000 metres of Diamond Drilling:
10,000
• Increase the NI 43-101 Resource Estimate
• Infill drilling Zone 1B
• Extension drilling north and south of Zone 1B
• Initial drilling on 1A Substructure
– 9,000 metres of mechanized Auger Drilling:
• Bambadinka (completed)
• Begin target identification at Babara
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21. MXI:TSX-V
Accomplished Experienced Proven Track Record
Siribaya Gold Camp … Extensive blue-sky potential
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22. MXI:TSX-V
Accomplished Experienced Proven Track Record
A strong investment case
underpinned by solid fundamentals
 Expanding resource within the Siribaya Mega-Structure
with potential to become an IAMGOLD-sized gold deposit
with enviable grade
i h i bl d
 Extensive blue-sky potential for discovery of numerous
additional deposits within the 848 km2 land package
 Well-financed with strong institutional and investment
banking support
 A capable, committed partner, IAMGOLD
 An experienced management team
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23. MXI:TSX-V
Accomplished Experienced Proven Track Record
Siribaya
A Very Special West African Gold Opportunity
TSX-V symbol MXI