Siribaya: A Special West African Opportunity

AFRICA RESOURCESAFRICA RESOURCESINVESTMENT CONGRESS

Siribaya: A Special West African Gold Opportunity John Cumming– Merrex Gold

IRONMONGERS’ HALL, CITY OF LONDON ● TUESDAY-WEDNESDAY, 14-15 JUN 2011www.ObjectiveCapitalConferences.com

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MXI:TSX-VAccomplished Experienced Proven Track Record

SiribayaA Special West African Gold OpportunityA Special West African Gold Opportunity

Objective Capital African Resources Investment Conference

June 14, 2011


DisclaimerCAUTIONARY STATEMENT REGARDING FORWARD LOOKING CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This presentation includes certain forward-looking statements. While This presentation includes certain forward looking statements. While 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 involved in the exploration and development of mineral 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 fo a d looking statements All efe ences to c enc made in this forward-looking statements. All references to currency made in this presentation are in Canadian dollars, unless otherwise stated.

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Overview

Siribaya is an advanced gold exploration project in West Mali, Africa

848 k 2 ti ld l ti it 848 km2 contiguous gold exploration permits

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 IAMGOLD earn-in 12 months ahead of schedule

Project Operator: IAMGOLD Corporation

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Directors and Officers40 years of resource exploration experience Past

Greg Isenor, P. Geo.President & CEO, Director

40 years of resource exploration experience. Past President & CEO of Jilbey Gold – discovered the Bissa Gold Deposit in Burkina Faso and negotiated Jilbey’s takeover by High River Gold in 2005.

35 years experience as a corporate securities and mining John Cumming, LLB, LLMExecutive VP & General Counsel, CFO, Director

35 years experience as a corporate, securities and mining lawyer. Founding shareholder of St. Philips Resources which in a JV with Hunter Dickinson found the KemessGold/Copper Mine in British Columbia.

Extensive financial experience in the exploration industry Walter Henry, CFA, ICD.DDirector

Extensive financial experience in the exploration industry. Past CFO of Royal Nickel and Tiburon Minerals. President & CEO of Frontline Gold Corp.

James Patterson Ph DOver 40 years exploration and mining experience. Past VP Exploration for FNX Mining Past director of Jilbey Gold James Patterson, Ph.D.

DirectorExploration for FNX Mining. Past director of Jilbey Gold. Has also held senior positions in numerous other exploration companies.

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Capital Structure

Shares Outstanding 118.9 M

Options 8.8 M

Directors/Insiders 15.8%

Warrants 13.5 M

Fully Diluted 141 M

IAMGOLD Corporation 14%

Representative Institutional & C t I t

12 Month High/Low $0.74/$0.35

Average Daily Volume ~76,000

Corporate Investors

Chilton GlobalGAMCO Gold Fund (Mario Gabelli)Genus Dynamic Gold Fund (Baker Steel)

Market Capitalization $60 M

Cash on Hand $14.25 M

TD Asset ManagementHigh River Gold

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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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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 What value attributes do they see in Merrex and Siribaya? Why are they in our story?

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BEST ADDRESS IN AFRICA

Stable democracy with low geopolitical risk

Fi d i i l d Fixed mining law and taxation.

Government royalties 10% f i d 10% free carried, 10% (optional)

participating

Gold Production from Gold Production from West Mali exceeds

ONE MILLION OUNCES annuallyy

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Siribaya Gold Project Strategic Partner (Mali): Touba Mining Sarl.

Largest contiguous block of gold

exploration permits in exploration permits in Mali

Massively anomalous for goldfor gold

Detailed exploration along 10 km long g g

Siribaya Mega-Structure

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Siribaya - The Big Picture

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Siribaya Gold Project> $16 million of exploration to May 30, 2011$ o o p o o o y ,

Trenching & Pitting

A RAB d RC D illi Auger, RAB and RC Drilling 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 areapermit area

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Zone 1BDiamond Drill Diamond Drill

Results

The diamond drilled The diamond drilled mineralization

over 800 m along strike 300 m in depth

Intersections to25 m @ 5.52 g/t33 m @ 5.07 g/t

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SiribayaZone 1B

Block Model

NI 43-101 resource

Open to the north Open to the north, south, and at depth.

Resource expansion diamond drilling

underway.

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NI43-101 Resource Estimate(January 2010)( y )Block Cut-off: 0.5 g/t

Indicated ResourceMaterial Domaine

Rock Density

Tonnes (block cut-off

at 0.5 g/t)Au (g/t) Grams

Indicated Ounces of

Gold

Zone 1B 2.20 3,921,000 2.40 9,410,400 302,600

377,700 ounces @ 2 37 g/t Au

Zone 1A 1.82 94,000 1.85 173,900 5,600

TOTAL 4,015,000 2.39 9,584,300 308,200

Inferred Resource

@ 2.37 g/t Au

Material Domaine

Rock Density



Inferred Ounces of

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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NI43-101 Resource Estimate(January 2010)( y )Block Cut-off: 1.5 g/t

Indicated ResourceMaterial Domaine

Rock Density



Indicated Ounces of

Gold

Zone 1B 2.20 2,327,000 3.39 7,895,558 253,800

316,300 ounces @ 3.31 g/t Au

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

@ 3 3 g/t u

Inferred ResourceMaterial Domaine

Rock Density



Inferred Ounces of

Gold

Zone 1B 2.34 565,000 3.01 1,702,837 54,700

Zone 1A 1 82 7 000 2 51 17 598 600Zone 1A 1.82 7,000 2.51 17,598 600

TOTAL 572,000 3.01 1,720,018 55,300

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Siribaya Mega-StructureMega Structure

RC drill program outlines footprint of outlines footprint of

1A and 1B substructures over 7 km by Q4 20117 km by Q4 2011

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Siribaya

Two parallel

yMega-Structure

Two parallel substructures within

10.5 km mega-structure

Significant potential for expansion of NI43-101

gold resourceg

IAMGOLD-sized resource opportunity

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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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2011 Exploration Programs

$7 million budgeted ($4 5 IAMGOLD $2 5 Merrex) $7 million budgeted ($4.5 IAMGOLD, $2.5 Merrex)

Exploration Objectives:

30 000 metres of RC Drilling:– 30,000 metres of RC Drilling:• Confirm the potential for 2 – 4 million ounces at Siribaya• Begin RC drilling at Bambadinka

10 000 metres of Diamond Drilling:– 10,000 metres of Diamond Drilling:• Increase the NI 43-101 Resource Estimate• Infill drilling Zone 1B• Extension drilling north and south of Zone 1B • Extension drilling north and south of Zone 1B • Initial drilling on 1A Substructure

– 9,000 metres of mechanized Auger Drilling:• Bambadinka (completed)• Bambadinka (completed)• Begin target identification at Babara

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Siribaya Gold Camp … Extensive blue-sky potential

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A strong investment case underpinned by solid fundamentalsunderpinned by solid fundamentals Expanding resource within the Siribaya Mega-Structure

with potential to become an IAMGOLD-sized gold deposit i h i bl dwith enviable grade

Extensive blue-sky potential for discovery of numerous additional deposits within the 848 km2 land packageadditional deposits within the 848 km2 land package

Well-financed with strong institutional and investment banking supportbanking support

A capable, committed partner, IAMGOLD

An experienced management team

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Siribaya

A Very Special West African Gold Opportunity

TSX-V symbol MXI

Siribaya: A Special West African Opportunity

Business

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