MERITUIS MINERALS LTD ACQUIRES TROY RESOURCES NL MONGOLIA ASSET

Ulaanbaatar, /MONTSAME/ Meritus Minerals Ltd. (MERITUS) has announced that it has entered into agreements with Troy Resources NL (TROY) to acquire Troy's Mongolian assets through the purchase of all of the shares in TROY's 100% owned Subsidiary Troy Mongolian Alt Resources (TMAR).
TMAR's assets include an 80% shareholding in another Mongolian company Gutai Davaa LLC, various technical data, a data base on gold in Mongolia and in particular the results of an extensive study carried out by the Centre for Exploration Targeting of the University of Western Australia as well as exploration equipment. TROYs work has identified a number of areas of particular interest for gold exploration. The acquisition will substantially fast track Meritus' previously planned exploration work and allow for early focus on areas of interest identified by a highly experienced operator.
The consideration payable for the assets being acquired is a mixture of cash (USD$500,000) to be paid in two tranches, the issuance of 7 million common shares in seven equal tranches over 30 months and the issuance of 7 million three year share purchase warrants, each purchase warrant entitling the holder to acquire a further common share exercisable at $0.25 in the first year, $0.35 in the second year and $0.50 in the third year. The agreement is subject to the approval of the TSX Venture Exchange and the approval of the Mongolian authorities to a change in ownership of TMAR. Also included in the consideration is a 1.5% net smelter royalty in Meritus' share of any production from 10 gold targets identified by Troy.
GD holds a 100% interest in two Exploration Licences that cover 4,361ha surrounding the headwaters of a river system that has been worked for alluvial gold.
TMAR carried out an extensive and successful exploration program in the area to locate hard rock gold sources which prior to their work were unknown.
Stream sediment sampling and pan concentrate sampling was followed by geological mapping, prospecting, geochemical soil and rock-chip sampling, and ground magnetic surveys. Five areas containing gold mineralization were located and follow up work included some trending, reverse circulation and diamond drilling and some induced polarization surveys.
In total seven areas have now been identified as containing gold in quartz veins. Two of the areas have been drilled with significant drilling on one, Toordogiin Shil Prospect.
The gold is located in sulphidic quartz veins in greenschist facies meta-sediments and altered granodiorite that intrudes the meta-sediments. A feature of mineralization in the area is the high frequency of high grade gold assays (+20g Au/t) in individual samples of float, outcrop, reverse circulation drill cuttings and diamond drill core.
Troy's CEO Paul Benson commenting on the transaction "This is a good deal for both parties - with the sale of the Mongolian Greenfields assets we are now able to refocus our efforts in South America around the Casposo Gold-Silver Development project and our Andorinhas Gold Mine. The country-wide data, the recently generated gold targets and the Gutain Davaa project will certainly enhance the Meritus exploration portfolio and we wish them success with their future exploration. By taking a considerable proportion of the total consideration in the form of equity in warrants in Meritus and a royalty on certain gold production, Troy retains a degree of exposure to any future explorations success".
S.Batbayar