DENVER, November 15, 2010/PRNewswire-First Call/ -- Mercer Gold Corporation ("Mercer Gold" or the "Company") (OTCQB:MRGP, AN4.F Frankfurt) announces that it has reached a depth of 242 meters on its third drill hole, MGDH-03 at its Guayabales Gold Project in Colombia and plans are to extend the drilling to a target depth of approximately 600 meters. Mercer Gold Corp. geological team has stated that the Company is seeking to define targets across the current drill zone, which is one of three areas on the site with potential targets for gold, silver and copper mineralization. This program is on time and continues to fall within the budget established for drilling, despite some challenging conditions caused by heavy rains in the area.
Mercer Gold Corp.’s in-country team has been very successful working with their experienced localized driller who is familiar with the topography and the varied conditions. They have met each target drill date over the previous zones on the Guayabales site and are on track for completion of this stage of drilling as planned.
A number of landslides have occurred on access routes over the past couple of weeks. Mercer has assigned a work force to the task of clearing roads to assist the community in overcoming the hardships related to the current weather situation. Additionally, Company crews are repairing small local water pipelines to restore water service where it has been cut.
Rahim Jivraj, Mercer Gold’s CEO and President states, “Mercer’s camp is on track with our drilling and we are confident about our timing as mapped out by our team. We are aware however that it’s important for us to contribute by aiding the communities near Marmato. Therefore, we are lending workforce assistance to vital services and infrastructure such as roads. We plan to be a part of Guayabales and the Marmato area for a very long time. We are glad to contribute.”
About Mercer Gold Corporation
Mercer Gold Corporation is focused on gold exploration and resource definition in Colombia. The Company acquired the prospective Guayabales Project, located in the Marmato Gold District, Department of Caldas, in early 2010. Mercer is exploring the Guayabales property and is seeking to acquire additional prospective gold properties in Colombia.
MRGP traded on monster volume again today. Over 3 million shares traded!
MRGP looks pretty solid considering gold had a slight pullback today.
With this kind of volume we believe there is some strong momentum going on.
The near-term outlook for gold appears bullish as some expect $1,500 an oz. before the year ends!
"Gold's rally won't end before the metal hits $1,500 this year," said Craig Ross, vice president of Chicago-based brokerage ApexFutures.com.
Legendary investors like Jim Rogers recently telling Maria Bartiromo on CNBC`s Closing Bell that he believes the price of gold will reach $2,000 per ounce in the next five to ten years!
Barchart.com gave a BUY opinion on MRGP just recently.
The country of Colombia has been a HOT topic in the mining industry.
MRGP is a leader on the forefront of Columbian Gold Exploration and has acquired the prospective Guayabales Gold Project, located in the Marmato Gold District, Department of Caldas.
This is a well established gold producing region!
The Marmato area has been mined for over 500 years and mining has been the economic basis of Marmato since 1537!
MRGP released a positive update on their drilling program this morning.
MRGP announced that they have reached a depth of 242 meters on its third drill hole, MGDH-03 at its Guayabales Gold Project in Colombia and plans are to extend the drilling to a target depth of approximately 600 meters!
MRGP CEO and President Rahim Jivraj states, "Mercer's camp is on track with our drilling and we are confident about our timing as mapped out by our team."
The Fed announced recently that they would buy back $600 billion of U.S. government bonds initially weakened the dollar. This could push commodity prices higher. Commodities like gold and oil have risen tremendously last week!
"All in all, it means more dollars. The debt's going to expand. It should lead to a weaker dollar. In general, it's going to be bullish for all commodities. Any commodity that has a good fundamental story is going to have legs on this." -- Sterling Smith, Analyst, Country Hedging Inc. Minnesota
In recent years, Colombia has been recognized as one of the best pro-business reformers globally by the World Bank.
Colombia has abundant natural resources that include gold, copper, silver, oil, and gas.
MRGP is one of the few listed US listed companies exploring for gold in Colombia!
Even AnngloGold Ashanti, the world's third largest gold producer, has once said that it would be willing to invest between $2 billion and $3 billion in building a new Colombian mine if feasibility studies show the project to be viable!