Time for an update and a bit of a confession. When I bought this frame it was sold as a 97 and that was the exact year I was looking for as that would allow me to run M950, V brakes and the 1st gen Mavic Crossmax. It was also the year Merlin got sold and a number of the original employees left so it was one of the last true Merlins.
All was well but I noticed the serial was quite low and wasn't within the range on the Mombat site, so I sent an email to Tom Kellog who told me it was made around the summer of 1996. This didn't bother me in the slightest as M950 was released that year, as were the Crossmax, but after over three years running those parts I was looking to mix it up a bit and put that canti hanger to use...
I decided to start buying M900 and front and rear derailleurs were sourced, but then a Diamond Back Vertex with full M900 attached was listed here for a bargain price and I snapped it up. When it arrived I was pleasantly surprised by the condition - zero measurable stretch on the original Dura Ace chain, the cassette looked brand new after a good clean and the rest of the components were similar. I built it up, took it for a short spin to make sure everything was working and then started the strip down.
Here's the donor bike on it's last journey -
And a few hours later I had this box of parts -
Stripped down of all the parts to be replaced -
And then I built it up using the wheels from the wifes bike -
I sourced a pair of nos Campagnolo Stheno rims to be laced to the XTR hubs and paid a grown up to build them for me with new spokes and nipples, but I wasn't keen on the XTR cranks; too much silver was going on for my taste. I didn't want to use the RF Turbines again because as lovely as those cranks are, I think they are just a bit too chunky and industrial looking for a Merlin. I wanted something in black so the piggy bank was cracked open and after a short wait these arrived -
I had to source new bolts and spacers for the rings along with a new BB, but today it was finished and I was able to get out for a short ride -
I think that's it almost finished for now, just need to find a Syncros Titanium BB and it's done

. It was starting to rain when the last pics were taken and I didn't want to hang around so you can expect more pictures later.
As of today the current spec looks like this -
Frame: Merlin XLM
Fork: Rock Shox Judy FSX with Speed springs and converted to 80mm
Headset: Chris King
Stem: Titus Titanium
Handlebar: J&L Titanium
Grips: ODI Lock On
Brakes: M900 XTR
Brake Pads: M900 XTR
Brake Levers: M900 XTR
Shifters: M900 XTR
Front Derailleur: M900 XTR
Rear Derailleur: M900 XTR
Cassette: M900 XTR 11-32
Chain: Dura Ace
Cranks: Syncros Revolution Compact
Crank Bolts: Syncros Crank-o-matic
Chainrings: Syncros
Bottom Bracket: Shimano UN55
Pedals: NC17
Hub Skewers: X Lite Camlock
Rims: Campagnolo Stheno
Hubs: M900 XTR
Tyres: Panaracer Fire XC Pro
Saddle: Flite Titanium
Seatpost: Syncros Titanium