Corex Gold Corporation
TSX VENTURE : CGE

Corex Gold Corporation

August 10, 2007 06:30 ET

43-101 Report on Corex's Caliche Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2007) - Corex Gold Corp. (TSX VENTURE:CGE) is pleased to announce the receipt of an independent National Instrument 43-101 (NI 43-101) compliant report on Corex's 100% owned Caliche property, Sonora, Mexico.

The Caliche Gold Project Technical Report, dated July 31, 2007 is authored by Matthew D. Gray, Ph.D., C.P.G., a Qualified Person as defined by National Instrument 43-101. The report, in its entirety, is available for viewing on SEDAR (www.sedar.ca). Dr. Gray is responsible for the technical disclosure within this news release, the contents of which he has read and approved.

A summary of the report follows.

Geological

The southern portion of the project area is underlain by dioritic and granodioritic, medium grained equigranular intrusive rocks. The central portion of the project area is underlain by clastic strata comprising siltstones, arkoses, greywackes, and less commonly, quartzites. Spherulitic rhyolitic sills intrude the clastic strata. Both intrusive and structural contacts were observed between the sedimentary strata and the dioritic and granodioritic intrusive rocks.

The structural pattern at the Caliche project is dominated by NA330 to NA350 striking, moderately to steeply dipping extensional veins and mineralized structural zones that crosscut all rock types. Open space vein textures, vertical slickenlines, and fault plane chatter marks suggest that the structures exhibited normal displacement. Total displacement across these structures is unknown. In some cases they form lithologic contacts suggestive of significant displacement, whereas in others the structures show no appreciable offset of mappable geologic features.

Historic Workings

The Caliche property hosts hundreds of surface cuts, prospect pits, and small scale underground mines developed on steeply- to moderately-dipping, structurally controlled mineralized zones and quartz veins. Corex has thus far conducted only reconnaissance sampling of the most prominent and accessible mineralized zones. For purposes of this review, eight areas of historic mining activity were visited in order to characterize the style and setting of gold mineralization at the Caliche project.

Mineralization

Numerous epithermal veins and mineralized structural zones are exposed in the project area. Most strike NA330 to NA350 with steep dips to the northeast. Northeast-striking veins of lesser width and length were observed to crosscut the northwest-striking veins. Host rocks include siltstones, fine to medium grained arkoses, greywackes, quartzites, dioritic and granodioritic intrusive rocks, and rhyolitic volcanic sills. Some mineralized zones locally follow lithological contacts. The historically mined mineralized zones are structurally controlled and they crosscut all rock types. Mineralized structures are characterized by pervasive silicification, replacement and open-space filling silica veining, and brecciation. The most intensely quartz veined and brecciated zones are typically no more than 3 meters wide, but less intense quartz veining and brecciation, and/or parallel structures, occur over widths of several meters in the hangingwalls and footwalls of the main structures. Veins and mineralized structural zones can be continuously traced for as much as 1,200 meters along strike and are exposed over vertical ranges of as much as 220 meters. The more intensely exploited zones have been nearly continuously mined or prospected over as much as 800m of strike extent. Vein textures indicate multiple stages of veining, and silica replacement of calcite. The multi-stage veins are comprised of aplitic white silica, aphanitic dense silica, and open space filling drusy quartz. Silicified healed breccias are present in the same structural zones that host the banded veins and consist of angular white silica fragments in grey aphanitic silica matrix. The veins exposed at surface are oxidized and Fe-oxide stained. The gold occurrences at Caliche are associated with elevated silver contents, and occasionally, with elevated lead and zinc concentrations.

At the exposures sampled, gold and silver are the only metals present in economically significant amounts, although significant Pb and Zn contents are sometimes observed. The average metal contents of 374 rock chip samples that contained at least 50 ppb Au are 1.11 gpt Au, 22 gpt Ag, and less than 0.2% each of Pb and Zn.

Exploration

Geologic mapping at scale 1:5,000 has been completed only for the south central portion of the project area. Reconnaissance rock chip sampling has been conducted of the central portion of the project area, including areas with the highest concentrations of known gold occurrences and historic mine workings. Samples were analyzed by an independent international laboratory, ALS Chemex.

Concurrent with geologic mapping, project geologists collected surface rock chip samples of outcropping zones of altered and mineralized rock. To the date of this report, 457 rock chip samples have been collected and analyzed. The objective of the sampling was to characterize the mineral deposit type(s) and to define zones of gold enrichment within the identified alteration zones. Surface sample locations were selected to be representative of the geologic feature being investigated. Representative spot samples and continuous channel samples are collected. Channel samples are obtained by chipping and collecting rock along a line perpendicular to the orientation of the structure or feature being sampled and are normally 2m in length.

Interpretation and Conclusions

The Caliche project is prospective for low sulfidation, epithermal gold-silver deposits, and intrusive-related precious metal and polymetallic deposits. The project hosts structurally controlled zones of gold-silver mineralization hosted by diorite, granodiorite, siltstone, and arenite. These mineralized zones form potentially bulk mineable stockwork, and planar, mineralized structures or veins. Reconnaissance mapping and geochemical sampling of the property shows that the system was capable of creating mineralized zones of economically significant grade and the exposed aerial extent of the system is in excess of 6 km2. The dominant structural controls are NA330 to 350 (NW-SE) and NA030 to 260 (NE-SW) high angle structural zones that are variably brecciated, silicified, and quartz veined. Gold concentrations are localized within discrete structural zones and within broader zones of parallel structures, brecciation and/or stockwork quartz veining. The reconnaissance evaluation of the project by the author validated that the project is prospective for three target types:

1) Stockwork and/or disseminated zones of gold-silver mineralization, mineable by open pit or bulk underground methods.

2) High grade, planar, precious- and base-metal mineralized structural zones or veins.

3) Concealed, intrusive related precious metal deposits.

The identified mineral showings at Caliche are consistent with those seen at low sulfidation epithermal mineralized systems elsewhere in the Sierra Madre and Altiplano provinces of Mexico. These systems may form economic deposits mineable by underground or bulk surface methods. Deposits may be in the form of mineralized structural zones with vertical ranges of 200 to 700m and strike lengths ranging from hundreds of meters to in excess of 1 kilometer or as zones of stockwork or disseminated mineralization localized by structures or lithology. The Caliche project is prospective for both types of deposits. Additional surface geologic and geochemical studies, followed by drilling, are required to determine the size and grade of the mineralized zones at the Caliche project.

Alan D. Hitchborn, Vice President-Exploration, manages Corex's exploration and development programs. Matthew D. Gray, Ph.D., C.P.G., a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release. All samples are prepared by ALS Chemex, Hermosillo and assays are completed by ALS Chemex, North Vancouver, B.C.

ON BEHALF OF THE BOARD

Craig D. Schneider, President & CEO

The foregoing information may contain forward-looking statements relating to the future performance of Corex Gold Corp. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in Corex Gold Corp.'s filings with the appropriate securities commissions.

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.

Contact Information