Corex Gold Corporation

Corex Gold Corporation

November 21, 2007 06:00 ET

Goldcorp Inc. Commences Drilling on Corex's Zuloaga Property, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2007) - Corex Gold Corp. (the "Company") (TSX VENTURE:CGE) is pleased to announce that Goldcorp Inc. ("Goldcorp") (TSX:G)(NYSE:GG) has begun a first phase drill program on the Company's Zuloaga property, Mexico.

Goldcorp has mobilized a core rig from Major Drilling, and on November 3rd commenced a first phase exploration drill program. The drill program is a three (3) core hole program of 800 meters each (2400 meters total). Goldcorp is currently half way through the first hole, which is designed to test a target that has been identified by way of mapping and sampling. Mapping to date consists of approximately 23 km2 at 1:20,000 scale and 5 km2 at 1:5,000 scale. A total of 147 rock-chip samples were also collected, and have been forwarded to ALS Chemex for analyses.

Under the Earn-In Agreement between the Company and a subsidiary of Goldcorp, Goldcorp can Earn-In a 70% interest in the Zuloaga Property by spending US$4,000,000 on exploration over a 5-year period and paying Corex US$150,000 over an 18 mo. period. Goldcorp shall have the option to increase its interest from 70% to 80% upon paying 100% of the expenditures associated with placing the Property or any part thereof, into commercial production based on a mine development project approved for all or part of the property, with 20% of such expenditures to be repayable to Goldcorp from related project cash-flows, or arranging the proportionate share of a debt financing.

The Company had granted an option to Hemis Corporation to acquire 49% of the Company's interest in a portion of Zuloaga property, but Hemis' option has now terminated before it was exercised.


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.

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