Corex Gold Corporation

Corex Gold Corporation

February 01, 2007 10:37 ET

Goldcorp Inc. Signs Earn-In Agreement with Corex Gold Corp.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 1, 2007) - Corex Gold Corp. (the "Company") (TSX VENTURE:CGE) is pleased to announce it has signed an Earn-In agreement with Goldcorp Inc. (TSX:G)(NYSE:GG) through its Mexican subsidiary Glamis Exploration S.A. de C.V ("Goldcorp"). Under the Agreement Goldcorp has the right to earn up to an 80% interest in Corex's Santa Rita and Zuloaga (collectively "Zuloaga") concessions in the states of Zacatecas and Coahuila.

The Zuloaga Property encompasses 39,878 hectares is located in the Sierra Madre Oriental and is approximately 15 km from Goldcorp's Penasquito deposit. The Zuloaga property is also near the Concepcion del Oro mining district. Past production from this district is estimated at 250 million ounces of silver and 1.5 million ounces of gold. Concepcion del Oro produced gold and silver from a variety of deposit styles including skarns, mantos, breccias and disseminated deposits in favorable lithologies.

Craig Schneider, President of Corex Gold Corp., states, "With the recent completion of the permitting of Goldcorp's Penasquito mine we are extremely pleased to have a company of Goldcorp's expertise working our landholdings in Mexico. This is the first of many milestones that Corex hopes to achieve in moving forward to build one of the premier exploration and development companies in Mexico."

The Earn-In agreement provides Goldcorp can Earn-In to a 70% interest in the Zuloaga property by spending US$4,000,000 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% to be repayable to Glamis from Corex Sub's related project cash-flows, or arranging the proportionate share of a debt financing.

In connection with entering into the Earn-In Agreement, Corex and Hemis Corporation agreed to replace Hemis' option to acquire a 49% interest in Corex's Santa Rita property (June 26, 2006) with an option to acquire a 49% interest in Corex's interest in the Santa Rita property upon payment to Corex US$950,000 and 200,000 shares of Hemis over 2 years.


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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