Corex Announces C$5.1 Million Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 7, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Corex Gold Corp. (TSX VENTURE:CGE) (the "Company"), is pleased to announce that it has appointed NCP Northland Capital Partners Inc. (the "Agent"), as its agent to sell, as a private placement on a best efforts basis, 8,500,000 units (the "Units") at a price of C$0.60 per Unit for gross proceeds of up to C$5,100,000 (the "Best Efforts Offering"). In addition, the Company will grant the Agent an over-allotment option, exercisable prior to the closing of the Best Efforts Offering, to increase the size of the Best Efforts Offering by up to an additional 1,600,000 Units to raise additional gross proceeds of up to C$960,000 (the "Over-Allotment Option", and together with the Best Efforts Offering, the "Offering").

Each Unit shall consist of one common share of the Company and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall be exercisable into one common share of the Company for a period of 24 months from closing at an exercise price of C$0.75.

The Agent will receive a cash commission on the sale of the Units representing 6.0% of the gross proceeds raised and brokers warrants ("Broker Warrants") equal to 6.0% of the Units sold under the Offering. Each Broker Warrant shall be exercisable for one common share of the Company at a price of C$0.65 at any time up to 24 months after closing.

The proceeds raised under the Offering will be used for exploration and development of the Company's mineral properties in Mexico and for general working capital purposes.

Closing of the Offering is anticipated to occur on or before March 31, 2011 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. Securities issued under the Offering will be subject to a four month hold period which will expire four months from the date of closing.

This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Corex Gold Corp.

Corex Gold Corp. is a Canadian resource company focused on the acquisition, exploration, and development of precious metal deposits in Mexico. Corex is currently developing its flagship property, the Santana Project, which is a new gold discovery in Sonora State, Mexico. In addition, Goldcorp Inc. has implemented an on-going exploration program on Corex's 100% owned Zuloaga property in Zacatecas State, Mexico.

ON BEHALF OF THE BOARD

Craig D. Schneider, President & CEO

Cautionary Statement:

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.