Corex Gold Corporation
TSX VENTURE : CGE

Corex Gold Corporation

July 29, 2009 12:01 ET

Corex Announces Drill Results Update Including 91.4m of 1.05 g/t Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 29, 2009) - Corex Gold Corp. (TSX VENTURE:CGE) (the "Company"), is pleased to announce drill results achieved through additional assaying as well as new mineralized intercepts that were calculated using a 0.3 g/t cut-off. These results follow the news release dated January 28, 2009, announcing the results of a first phase reverse circulation drill program on its Santana Property, Sonora State, Mexico. The Santana property covers 7,000 hectares and is located approximately 200 kilometers east-southeast of Hermosillo within the Sierra Madre Occidental copper-gold-silver belt.

A total of 16 exploration drill holes comprising 1,377 meters were drilled; 1086 drill samples were taken; of which 752 samples were sent to Inspectorate Lab, Reno Nevada. Following the disclosure in January 28, 2009, it was decided to send an additional 336 samples surrounding the mineralized intersections for assaying. The results of these additional samples confirm that the width of the mineralized zones has been under-reported in the previous news release. The change of cut-off grade from .5 g/t Au to .3 g/t Au also contributed to the longer mineralized intercepts.

The three areas drilled, La Turena, Benjamin and Santa Lucia targets are located within an area measuring 1400 meters x 600 meters as defined by favorable alteration and associated gold anomalies. Gold mineralization is associated with alteration assemblages that are characterized by pervasive and structurally controlled iron oxides, quartz vein stockwork, clay and sericite - illite alteration. The mineralization at the three drilled areas is hosted by intermediate tuffs and flows intruded by mafic dikes.



Santana Project Drill Highlights:

- SR08-05 91.5 meters @ 1.05 g/t Au
- SR08-06 59.5 meters @ 1.23 g/t Au
- SR08-08 61.0 meters @ 0.75 g/t Au
- SR08-04 48.7 meters @ 0.99 g/t Au
- SR08-15 13.7 meters @ 2.98 g/t Au
- SR08-02 48.8 meters @ 0.72 g/t Au
- SR08-01 53.4 meters @ 0.72 g/t Au
- SR08-09 10.7 meters @ 1.38 g/t Au
- SR08-14 27.4 meters @ 1.18 g/t Au


Reported intervals must be at least 1.5 meters wide; drill hole intercepts are reported at a 0.3 g/t gold cutoff. Corex utilizes a comprehensive QA/QC program consisting of blanks, drill rig sample duplicates and reference samples to insure best practices are followed and the data collected is of the highest quality.

La Turena Zone

The "NW" zones comprises from the north to the south El Ovido, La Turena, Santa Lucia, El Nicho and La Micha zones. This structural corridor extends for two kilometers in a south-easterly direction.

La Turena zone measures 400 meters x 200 meters, general strike direction is N30W. The surface expression, as defined by anomalous rock chip/channel samples and alteration, is open on strike to the northwest and southeast. The gold mineralization is associated with an "intrusive breccia", associated with quartz and hematite stockwork.

Eight holes (SR08 - 01, 02, 03, 04, 05, 06, 07 and 08) were drilled to test the gold anomaly defined by the surface mapping and sampling program.



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Azi Dip Inte- Grade
North East Elev. (deg- (deg- From To rval (gpt)
Hole # (m) (m) (m) rees) rees) (m) (m) (m) Au
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SR08 - 01 674922 3139404 903 300 -45 1.5 54.9 53.4 0.72
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SR08 - 02 674958 3139360 915 270 -45 15.2 64.0 48.8 0.72
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74.7 88.4 13.7 0.43
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94.5 97.5 3.0 0.63
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102.1 105.2 3.1 1.17
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No gold
SR08 - 03 674909 3139477 868 225 -45 values
reported
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SR08 - 04 674922 3139399 903 200 -45 3.1 51.8 48.7 0.99
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62.5 80.8 18.3 0.80
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SR08 - 05 674920 3139401 904 250 -45 1.5 93.0 91.5 1.05
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108.2 109.7 1.5 1.25
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SR08 - 06 674960 3139360 914 270 -60 19.8 79.3 59.5 1.23
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SR08 - 07 675014 3139302 895 5 -45 25.9 41.2 15.3 0.41
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56.4 71.6 15.2 0.69
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89.9 108.2 18.3 0.43
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112.8 117.4 4.6 0.50
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SR08 - 08 674924 3139404 903 330 -45 1.5 62.5 61.0 0.75
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Benjamin Zone

The Benjamin zone is located 700 meters west - southwest from the La Turena Zone. The zone is mostly controlled by a Northeast structure extending from Benjamin to the southwest through La Turena and El Olvido for a northeasterly strike of two kilometers. A few NW structures are reported in this zone.

Numerous small exploration pits were mapped at Benjamin; all of the pits are mapped along a N60E striking shear system. The alteration and associated gold mineralization is open on strike in both the northeast and southwest directions.

Six holes (SR08 - 09, 10, 11, 12, 13 and 14) were drilled to test one of the main gold anomalies previously detected by the surface sampling program. With the new samples the Benjamin drill composites were re-calculated as follows:



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Azi Dip Inte- Grade
North East Elev. (deg- (deg- From To rval (gpt)
Hole # (m) (m) (m) rees) rees) (m) (m) (m) Au
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SR08 - 09 674308 3139214 838 315 -45 3.1 4.6 1.5 0.44
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12.2 22.9 10.7 1.38
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27.4 29.0 1.6 0.72
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44.2 45.7 1.5 0.61
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48.8 68.6 19.8 0.48
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93.0 94.5 1.5 0.55
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105.2 106.7 1.5 0.50
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137.2 138.7 1.5 0.70
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161.5 163.1 1.6 1.78
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210.3 211.8 1.5 0.65
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SR08 - 10 674148 3139167 885 135 -45 13.7 19.8 6.1 0.86
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29.0 30.5 1.5 0.74
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39.6 42.7 3.1 0.85
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SR08 - 11 674147 3139166 885 180 -45 29.0 35.1 6.1 0.68
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39.6 41.2 1.6 2.32
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42.7 44.2 1.5 0.72
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96.0 97.5 1.5 1.61
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102.1 109.7 7.6 1.00
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SR08 - 12 674120 3139198 885 110 -45 25.9 27.4 1.5 2.66
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59.4 61.0 1.6 1.34
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SR08 - 13 674120 3139196 886 145 -45 15.2 16.8 1.6 0.44
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47.2 51.8 4.6 2.21
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54.7 65.5 10.8 1.52
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SR08 - 14 674085 3139172 878 135 -45 12.2 39.6 27.4 1.18
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48.8 51.8 3.0 2.73
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64.0 71.6 7.6 2.77
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Including 65.5 68.6 3.1 6.05
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Santa Lucia Zone

The Santa Lucia Zone is located 350 meters southeast from La Turena.

A 20 meter long adit located in this zone represents the only significant mining development in the Santana Project. The Santa Lucia Zone is approximately 330 meter long on strike. The target area is open on strike. The mineralization is associated with a fault zone in andesitic rocks; argillic alteration is noted with hematite in the structures.

Two holes, SR08 - 15 and SR08-16 were drilled to test the Santa Lucia Zone. With the new samples the Santa Lucia drill composites were re-calculated as follows:



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Azi Dip Inte- Grade
North East Elev. (deg- (deg- From To rval (gpt)
Hole # (m) (m) (m) rees) rees) (m) (m) (m) Au
---------------------------------------------------------------------------
SR08 - 15 675301 3139109 950 225 -45 16.8 21.3 4.5 1.59
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33.5 36.6 3.1 3.05
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48.8 62.5 13.7 2.98
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including 51.8 53.3 1.5 16.71
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SR08 - 16 675321 3139082 926 270 -45 9.1 18.3 9.2 0.66
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Other areas of the Santana Project that warrant additional surface work are described briefly as follows:

El Nicho

This area is located 350 meters southeast of Santa Lucia. El Nicho is on the southeastern extension of the Santa Lucia regional structure. Gold values from surface sampling up to 0.7 g/t Au, occur in an area 20 meters wide and 200 meters long with favorable sericite, illite and quartz vein stockwork alteration. Additional mapping and surface sampling has been completed and successfully defined drill targets at El Nicho for the August 2009 drill program.

La Micha

La Micha is located 550 meters, southeast of El Nicho, along the Santa Lucia regional structure. The alteration assemblage is the same as noted at El Nicho. The few samples collected reported anomalous gold values Additional mapping and surface sampling has been completed and successfully defined drill targets at La Micha for the August 2009 drill program.

Divisadero

This area is located 350 meters southwest of Santa Lucia and 350 meters southeast from La Turena. Rock chip samples collected in this area returned assays containing gold values from 0.1 g/t Au to 8.1 g/t Au. The mineralization is related to the presence of quartz + hematite veinlets controlled by both the northwest and northeast striking fracture systems. Favorable sericite - illite and iron oxide alteration was noted in an area measuring approximately 250 meters x 100 meters that will be drill tested as part of the August 2009 drill program.

A total of 18 trenches are planned along the Turena Zone focused on five zones. Zone Olvido, Zone Turena, Zone Santa Lucia, Zone El Nicho and Zone Micha, and any new zones discovered during the presentely conducted soil sample and mapping program.

It is important to acknowledge that there is significant exploration potential in the Santana district, as the company as identified eight other gold targets which have yet to be drill tested.

A three thousand meter reverse circulation drill program is scheduled to follow up the trenching program and is scheduled to start on August 15, 2009. 2000m to test previously drilled areas, and 1000m to drill test other identified gold zone.

Bruno Barde P. Geo., manages Corex's exploration and development programs and is the Qualified Person as defined by National Instrument 43-101. He supervised the preparation of the technical information in this release.

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 our flagship property, the Santana Project, which is a new gold discovery in Sonora, Mexico. In addition, Goldcorp Inc. (TSX:G - NYSE:GG) has implemented an on-going exploration program on Corex's 100% owned Zuloaga property in Zacatecas, 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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