Corex Gold Corporation

Corex Gold Corporation

June 24, 2008 12:43 ET

Corex Announces Positive Results on its Santana and Cumeral Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2008) - Corex Gold Corp. (TSX VENTURE:CGE) is pleased to announce positive results on its recently optioned Santana and Cumeral gold properties in the state of Sonora, Mexico.

The Santana property covers approximately 7,000 hectares and is located approximately 200 kilometers east-southeast of Hermosillo within the mineral rich, Sierra Madre Occidental gold-silver, copper porphyry belt. Santana offers gold-silver and copper porphyry targets in a district scale setting, offering the potential to host substantial precious and base metal resources.

The Cumeral gold property, located in the municipality of Imuris, is approximately 200 kilometers north of Hermosillo within the well mineralized Sierra La Jojoba. The Sierra La Jojoba is host to numerous additional prospects, small mines and the past producing Mina Lluvia de Oro and the adjacent Mina La Jojoba.

Both properties are in the first phases of mapping and sampling with the intent of further defining promising targets to drill later this year. Sampling & mapping is being conducted by Resource Geosciences de Mexico SA de CV, an independent technical services provider to Corex.


Corex is rapidly advancing geologic mapping and sampling on the Santana property and has defined numerous gold and silver bearing structures and alteration zones that warrant additional geologic work. Gold-silver mineralization is hosted in an approximately 2 square km area of strong, low sulfidation alteration characterized by pervasive and structurally controlled sericite-illite alteration, with associated disseminated iron oxides, quartz vein stockwork and clay alteration. Numerous prospect pits and small mines are evident within this zone. The alteration is hosted in intermediate flows, tuffs, and comagmatic dikes and plugs. Gold and silver mineralization is controlled by both lithologic and structural features. The area of interest has never been drill tested. To date, 627 rock chip surface samples have been taken at Santana over an approximately 6 km x 6 km area. Assay results have been received for 603 samples. Detailed mapping & sampling has been concentrated in an approximately 1500 m x 1800 m zone characterized by sporadic outcrops hosting extensive iron oxide and phyllic alteration and, locally, quartz vein stockwork breccias characteristic of alteration associated with a copper-gold porphyry system.

The exposed breccias and fracture zones consistently yield anomalous gold assays and rock chip sampling of outcrops has defined broad gold-mineralized zones. At the western portion of the phyllic alteration zone, rock chip sampling has defined a 220 x 260m outcropping zone of fracture and breccia controlled alteration where 83 rock chip samples yield an average of 0.64 g/t Ag, 9.9 g/t Ag, and 534 ppm Cu. The maximum rock chip gold assay from this zone was 11.65 g/t. In the eastern portion of the phyllic alteration zone, quartz veined and cemented breccias crop out and 70 rock chip samples define a 340 x 200m area with an average gold content of 0.53 g/t Au with 3.6 g/t Ag, also associated with elevated Cu contents. The maximum rock chip gold assay from the zone was 2.4 g/t and the maximum silver assay was 457 g/t.

Approval from the local community has been received to commence building additional access roads for drill pad preparation, and to expose more geology for sampling across potentially mineralized zones. A bulldozer will be mobilized this month with the plan to start reverse circulation drilling a 2,000 to 2,500 metre program in August.


Cumeral's regional and local structural fabric is dominated by northwest striking, dextral wrench fault systems with associated sinestral shears and normal faults This structural regime is favorable as it represents a dilational or open space structural zone conducive to the emplacement of a large, epithermal gold mineralized system centered on the extensive alteration zone exposed at the property. Gold is associated with hematite (after pyrite) and quartz veinlets hosted in Jurassic age metavolcanic muscovite-biotite schists. Alteration controls are the schistose foliation as well as low to high angle structures. Corex personnel have panned gold from small workings and outcrop within the Tularcito altered zone. Samples collected perpendicular to the structural controls and foliation have yielded as much as 39.5 g/t Au and 29.2 g/t Au over a width of 1.5m.

To date, 219 rock chip surface samples have been taken over an approx. 8 km x 13 km area with the majority concentrated on an approx. 1.5 km x 4 km zone known as Tularcito. Assay results have been received for 138 samples. Results for the remaining 81 samples are pending.

Pending local approval, plans are to mobilize a bulldozer for trench sampling across mineralized zones, and to prepare drill pads for drilling later this year.

Corex's geologic programs are managed by Alan D. Hitchborn. Matt Gray, C.P.G., of Resource Geosciences de Mexico SA de CV is a Qualified Person as defined by National Instrument 43-101, and supervised the preparation of the technical information in this release. All samples are prepared by Sonora Prep Labs, Hermosillo and assays completed by BSI Inspectorate, Nevada.


Craig D. Schneider, President and 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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