Corex Gold Corporation
TSX VENTURE : CGE

Corex Gold Corporation

June 07, 2007 06:00 ET

Corex Gold Corp. Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2007) -

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Corex Gold Corp. ("Corex" or "the Company") (TSX VENTURE:CGE) is pleased to announce that it has closed the private placement, previously announced on April 24, 2007 for gross proceeds of $5,004,000. A total of 5,560,000 Units ("Unit") comprised of one common share of Corex at a price of $0.90 per share (a "Share") and one-half of one transferable common share purchase warrant was subscribed of which 5,185,000 Units were sold on a brokered basis by Haywood Securities Inc. (the "Agent"). Each full warrant will entitle its holder to purchase one common share of Corex at $1.25 for the next 2 years.

The net proceeds from the Unit offering will be used to conduct exploration on the Company's Mexican resource properties and to provide a suitable working capital reserve.

The Agent received fees of $333,000 and Corex issued 389,200 compensation options, each compensation option entitling the holder to acquire one share of Corex for two years at $0.94 per share.

The shares and warrants forming part of the Units and the compensation options and the shares issuable upon exercise of the warrants and compensation options are subject to a hold period expiring on October 7, 2007.

Mr. Craig Schneider, President and CEO of Corex, states, "We are extremely pleased to have an Agent of Haywood Securities caliber involved in aiding the companies capital requirements at such an early stage of its development. Haywood has played a key role in introducing, and placing some of Canada's premiere Funds and Institutions into our company."

ON BEHALF OF THE BOARD

Craig 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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