Corex Gold Corporation

Corex Gold Corporation

July 10, 2007 06:00 ET

Goldcorp Inc. Provides Corex With Property Progress Report

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2007) - Corex Gold Corp. (the "Company") (TSX VENTURE:CGE) is pleased to announce it has received its first formal quarterly property report from 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 that encompasses 39,878 hectares is located in the Sierra Madre Oriental and is approximately 15 km from Goldcorp's Penasquito deposit.

To date Goldcorp's activities have been primarily organizational in character. Since the signing of the Earn-In Agreement, Goldcorp has mobilized a geological team and set up office space in the Melchor Ocampo area. Goldcorp has also purchased government SGM data, and has prepared base maps for their mapping campaign. Goldcorp has informed Corex that mapping, prospecting, and sampling will commence immediately.

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.


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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