VANCOUVER, Feb. 5 /CNW/ - Corex Gold Corp. (the "Company") is pleased to
announce it has signed two property option agreements under which it
collectively holds rights to acquire a 100% interest in two contiguous mining
concessions. In addition, Corex has staked two contiguous concessions that
will collectively be know as the "Santana" property. The Santana property
covers approximately 7,000 hectares and is located approximately
200 kilometers east-southeast of Hermosillo, Sonora, Mexico. A finder's fee
will be paid in association with the acquisition. The acquisition and finder's
fee remain subject to regulatory approval.
The Santana property is located in the mineral rich, Sierra Madre
Occidental gold-silver, copper porphyry belt of Sonora State, Mexico. Santana
offers gold-silver and copper porphyry targets in a district scale setting,
offering the potential to host substantial precious and base metal resources.
Corex's initial work in the district has defined an area approximately
2 km(2) 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
A gold and silver mineralized breccia pipe and associated sheeted quartz
vein halo is also mapped within the initially defined 2 km(2) altered zone.
Milled breccia fragments, hydrothermal breccias, cross cutting quartz veins
and disseminated iron oxides characterize the pipe.
Sampling by Corex has returned gold values up to 6.12 g/t Au and up to
50.3 g/t Ag. Previous sampling within the altered zone by Resource Geosciences
de Mexico SA de CV, an independent technical services provider to Corex Gold
Corp., returned gold assays to 7.75 g/t Au, and silver assays to 292 g/t Ag.
Gold and silver values are strongly associated with elevated arsenic,
antimony, bismuth and base metals.
Corex has a geologic team onsite conducting 1:1,000 scale mapping and
sampling over the known 2 square kilometer altered zone. Reconnaissance
exploration is underway on the remainder of the concession area. Recon efforts
have identified additional zones of similar alteration as noted above.
Corex's rights are held under two separate option agreements as follows:
1. Santa Lucia - Option to Purchase Agreement
Upon signing the agreement - $3,000, 6 months from signing - $5,000,
12 months from signing - $5,000, 18 months from signing -$10,000, 24 months
from signing - $10,000, 30 months from signing - $15,000, 36 months from
signing - $202,000 for a total of USD$250,000.
2. Hilda 35 Fraccion 1 - Option to Purchase Agreement
Upon signing the agreement - $6,000, 6 months from signing - $10,000,
12 months from signing - $15,000, 18 months from signing - $20,000, 24 months
from signing - $30,000, 30 months from signing - $50,000, 36 months from
signing - $75,000, 42 months from signing - $75,000, 48 months from signing -
$719,000 for a Total of USD $1,000,000.
The Hilda 35 Fraccion 1 is also subject to a 2% net smelter return (NSR).
Each 1% NSR is purchasable for $1,000,000.
In addition, the Company advises 465,000 stock options (the "Options")
have been granted today to various Directors, Officers, Consultants and
employees of the Company at a price of $0.40 per common share. The Options
have been granted in accordance with the policies of the TSX Venture Exchange
and the terms of the Company's 10% Rolling Stock Option Plan approved on
July 20, 2007.
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.
ON BEHALF OF THE BOARD
"Craig D. Schneider"
President & CEO
The TSX Venture Exchange has not reviewed and does not accept the
responsibility for the adequacy or accuracy of this news release. 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.
For further information:
For further information: on Corex Gold Corp please contact: Tel: (604)
683-2505, Fax: (604) 683-2506, E-mail: email@example.com