Vancouver, BC -- Corex Gold Corp. (the “Company”) (TSXV: CGE) is pleased to announce that Goldcorp Inc. ("Goldcorp") (NYSE:GG- TSX:G) has commenced a follow-up phase diamond drill program on the Company's Zuloaga property, Zacatecas State, Mexico.
To see a map of the property Please click the following link http://www.corexgold.com/i/pdf/ZuloagaLocation.pdf
Goldcorp has mobilized a core rig from Major Drilling, and has commenced a follow-up phase exploration drill program on Corex’s Zuloaga concession, 13 km west of Melchor Ocampo. The drill program is a 2000 m core hole program designed to follow-up on the Tres Ejidos area.
The test target is an arsenic-zinc-antimony geochemical anomaly between Los Cerritos and Sierra de Ninguna. The 2012 core drilling program will test hydrothermally altered Caracol Formation and a steeply south-dipping fault zone buried beneath 20 to 100 meters of postmineral lacustrine and fluvial sedimentary units.
Under the terms of the original Earn-In Agreement between the Company and a subsidiary of Goldcorp, Goldcorp can Earn-In a 70% interest in the Zuloaga Property by spending US$4,000,000 on exploration 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% of such expenditures to be repayable to Goldcorp from related project cash-flows, or arranging the proportionate share of a debt financing.
About Corex Gold Corp Corex Gold Corp is a Canadian resource company focused on the acquisition, exploration, and development of precious/base metal deposits, including its 100% owned flagship property, the Santana Project, which is in Sonora State, 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 State, Mexico.
ON BEHALF OF THE BOARD
“Craig D. Schneider” President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Craig Schneider, President & CEO
Cautionary Statement: 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. This news release may contain forward-looking statements relating to future exploration and expenditures on the Company’s properties and holding of a shareholder meeting. Forward-looking statements, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties include management’s re-allocation of resources, failure of the parties to meet the other conditions to the option agreement and the other factors detailed from time to time in Corex Gold Corp.’s filings with the appropriate securities commissions. Other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information contained herein.