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Corex Gold Corporation

Published : July 08th, 2010

Announces Private Placement with Gammon Gold

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Thursday, July 08, 2010 News Release

Corex Gold Announces Private Placement with Gammon Gold


Vancouver, BC - July 08, 2010 - Corex Gold Corp. (the "Company"), is pleased to announce a non-brokered private placement pursuant to which Gammon Gold Inc. (TSX:GAM and NYSE:GRS) proposes to acquire 4,706,000 units of the Company at a price of $0.68 per unit for proceeds of $3,200,080. Corex will place an additional 1,694,000 units, with other qualified investors, for total proceeds of $4,352,000.

Each Unit consists of one common share of the Company (a "Common Share") and one-half of one transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder, on exercise thereof, to purchase one additional Common Share at a price of $0.90 for a period of 24 months from the completion of the Offering. All securities issued in connection with the private placement will be subject to a minimum four-month hold period. The Offering is subject to the approval of the TSX Venture Exchange. A finder's fee is payable on a portion of the financing according to TSX policy guidelines.

After giving effect to the private placement, Gammon Gold will hold approximately 12% of the issued and outstanding shares (approximately 14% on a fully diluted basis) of Corex. Subject to certain conditions, Gammon will have the right to participate in all future financings of Corex to maintain its proportionate shareholding. Gammon will also nominate one member to the Technical Advisory Board (TAB) of Corex. Closing of the transaction is expected to be on or before July 16, 2010.

"This strategic investment from Gammon is positive recognition for the value of Corex's Santana project," said Craig Schneider, President and Chief Executive Officer, Corex Gold. "We are very pleased to have Gammon Gold, a company which has proven expertise in the development of gold projects in Mexico, as an investor and a contributor to our TAB".

Net proceeds from the private placement will principally be used for expenses associated with the ongoing development of the Company's Santana Gold project and for general working capital.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or unless an exemption from such registration is available.

ON BEHALF OF THE BOARD
"Craig D. Schneider"
President & CEO


FOR FURTHER INFORMATION PLEASE CONTACT:

Craig Schneider,
President & CEO

Or

Chris Bogart
Vice-President, Corporate Development

Tel: 604.683.2505
Fax: 604.683-2506
E-mail: info@corexgold.com
Website: www.corexgold.com

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. The foregoing information may contain forward-looking statements relating to the future performance of Corex Gold Corp., in particular the potential for the Santana property to host a large-tonnage gold-silver-copper porphyry system. 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.


You can also view this News Release on our website at:
http://www.corexgold.com/s/NewsReleases.asp?ReportID=408446
 
    
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Corex Gold Corporation

EXPLORATION STAGE
CODE : CGE.V
ISIN : CA21870J1012
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Corex Gold is a gold exploration company based in .

Corex Gold holds various exploration projects in Argentina, in Costa Rica and in Mexico.

Its main exploration properties are ZULOAGA, SANTANA and TREBOL PROJECT in Mexico, EVELINA in Argentina and LILAS in Costa Rica.

Corex Gold is listed in Canada. Its market capitalisation is CA$ 18.7 millions as of today (US$ 14.4 millions, € 12.0 millions).

Its stock quote reached its highest recent level on May 12, 2006 at CA$ 1.37, and its lowest recent point on April 25, 2014 at CA$ 0.02.

Corex Gold has 133 580 000 shares outstanding.

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Financings of Corex Gold Corporation
7/14/2011Announces Non-Brokered Private Placement for up to 3,333,333...
3/15/2011Withdraws Previously Announced Financing
3/7/2011Announces C$5.1 Million Private Placement Financing
7/8/2010Announces Private Placement with Gammon Gold
8/28/2009Non-Brokered Private Placement for up to 4,600,000 Units
6/15/2009Announces Close of Private Placement
Project news of Corex Gold Corporation
2/5/2013(Santana)-Vale Complete Agreement on Santana Property
5/20/2011(Santana)IP Survey Significantly Expands Potential of Santana Project
4/1/2011(Santana)Identifies More Gold and Acquires New Claims at Santana Prop...
3/25/2011(Santana)Drills 161.5 m of 1.04 g/t Au Including 53.4 m of 1.67 g/t A...
2/14/2011(Santana)New Deeper 3D IP Survey Commences at Corex's Santana Project
12/1/2010(Santana)Corex Drills 65.5 m of 0.82 g/t Au (incl. 38.1 m of 1.19 g/...
10/16/2009(Santana)Trench Results on Santana Property
9/29/2009(Santana) Completes Soil/Rock Sample Program- Delineates New Drill Ta...
9/25/2008(Santana)Commences First Phase Drill Program on Santana Property
6/24/2008(Santana)Announces Positive Results on its Santana and Cumeral Proper...
11/15/2007(Caliche) Announces Drill Results From Caliche Property
9/24/2007(Caliche)Announces Positive Trenching Results on Caliche Property
Corporate news of Corex Gold Corporation
8/19/2016Corex Gold Announces Warrant Extension
5/11/2016Corex Gold Extinguishes Debt by Issuance of Shares
5/10/2016Corex Gold Announces Closing of Financing
5/9/2016Corex Gold Announces Completion of Financing
4/25/2016Corex Gold Announces Shares for Debt Settlement
4/21/2016Corex Receives Mining Permit for Santana Project
4/14/2016Corex Announces Non-Brokered Private Placement for up to $1,...
1/22/2015Corex Corporate Update and Path to Commercial Production
6/23/2014Corex Announces an Agreement With H Morgan & Company to Move...
6/23/2014Corex Announces an Agreement With H Morgan & Company to Move...
10/30/2013(Santana)Santana Progress Report to Shareholders
7/9/2013(Santana)Announces Drill Rig Mobilized to Santana
11/6/2012Vale and Corex Sign Definitive Agreement
6/15/2011(Santana)Drills 23.9m of 1.65 g/t Au at Santana Property, Mexico
4/26/2010Begins Airborne Survey
7/23/2009Options 100% Interest in Contiguous Mexican Property from V...
7/8/2009Industrial Alliance Securities initiates coverage on Corex G...
4/8/2008 Announces Property Acquisition
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