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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