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Corex Announces Property Acquisition
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VANCOUVER, BC - Corex Gold Corp. (the "Company") is pleased to announce
it has signed a property option agreement under which Corex holds the
rights to acquire a 100% interest in the Lluvia de Oro mining
concession comprised of 660 hectares. In addition, Corex has staked a
surrounding concession of approximately 13,290 hectares. Collectively,
these concessions will be known as the Cumeral Project.
Location and Access
The Cumeral gold Project, located in the municipality of Imuris, is
approximately 200 kilometers north of Hermosillo, Sonora, Mexico.
Access from the main paved highway to the Project area is excellent via
a network of well maintained gravel roads. Travel time from a nearby
small town is about 30 minutes. All necessary services and
infrastructure are available in the town.
Cumeral is located in the well mineralized Sierra La Jojoba. The Sierra
La Jojoba is host to numerous additional prospects, small mines and the
past producing Mina Lluvia de Oro and the adjacent Mina La Jojoba.
Columbia Metals Corporation (TSX.V COL), the owner of these mines, has
reported that together they contain NR 43-101 compliant measured,
indicated and inferred resources of 517,577 ounces of gold.
Geologic Description
The regional and local structural fabric is dominated by northwest
striking, dextral wrench fault systems with associated sinestral shears
and normal faults This structural regime is favorable as it
represents a dilational or open space structural zone setting the stage
for the emplacement of the large, epithermal gold mineralized system
centered on the Lluvia de Oro concession.
Jurassic age metavolcanic schists are the main lithologies mapped in
the Lluvia de Oro concession. The schist protolith is composed of
welded and non-welded tuffs, waterlain tuffs and tuff breccia.
Additional minor outcrop of quartz diorite dikes are also present.
These lithologies are noted over most of the Cumeral project area.
Sericite-illite, quartz vein stockwork and abundant iron oxides are the
predominant alteration styles. Alteration is controlled by schistose
foliation, low angle and high angle structures. Corex personnel have
panned gold from small workings and outcrop within the Lluvia de Oro
zone in areas affected by the alteration styles previously noted. The
Lluvia de Oro zone is visible on strike for over 3 kilometers. Width
of the altered zone is greater than 1 kilometer on the range front
pediment where the zone exits the mountain range and trends into a
valley that has nominal gravel cover. Work to date has determined that
the altered zone is open along strike northwest and southeast.
Sampling on the Lluvia de Oro zone by Corex has consisted of 18 rock
chip, and chip channel samples. All 18 samples were submitted for
assay in early March.
Prominent surface color anomalies, also visible on satellite images,
mark the Lluvia de Oro alteration zone. These color anomalies serve as
a useful guide to other altered areas. Corex has identified numerous
additional satellite color anomalies within the 13,290 hectare Cumeral
concession. Some of these color anomalies have been visited and samples
taken. The anomalies contain alteration identical to the Lluvia de Oro
zone. 10 samples were collected from these areas. The samples were
submitted in March and assays are pending. Additional anomalies are
scheduled for reconnaissance visits next week. Detailed geologic work
on the main, 3 kilometer long Lluvia de Oro zone will also commence
next week.
Option to Purchase Agreement -- Lluvia de Oro concession
Corex has the option to earn 100% of the rights to the Lluvia de Oro
concession upon completion of the following payments: upon signing
$15,000, 6 month anniversary $18,000, 12 month anniversary $25,000, 18
month anniversary $40,000, 24 month anniversary $60,000, 30 month
anniversary $100,000, 36 month anniversary $492,000.
The total purchase price is USD$750,000.
As per the terms of the option to purchase agreement, Lluvia de Oro is
subject to a 1% net smelter return (NSR). The 1% NSR is purchasable
for $1,000,000 Corex's geologic programs are managed by Alan D. Hitchborn,
Vice President-Exploration, Corex Gold Corp. 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, Sonora. Assays are completed by BSI
Inspectorate, Reno, Nevada.
ON BEHALF OF THE BOARD
"Craig D. Schneider"
President and CEO
For additional information on Corex Gold Corp please contact:
Tel: 604.683.2505
Fax: 604.683-2506
E-mail: info@corexgold.com
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.
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Copyright (c) 2008 COREX GOLD CORPORATION (CGE) All rights reserved.
For more information visit our website at http://www.corexgold.com/ or
send mailto:info@corexgold.com
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