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Corex-Vale Complete Agreement on Santana Property
Published : February 05, 2013
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Keywords :   Coal | Coal & Allied Industries | Cobalt |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 5, 2013) - Corex Gold Corp. (News - Market indicators) (the "Company") is pleased to announce that it has finalized the Agreement (the "Agreement") with a wholly-owned subsidiary of Vale S.A. ("Vale"), wherein Vale may acquire up to a 65% interest in the Company's Santana Project by making work expenditures of $16,000,000. The objective of this alliance is to further develop the copper-gold porphyry target on the Santana Project, in Sonora State, Mexico.

Terms of the Agreement:

Vale has the option to acquire up to a 51% interest in the Santana Project (the "First Option") by making the following aggregate minimal exploration expenditures of $8,000,000 over a 3 year term:

Year Exploration Expenditure Work
Requirements
1* $2,000,000
2 $2,500,000
3 $3,500,000
Total $8,000,000
* Year 1 expenditures are committed ("Committed Expenditures"), Vale may at its option terminate the Letter Agreement at any time after completing the Committed Expenditures.

Vale is required to make an initial cash payment of $100,000 to be credited towards the expenditures in Year 1 and at its option Vale may make a further cash payment of $100,000 to be credited towards the expenditures in Year 2.

Vale may at its option, earn an additional 9% (the "Second Option") by making the following expenditures during the subsequent 18 months after year 3 ("Second Option Period"):

Year Exploration Expenditure Work
Requirements
4 and 1st 6 months of year 5 $4,000,000

Additionally, Vale at its option may earn a further 5% (the "Final Option") by making the following expenditures during the subsequent 18 months after the Second Option Period:

Year Exploration Expenditure Work
Requirements
2nd 6 months of year 5 and year 6 $4,000,000

"We are very pleased to have a Company such as Vale as a strategic partner to further advance the Santana Property to its next phase of development, and unlock the project's porphyry potential," reported Craig Schneider, President and CEO of Corex.

About Vale S.A.

Vale is one of the largest metals and mining company in the world and the largest in the Americas based on market capitalization. It is the world's largest producer of iron ore and iron ore pellets and the world's second largest producer of nickel. Vale also produces manganese ore, copper, thermal and coking coal, phosphates, potash, cobalt and platinum group metals. To support Vale's growth strategy, the company is actively engaged in mineral exploration efforts in several countries around the globe.

About Corex Gold Corp.

Corex Gold Corp. is a Canadian resource company focused on the acquisition, exploration, and development of precious/base metal deposits in Mexico including its 100% owned flagship property, the Santana Project, which is in Sonora State, Mexico. In addition, Goldcorp Inc. 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

Cautionary Statement:

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.

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.

Corex Gold Corp.
Craig Schneider
President & CEO
604.683.2505
604.683-2506 (FAX)
craig@corexgold.com
www.corexgold.com
Data and Statistics for these countries : Mexico | All
Gold and Silver Prices for these countries : Mexico | All
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Corex Gold Corporation

EXPLORATION STAGE
CODE : CGE.V
ISIN : CA21870J1012
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Corporate Presentations of Corex Gold Corporation
7/30/2009Industrial Alliance Featured Note Update
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
10/27/2010Corex Gold Corporation Closes $2,000,000 Brokered Private Pl...
10/16/2010Announces $3,000,000 Brokered Private Placement
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/...
11/25/2010(Santana)Corex Gold Drills 87 m of 1.04 g/t Au including 28.6 m of 2....
11/17/2010(Santana)Drills 89.23 m of 1.16g/t Au including 8.5m of 3.48 g/t and ...
11/15/2010(Santana)Corex Identifies Two New Gold Zones at Santana Property
9/22/2010(Santana)Intersects 301.8m of 0.37 g/t Au (Incl. 16.8 m of 1.63 g/t A...
6/1/2010(Zuloaga)Drilling to Commence on Corex/Goldcorp Joint Venture
3/4/2010(Santana) IP Delineates Four New Major Targets
2/8/2010(Santana)Commences Drilling at Santana Property
10/16/2009(Santana)Trench Results on Santana Property
9/29/2009(Santana) Completes Soil/Rock Sample Program- Delineates New Drill Ta...
1/28/2009(Santana)Announces New Gold Discovery in Mexico - 42.67m of 1.50 g/t ...
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
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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TSX-V (CGE.V)
0.025+0.00%
TSX-V
CA$ 0.025
04/17 15:59 -
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