Corex Gold Signs Joint-Venture with Viceroy Exploration Ltd.
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 8, 2006) - Corex Gold Corp. ("Corex") (TSX VENTURE:CGE) is pleased to announce that an agreement has been signed whereby Corex can acquire a controlling interest in the 3,938 ha Evelina Property located in the High Andes, in northern San Juan Province, Argentina. The Evelina property lies in the highly prospective Frontera Region, at the northern end of the El Indio-Pascua mineral belt. The belt is host to several world class mineral deposits, including Barrick Gold's 12.8 Moz Au Veladero deposit in Argentina and their 18.3 Moz Au Pascua-Lama deposit. The Evelina property lies 15 km from the Veladero property and this area is considered one of the largest gold systems under development in the world today.
The Evelina property, which lies immediately south of the Taguas high sulfidation system contains telescoped porphyry, low sulfidation quartz-sulfide gold + copper and high sulfidation style alteration and mineralization (Corbett). Rock types include ignimbrite tuffs, granitoid intrusives and porphyry-related magmatic hydrothermal breccias. Veins trend E-W to ENE, and low sulfidation quartz-sulfide style gold mineralization also occurs in the matrix to magmatic hydrothermal breccias. Widespread geochemical gold anomalies, alteration zones and veining have been identified, with gold assays in veins up to 8.6 g/t Au and 200 g/t Ag. Strong arsenic, antimony, mercury, copper and molybdenum anomalies coincide with the gold and silver and in some cases extend beyond it.
Previous exploration conducted on the property by Viceroy Resource Corporation and Barrick Gold outlined potential for both high and low sulphidation gold systems.
Pursuant to the terms of the agreement with Viceroy, Corex can earn a 60% interest in the Evelina Property through expenditures, with pre-agreed minimum annual exploration expenditures aggregating to US $3.5 million over 4 years, and by issuing a total of 800,000 common shares over the 4 year period. Viceroy has the right to increase its interest to 60%, thereby reducing Corex's interest to 40% ("back-in right") by incurring a one and a half times the $3,500,000 expenditures made by Corex. The foregoing is subject to all requisite regulatory approvals and execution of a detailed earn-in agreement within 45 days. Dr. John Carden, Ph.D., P.Geo., VP Exploration for Corex Corp., is a Qualified Person as defined by National Instrument 43-101 and supervised the contents of this release.
About Corex Gold Corp.:
Corex Gold Corp. is a Junior gold exploration and development company active in its search for high quality projects that have low production cost potential and contain the likelihood of a 1,000,000-ounce plus deposit.
ON BEHALF OF THE BOARD
Craig Schneider, President & CEO
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of 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 an exemption from such registration is available.
The TSX Venture Exchange has neither approved nor disapproved of the contents herein.
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