Mr. Craig Schneider reports

VALE DRILLS 49 M OF 1.50% CU, 0.37 G/T AU AND 97.49 G/T AG ON FIRST DRILL HOLE OF COREX'S SANTANA PROJECT

Corex Gold Corp. has released the results from drill hole SNT-DH0001 provided by its joint venture partner Vale Exploraciones Mexico SA de CV, a wholly owned subsidiary of Vale SA. This first hole of a 4,000-metre first phase drill program has intersected a significantly mineralized copper-gold-silver system in the Benjamin zone at the company's Santana property, Sonora, Mexico. Hole SNT-DH0001 from 173 m to 222 m intersected mineralization averaging 1.50 per cent copper, 0.37 gram per tonne gold and 97.49 g/t silver.

The mineralized highlights of drill hole SNT-DH0001 at Benjamin are as shown in the table.

                   SANTANA DRILL RESULTS
                                                         
              From     To  Interval     Cu     Au     Ag
Hole            (m)    (m)       (m)    (%)  (g/t)  (g/t)  

SNT-DH0001     173    222        49   1.50   0.37  97.49

Vale utilizes a comprehensive quality assurance/quality
control program consisting of blanks, drill rig sample 
duplicates and reference samples to insure best 
practices are followed and the data collected are of the
highest quality. All samples were prepared to normal 
industry standards and analyzed at ALS Chemex Labs Inc.

Drill hole geological summary

SNT-DH0001

Collared at the top of a hill, the hole was targeted to investigate a deep chargeability anomaly. The drill hole had a minus-80-degree dip and was completed to 600.30 m in length. Volcanic rocks are intruded by fine-grained monzodiorite and medium/coarse-grained monzodiorite. There are two main zones of jigsaw-type breccia with a quartz-tourmaline-pyrite matrix. From 176 to 253 m, the breccia contains important amounts of tetrahedrite and chalcocite mineralization, whereas from 412 m to the bottom of hole, the breccia contains predominantly pyrite -- approximately 12 per cent to 20 per cent. A leached zone is observed until about 120 m, almost completely leached until 40 m and with some zones of chalcocite down to the bottom of the hole. In the following 80 m pyrite and chalcocite replacing chalcopyrite is observed. An enrichment of chalcocite (approximately 3 per cent) is found between 172 and 183 m within the first intercepted brecciated zone. Tetrahedrite is noted in the interval from 183 to 235 m. Veinlets with trace chalcopyrite are found between 503 and 543 m. Alteration in the drill hole is dominantly chloritic with sericitic alteration and weak-to-moderate silicification associated with the breccia. The breccia zones intersected are believed to occur as subvertical pipe-like bodies.

Craig Schneider, president and chief executive officer of Corex, stated: "This drill hole in the Benjamin zone is particularly relevant because it confirms the potential to host a large-tonnage copper-gold-silver porphyry system. This first drill hole at Benjamin, coupled with the adjacent oxide and sulphide gold-bearing zones from past drill programs, expands the resource and exploration potential of this rapidly evolving district."

The project's position within a known porphyry-bearing belt lends support to the hypothesis that the mineralization discovered at Santana may be peripheral to and genetically related to an unexposed porphyry system. Further drill holes of this first phase program will be released upon receipt of information by Vale.

Vale Exploraciones Mexico, a wholly owned subsidiary of Vale, manages the exploration program on the Santana property. Greg Dawson, MSc, PGeo, is a qualified person as defined by National Instrument 43-101 and has reviewed the preparation of the technical information in this release.

We seek Safe Harbor.