Corex-Vale Complete Agreement on Santana Property

Corex Gold Corp. (TSX VENTURE:CGE) (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:




----------------------------------------------------------------------------
                                                Exploration Expenditure Work
Year                                                            Requirements
----------------------------------------------------------------------------
1(i)                                                              $2,000,000
----------------------------------------------------------------------------
2                                                                 $2,500,000
----------------------------------------------------------------------------
3                                                                 $3,500,000
----------------------------------------------------------------------------
Total                                                             $8,000,000
----------------------------------------------------------------------------
(i) 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"):




----------------------------------------------------------------------------
                                                Exploration Expenditure Work
Year                                                            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:




----------------------------------------------------------------------------
                                                Exploration Expenditure Work
Year                                                            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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Corex Gold Corp.
Craig Schneider
President & CEO
604.683.2505
604.683-2506 (FAX)
[e-mail]
www.corexgold.com