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Vale and Corex Sign Definitive Agreement

Vale and Corex Sign Definitive Agreement 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/06/12 -- Corex Gold
Corp. (the "Company") (TSX VENTURE:CGE) is pleased to announce it has
executed a definitive agreement (the "Option Agreement") with Vale
Exploraciones Mexico S.A. de C.V. ("Vale"), a wholly-owned subsidiary
of Vale S.A. wherein Vale may acquire up to a 65% interest in the
Company's Santana Project. The objective of this alliance is to
further develop the copper-gold porphyry target on the Santana
Project, in Sonora State, Mexico. The Santana Project is located
approximately 80 km southwest of the world-class Mulatos district.
The Corex claim block is situated along a trend of producing mines in
the Sierra Madre Occidental.  
Terms 
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(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"): 


 
-------------------------------------------------------------------------
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: 


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

 
Pursuant to the policies of the TSX Venture Exchange (the "Exchange")
the Company is required to obtain shareholder approval to the
potential disposition of interests in the Santana Project under the
Option Agreement. The Company intends to hold an extraordinary
general meeting of its shareholders in January 2013 to consider a
resolution approving such disposition.  
Vale's obligations under the Option Agreement are conditional upon
the Company meeting certain requirements on or before January 31,
2013, including:  


 
--  The Company will have obtained shareholder and Exchange approval to the
    Option Agreement; 
    
--  The Company will have renewed certain surface rights agreements; and 
    
--  The parties will have agreed upon the terms of a shareholders agreement
    with respect to the joint venture company which will hold title to the
    Santana Project in the event the option is exercised.  

 
"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," 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. (TSX:G)(NYSE:GG) 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. 
Contacts:
Corex Gold Corp.
Craig Schneider
President & CEO
604.683.2505
604.683.2506 (FAX)
craig@corexgold.com
www.corexgold.com
 
 
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