Corex-Vale Complete Agreement on Santana Property

Corex-Vale Complete Agreement on Santana Property 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/05/13 -- 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
a
fter 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. 
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
 
 
Press spacebar to pause and continue. Press esc to stop.