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Corex Gold Corp (CGE:CA)
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Web site:
http://www.corexgold.com/
Corex Gold Corp. is a dynamic junior gold exploration and development company active in its search for high quality projects that meet the Company's corporate objectives. Corex is focused on evaluating gold projects that have low production cost potential and contain the likelihood of a multi-million ounce plus deposit.
Management is comprised of an experienced team of exploration geologists and finance professionals with a proven track record in ore-body discovery and natural resource finance.
Santana Property
Target: A multimillion-ounce epithermal gold deposit amenable to open pit mining and heap leaching.
Property
- Located 50 km SE of Alamos Gold's 3 million Mulatos mine
- Project area covers 7,700 hectares
- Accessible via paved highway within 15km
- Corex has right to acquire 100%
Highlights
- 2008-2009 drill program identified 800 m wide x 2.3 km mineralized corridor
- Gold-bearing oxide material
- Potential Low strip ratio (gold zones occur on topographical highs)
- Additional mineralized structures identified and will be drill tested in 2010
- Numerous exploration targets that extend for 5 km on a major NW structure and 2 km NE on a conjugate set
- Intercepts of high-grade feeder zones that could increase average grade of project
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Zuloaga Property
Corex Gold Corp has signed an Earn-In agreement with Goldcorp Inc. (NYSE:GG- TSX:G) through its Mexican subsidiary Glamis Exploration S.A. de C.V("Goldcorp"). Under the Agreement Goldcorp has the right to earn up to an 80% interest in Corex's Santa Rita and Zuloaga (collectively "Zuloaga") concessions in the states of Zacatecas and Coahuila.
The Earn-In agreement provides Goldcorp can Earn-In to a 70% interest in the Zuloaga property by spending US$4,000,000 over a 5-year period and paying Corex US$150,000 over an 18 mo. period. Goldcorp shall have the option to increase its interest from 70% to 80% upon paying 100% of the expenditures associated with placing the Property or any part thereof, into commercial production based on a mine development project approved for all or part of the property, with 20% to be repayable to Glamis from Corex Sub's related project cash-flows, or arranging the proportionate share of a debt financing.
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CGE:CA
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