Corex Closes Private Placement With Gammon Gold

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/16/10 -- Corex Gold Corp. (the "Company"), (TSX VENTURE: CGE) is pleased to announce it has closed a portion of the non-brokered private placement originally announced on July 8, 2010 pursuant to which Gammon Gold Inc. (TSX: GAM)(NYSE: GRS) has acquired 4,706,000 units of the Company at a price of 0.68 per unit for proceeds of 3,200,080. Corex anticipates closing the placement of the additional 1,694,000 units, with other qualified investors, next week for total proceeds of 4,352,000.

Each Unit consists of one common share of the Company (a "Common Share") and one-half of one transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder, on exercise thereof, to purchase one additional Common Share at a price of 0.90 for a period of 24 months from the completion of the Offering. All securities issued in connection with the private placement will be subject to a minimum four-month hold period. After giving effect to the private placement, Gammon Gold will hold approximately 12% of the issued and outstanding shares (approximately 14% on a fully diluted basis) of Corex. Subject to certain conditions, Gammon will have the right to participate in all future financings of Corex to avoid dilution of its shareholdings. Peter Drobeck, Senior Vice President of Exploration and Business Development for Gammon, has been chosen to sit on the Technical Advisory Board of Corex.

Net proceeds from the private placement will principally be used for expenses associated with the ongoing development of the Companys Santana Gold project and for general working capital. A fee is payable in respect to the private within TSX Venture Exchange policy guidelines.

ON BEHALF OF THE BOARD

Craig D. Schneider, President CEO

Cautionary Statement

The foregoing information may contain forward-looking statements relating to the future performance of Corex Gold Corp., in particular the potential for the Santana property to host a large-tonnage gold-silver-copper porphyry system. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in Corex Gold Corp.s filings with the appropriate securities commissions.

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.