Vancouver, BC – February 26, 2018, Corex Gold Corp. (TSXV: CGE / OTCQB: CGEKF) (“Corex” or the “Company”), is pleased to report that it has received net proceeds of US$282,817.33 from gold recovered and sold from its second gold-in-carbon concentrate shipment from the Santana heap-leach gold project in Sonora, Mexico. Combined with receipts from the first gold sales (see news release dated October 31, 2017), Corex’s total gold sales from the approximate 23,200 tonne coarse crushed leach test pad amount to US$561,503.
“With the total recovered gold amounting to approximately 435 oz we have been able to reconcile a recovered grade from the coarse ground bulk leach test of roughly 0.6 g/t which has exceeded our expectations. Work is ongoing loading a leach pad with fine crushed material that will allow Corex to determine the optimal crushing size for future larger scale production” stated Doug Ramshaw, President and CEO.
Custom carbon desorption and precious metal recovery is carried out by Metals Research Corporation in Kimberly, Idaho. Thereafter, the doré is delivered for refining to Cascade Refining Inc. of Salt Lake City, Utah. The refining recovered a total of 216.996 oz of gold and 41.308 oz of silver with a net payable (98.15% of gold and 85% of silver) to Corex amounting to 212.981 oz of gold and 35.112 oz of silver.
Plan of Arrangement Update
On January 30th, 2018, Corex announced a proposed plan of arrangement with Minera Alamos Inc. to combine the companies and develop a new, well capitalized Mexican gold development company that will have increased technical and financing capabilities as well as jurisdictional synergy. The combined company will have approximately C$6 million in cash and a portfolio of three high quality gold-silver development assets, each offering near-term production potential and low capital cost advantages.
The Information Circular to be mailed to shareholders of record is being finalized and a shareholder meeting to approve the transaction is expected to be held in early April 2018.
The Company is not basing any production decision on a feasibility study of mineral reserves demonstrating economic and technical viability. Corex acknowledges and advises there is increased uncertainty and that there are specific economic and technical risks of failure associated with any production decision. Corex believes the historic experience and track record of Chester Millar with gold heap leaching, of advancing in careful prudent steps, helps ameliorate possible technical risk.
Mel Herdrick, P. Geo., is the acting Qualified Person as defined by National Instrument 43-101. He has supervised the preparation of the technical information in this release. He is a shareholder of the company.
The reader is cautioned the Company has neither completed economic nor technical feasibility studies or metallurgical studies confirming the projected production capacity at Santana and that there is no certainty the Company’s plans will be economically viable. Historically, such projects have a much higher risk of economic or technical failure.
About Corex Gold Corp
Corex Gold Corp is a Canadian resource company focused on achieving near-term
economic gold production from its 100% owned flagship property, Santana Project, Sonora State, Mexico.
FOR FURTHER INFORMATION PLEASE CONTACT:
President & CEO
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.” The foregoing information may contain forward-looking statements relating to the future performance of Corex Gold Corp. 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.