Corex Commences 20,000 m Drill Program on Santana Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2011) - Corex Gold Corp. (the "Company") (TSX VENTURE:CGE) is pleased to announce that it has commenced a 20,000 m Diamond drill program on the Santana Property located in Sonora State, Mexico. The company has awarded the drill contract to GDA Servicios Mineros SA de CV. a Mexican subsidiary of Guiñez Ingenieria Ltda. headquartered in Antofagasta, Chile.

The Santana property covers 8,000 hectares and is located approximately 200 kilometers east-southeast of Hermosillo within the mineral rich, Sierra Madre Occidental gold-silver, copper porphyry belt, which is in the general area as the Mulatos mine of Alamos Gold Inc., (approx. 50 km northeast of Santana), the Dolores mine of Minefinders Corp Ltd., (approx. 105 km northeast of Santana) and the Ocampo mine of Gammon Gold Inc. (approx. 76 km east-south-east of Santana). Santana offers gold-silver and copper targets in a district scale setting, offering the potential to host substantial precious and base metal resources.

The drill program is targeting excellent results received from the 2009-2010 Reverse Circulation and Diamond drill programs. The 20,000 m of drilling in 2011 will build out on already identified zones along strike and down-dip, test newly identified gold zones and to test deep lying targets. Some of 2009-2010 drill highlights which will be tested along strike and down-dip include:

• S10-079D which returned 89.23 m of 1.16 g/t Au including 8.5m of 3.48 g/t Au and 53.9 m of 1.78 g/t Au.

• S10-083D which returned 87 m of 1.04 g/t Au including 28.6 m of 2.16 g/t Au.

• S10-081R which returned 65.5 m of 0.82 g/t Au including 38.1 m of 1.19 g/t Au.

• S09-33R which returned 19.8 m of 2.30 g/t Au, and 444.0 g/t Ag.

• S09-31R which returned 44.2 m of 1.62 g/t Au, and 0.95 % Cu.

• S10-078R which returned 54.9 m of 0.87 g/t Au, 21.8 g/t Ag, and 0.51% Cu. including 21.1 m of 1.73 g/t Au, 28.7 g/t Ag, and 0.48% Cu, that ended in mineralization.

Bruno Barde P. Geo., manages Corex's exploration and development programs and is the Qualified Person as defined by National Instrument 43-101. He supervised the preparation of the technical information in this release.

ON BEHALF OF THE BOARD

"Craig D. Schneider"
President and CEO

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.