Corex Increases and Closes Non-Brokered Private Placement of $1,179,400

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Corex Gold Corp. (the "Company") (TSX VENTURE:CGE) is pleased to announce it has increased the previously announced (July 14, 2011) private placement up to $1,000,000 (3,333,333 units at $0.30 per unit (the "Financing"), and has closed on 3,931,332 units at a price of $0.30 per unit, ("Unit") for aggregate gross proceeds of CDN $1,179,400. Each Unit consists of one common share and one half of one share purchase warrant (the "Warrant"), each whole Warrant exercisable by the holder to acquire one additional common share at a price of $0.45 for 12 months from Closing. The Warrants are subject to an accelerated expiry which comes into effect once the shares trade above a weighted average price of $0.50 for any twenty consecutive trading-day period, subsequent to four months from Closing. In the event of an accelerated expiry, the expiry date will be the earlier of the regular two year expiry date and 30 days from the date the Company advises the placees of the accelerated expiry.

Finders' fees of 7% cash and 7% warrants ("Finders Warrant") of the Financing, in accordance with the policies of the Exchange. Each Finders Warrant entitles the holder to purchase one common share (a "Finders Share") at a price of $0.45 per Finder Share for a period of 12 months from closing of the Financing for aggregate cash payments of $74,515 and 248,383 Finders Warrants.

The net proceeds from this private placement will be used for additional exploration on Corex's Santana project and for general working capital purposes.

In accordance with securities legislation currently in effect, the Shares, the Warrants and the Warrant Shares issued pursuant to the Financing will have a restricted "hold" period of four months plus one day from the date of closing of the Financing.

This press release is not an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent an applicable exemption from U.S. registration requirements.

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.