IP Survey Significantly Expands Potential of Santana Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2011) - Corex Gold Corp. (the "Company") (TSX VENTURE:CGE) is pleased to announce that it has received positive results from the most recent deep 3D IP survey conducted by SJ Geophysics Ltd. on its 100% owned Santana Property in Sonora State, Mexico. This latest survey was configured with wider line spacing and dipole lengths in order to increase the depth of investigation. It included 13 E-W lines, each 3,200m in length and spaced 200m apart. These parameters effectively increased the depth of investigation to 400 – 500m.

Highlights:

• Identified new exploration targets
• Confirmed & expanded several know mineralized trends
• Shown continuity at depth between previous drilled zones
• Evidence that Santana is part of a large emerging porphyry district

Overview of 3D IP Survey:

The new zones confirmed and identified by the deep IP survey are: Benjamin North-East, Benjamin South-West, Benjamin North, Nicho South-East.

Benjamin North-East: A small chargeability anomaly detected on the 2010 IP survey, some 400 meters northeast of the Benjamin zone was confirmed by the 2011 survey. The zone appears to be a northeasterly elongated and nearly horizontal layer, buried approximately 150m below the surface. This zone is bounded to the north by the NE trending Benjamin Fault zone and to the east and west by NW striking faults, interpreted from the resistivity and magnetic data.

Benjamin South-West: A small chargeability anomaly detected on the 2010 IP survey, some 300 meters south-west of the Benjamin zone was confirmed by the 2011 survey. The combined data reveals a small plug like body buried 150 meters below the surface. This anomaly exhibits similar characteristics to those observed at Benjamin.

Benjamin North: Indications of a northwesterly dipping chargeability layer, extending from just below the Benjamin Zone to the northwest were evident in the 2010 survey. The 2011 survey has confirmed this response and shows it to be associated with a large, deep body.

Nicho South-East: This area includes three sub zones: Divisadero, Santa Lucia and El Nicho. The 2010 survey mapped localized high chargeability zones across the area that seemed to be connected depth. The 2011 survey confirmed this hypothesis, suggesting the bottom of the chargeability zone mostly extends to about 180m depth. It also detected a deep, easterly plunging high chargeability root beneath the Nicho South-East zone at the western edge of the area.

Structures:

The 2011 survey confirmed the patterns of northeast and northwest trending structures (faults) revealed by the 2010 survey. It also shows the dominance of several NE striking structures at depths of 300 – 500m. One of these interpreted fault zones appears to connect the Ubaldo zone (to the southwest) to the Nicho and Marmero zones to the northeast.

This deeper survey confirms the presence of a large, deeply buried body located along the eastern and northeastern edges of the study area. This body is outlined by elevated chargeability and magnetic susceptibility values. Corex believes this represents a large buried intrusion.

The geophysical surveys and drilling to date indentified intrusive bodies associated with volcanic domes which define a seven kilometer corridor in the Northeast direction and a four kilometer corridor in the Northwest direction (see attached map and section). In conclusion, there is evidence that the Santana Project is part of large Porphyry Belt.

Please click on link below for map & section:

http://www.corexgold.com/i/pdf/NR-29.pdf.

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.

About Corex Gold Corp.

Corex Gold Corp. is a Canadian resource company focused on the acquisition, exploration and development of precious metal deposits in Mexico. Corex is currently developing its flagship property, the Santana Project, which is a new gold discovery in Sonora State, Mexico. In addition, Goldcorp Inc. has implemented an on-going exploration program on Corex's 100% owned Zuloaga property in Zacatecas State, Mexico.

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. 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.