CGE

Corex Gold Corp. (TSX VENTURE: CGE)(the "Company"), is pleased to announce that a step-out reverse circulation drill hole has discovered a significant new mineralized zone on Corex's 100% owned Santana property in Sonora State, Mexico.

Discovery Hole at Ubaldo Zone:

--  S10-078R 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.

Craig Schneider, President and CEO of Corex stated: "This new discovery at Santana lends further evidence to our theory of a large porphyry driving this mineralized system from depth. This discovery hole was collared 700 m away from our Benjamin Zone which also had significant intercepts of Au, Ag and Cu. This new zone coupled, with the adjacent oxide-sulphide gold bearing zones at Nicho & Nicho North, greatly expands the scope and scale of the resource potential at Santana."

Ubaldo Zone

The Ubaldo zone is located 700 meters southwest of the Nicho Zone and 700 meters southeast of the Benjamin Zone, which now expands our mineralized area to 3 x 2 km in total size. Drill-hole targeting was based on favorable alteration coupled with a large elongated chargeability high, some 500 meters in a northeast direction by 100 meters in a northwest direction at 150 m in depth. The core at the northeast end may orient perpendicular northwest following a fault. This Nicho Fault is also coincident with magnetic and resistivity lows. S10-078R hole ended in a mineralized feldspar porphyry dyke at 200 m below the surface and is open at depth and along strike.

As a result of this most recent successful hole a diamond drill rig has been specifically allocated to the Ubaldo Zone to drill off its size potential. This follow up program will commence in January 2011.

Table of Results: Ubaldo Zone

                                                Grade (gpt)
                                              -------------
Hole #      From (m)     To(m)  Interval (m)     Au     Ag       % Cu
---------------------------------------------------------------------
S10-078R      195.1     249.9          54.9    0.87   21.8       0.51
---------------------------------------------------------------------
Incl.         201.2     222.5          21.3    1.73   28.7       0.48
---------------------------------------------------------------------
Incl.         237.7     246.9           9.2     0.7   46.9       1.19
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-- Reported intervals must be at least 1.5 meters wide; drill hole
intercepts are reported at a 0.2 g/t Au cutoff or a 0.4 g/t Au cutoff
including up to 6.2 m and 3.1 m of internal waste. Corex utilizes a
comprehensive QA/QC program consisting of blanks, drill rig sample
duplicates and reference samples to insure best practices are
followed and the data collected is of the highest quality. All
samples were prepared to normal industry standards and assayed for
gold by Fire assay with AA finish by Acme Industrial Company (ISO
9001:2008 registered quality system).
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Please click the following link for a map detailing new zone:

http://www.corexgold.com/i/pdf/ubaldo.pdf

Drilling Update

Corex is completing the 2010 diamond drill program and is currently awaiting 2500 m of assays that has been sent to Acme Labs for processing. The 2011 drill program is being planned that will include 20,000 m of diamond drilling on the Nicho, Nicho North, Benjamin and Ubaldo Zones.

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 & CEO

Cautionary Statement

The foregoing information may contain forward-looking statements relating to the future performance of Corex Gold Corporation. 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 Corporation'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.

Contacts: Corex Gold Corporation Craig Schneider President & CEO 604.683.2505 Corex Gold Corporation Chris Bogart VP Corporate Development 604.683.2505 604.683.2506 (FAX) info@corexgold.com www.corexgold.com