Vancouver, BC – October 18, 2017, Corex Gold Corp. (TSXV: CGE) (“Corex” or the “Company”), is pleased to report that it has shipped the first gold-in-carbon concentrate from its 100%-owned Santana heap-leach gold project in Sonora, Mexico.
During 2017, Corex has been conducting continuous bulk testing heap-leach activities at its 100%-owned Santana property. The leaching to date has been conducted on coarser crushed material that in the next anticipated program will see equivalent leach tests performed on finer crushed material to determine the relationship of crush size and recovery for the project as its development is advanced. A crusher to generate finer sized mineralized material for leaching is now at the project site and Corex anticipates commencing this next step of crushing heap-leach test work next month to determine that optimum crushing size.
The first carbon shipment has been successfully exported in to the United States to a commercial carbon-stripping facility in Idaho prior to the resulting gold doré being sent to a separate gold refinery in the U.S.
This first shipment includes the first 5 loaded carbon columns monitored with atomic adsorption analysis by Corex’s technical partner MDG (Minas de Guachinango). Sales of this production will offset a portion of development and test work costs incurred during this phase. As specified in the technical operating agreement between Corex and MDG, the proceeds from gold sales recorded during this bulk testing phase will be reinvested to continue development of Santana and reimburse ongoing costs incurred by MDG.
"This is an exciting milestone for Corex and a culmination of a tremendous amount of work that started with the Company’s discovery of Santana and is now a working partnership with Chester Millar and the MDG technical team. This collaboration has greatly assisted in advancing the development test work and successfully recovering the first gold from the property." said Doug Ramshaw, Corex’s President and CEO.
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:
Doug Ramshaw
President & CEO
Tel: 236.521-0429
Fax: 604.683-2506
E-mail: doug@corexgold.com
Website: www.corexgold.com
Cautionary Statement:
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.