Corex Gold : Announces Closing of Financing

Vancouver, BC - May 10, 2016, Corex Gold Corp. ('Corex' or the 'Company) announces that further to its news release of May 9, 2016, the Company has received TSX Venture Exchange approval and closed the non-brokered private placement offering (the 'Financing') by issuing 20,000,000 units in the capital of the Company ('Units') at an issue price of $0.05 per unit, for gross proceeds of $1,000,000. Each Unit consisted of one common share in the capital of the Company (a 'Common Share') and one-half of one non-transferable Common Share purchase warrant (each whole warrant, a 'Warrant'), with each Warrant entitling the holder thereof to acquire an additional Common Share at an exercise price of $0.15 for a period of 24 months expiring on May 10, 2017.

All of the Units issued in connection with the Financing and Common Shares issued on exercise of the Warrants will be subject to a restricted resale period that expires on September 11, 2016.

Finders' fees of 7% on a portion of the gross proceeds received by the Company from the sale of Units sold pursuant to the Financing shall include cash of $26,250, 700,000 compensation shares, and 525,000 warrants ('Agent Warrants'). Each Agent Warrant shall be exercisable in whole or in part at an exercise price of $0.15 for a period of 24 months expiring on May 10, 2017.

Proceeds will be used for the development of the Santana property in Mexico, general operating purposes and settling current trade payables.

About Corex Gold Corp

Corex Gold Corp is a Canadian resource company focused on the near-term production*, of its 100% owned flagship property, Santana Project, 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

FOR FURTHER INFORMATION PLEASE CONTACT:

Craig Schneider,
President & CEO

Tel: [phone]
Fax: [phone]
E-mail: [e-mail]
Website: www.corexgold.com

Cautionary Statement:

*The Company is not basing its production decision (if any), on a feasibility study of mineral reserves demonstrating economic viability and technical feasibility. As a result there is increased uncertainty and a greater risk of economic and technical failure associated with its production decision.

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.