July 19, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Gammon Gold, Inc. (TSX: GAM) said that it has completed a non-brokered private placement with Corex Gold Corp. (TSX Venture: CGE), acquiring 4.706 million units of Corex at a subscription price of CAD $0.68 per unit for an aggregate purchase price of CAD $3,200,080, representing around 12% of the issued and outstanding shares of Corex (around 14% on a fully diluted basis).

Each unit consists of one common share and one half of one share purchase warrant exercisable at CAD $0.90 for a period of 24 months from the closing date of the transaction.

Gammon said it will have the right to participate in all future financings of Corex to maintain its proportionate shareholding. Peter Drobeck, SVP of exploration and business development for Gammon, has been chosen to sit on the technical advisory board of Corex.

Corex is a junior gold exploration company focused on advancing the Santana Gold Project in Sonora State, Mexico.

Canada-based Gammon Gold is a mid-tier gold and silver producer with properties in Mexico.

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