March 24, 2011 / 11:33 AM / 7 years ago

UPDATE 2-Corex strikes high-grade gold at Mexico project

* Says found grades as high as 3.38 g/t

* Says drilling continues at flagship project

* Shares up about 17 pct (Adds details, share movement)

March 24 (Reuters) - Canada’s Corex Gold Corp said drilling at its flagship property in Mexico showed some of the highest grades of metal discovered so far, sending its shares up as much as 17 percent.

Shares of the Vancouver, British Columbia-based company, which rose to 75 Canadian cents on Thursday morning on the Toronto Stock Exchange, pared some gains and were trading up 11 percent at 71 Canadian cents.

Corex, which began its survey of the Santana property in Sonora, Mexico, last April, said the new holes -- part of the company’s 20,000 meter drill program -- found gold of grades as high as 3.38 grams per tonne (g/t).

The company, with a market cap of C$28 million, said it continues to see higher grades as drilling continues.

Reporting by Abhiram Nandakumar and Amruta Sabnis; Editing by Sriraj Kalluvila, Unnikrishnan Nair abhiram.nandakumar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: abhiram.nandakumar.thomsonreuters.com@reuters.net

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