Goldrea Resources Corp.

Goldrea Resources Corp.
Molycor Gold Corp.

Molycor Gold Corp.

January 03, 2008 06:00 ET

Goldrea Resources Corp. and Molycor Gold Corp.: Diamond Drilling Update-Crow-Rea West Empress Molybdenum Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 3, 2008) - Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ) and Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) are pleased to announce that diamond drilling in November, 2007 consisted of 9 drill holes ranging from 514-855 feet (156.7-260.6 meters) in depth which have been completed on the Empress porphyry Mo project. The objective of these drill holes are to test a 250 X 250 meter area for molybdenum (and copper-gold) bearing mineralization. Geochemical analysis results from the first 3 drill holes are listed as follows:

DDH 07-EMP-1: interval 3-21 m depth 18 m @ 0.077% Mo

interval 33-54 m depth 21 m @ 0.075% Mo

interval 147-153 m depth 6 m @ 0.077% Mo

DDH 07-EMP-2: interval 3-27 m depth 24 m @ 0.080% Mo

DDH 07-EMP-3: interval 3-24 m depth 21 m @ 0.064% Mo

The Empress molybdenum prospect outcrops on the crest of a broad west-trending ridge separating the headwaters of Empress Creek to the northwest from Shinnish Creek to the south. The Empress prospect covers a 730 X 360 meter area (elongated north-south) and consists of widespread, low-grade molybdenum (and copper-gold) bearing sulphide mineralization hosted in Middle Jurassic age, porphyritic biotite-hornblende quartz monzonite of the Osprey Lake Batholith. The Empress occurrence is classified as a Mo (Cu-Au) porphyry characterized by disseminated, fracture filling and quartz vein sulphide mineralization. Significant minerals include molybdenite, pyrite and chalcopyrite with accessory and minor quartz, K-feldspar, sericite, chlorite, kaolinite, and magnetite. Pyrite and molybdenite occur as disseminations and veinlets, and in quartz stringers in a north trending zone. Magnetite and increased K-feldspar is associated with fracture filling mineralization.

In 1968, Anaconda Canada Ltd. outlined anomalous stream sediment from the upper Empress Creek area. Follow-up work included soil samples, trenches, seismic geophysics, and 1,122 meters (3,681 feet) of percussion drilling. A summary of significant intercepts from the 15 percussion drill holes Anaconda drilled in 1981 are listed below:

Percussion drill From To Width % Mo
hole number
81-2 36.65 m 45.75 m 6.1 m 0.037
81-4 21.35 m 24.4 m 3.05 m 0.070
81-7 24.4 m 27.45 m 3.05 m 0.038
81-9 9.15 m 57.95 m 48.8 m 0.050
81-11 36.6 m 39.65 m 3.05 m 0.038
81-13 30.5 m 33.55 m 3.05 m 0.056
81-14 33.55 m 36.6 m 3.05 m 0.030

Geochemical results reference: EMPR Assessment Report 10,434, Appendix 2

A comparison of % Mo geochemical results from 2007 diamond drill holes (07-EMP-1 to 3), and highlights from 1981 percussion drill holes suggest that recovery of molybdenite mineralization significantly increases with core drilling (diamond drilling) as opposed to percussion drilling (where water has a tendency to rinse away molybdenite). Management plans to collar a diamond drill at the location of percussion drill hole 81-9 in Spring, 2008. Results from diamond drill holes 07-EMP-4 to 9 have not been reported yet. When geochemical analysis is complete, drill holes 07-EMP-4 to 9 will be reported. Andris Kikauka, P.Geo., is the qualified person responsible for reporting Empress project geochemical analysis of drill hole samples.

This news release was reviewed by Andris Kikauka, P. Eng., a qualified person recognized under NI 43-101.

On Behalf of Management

Larry W. Reaugh, President, Chief Executive Officer and Director

View SmartStox Interviews with Larry W. Reaugh on Goldrea & Molycor's websites.

For all Molycor Gold Corp. investor relations needs, investors are asked to visit the Molycor Gold Corp. IR Hub at where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX-Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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