Molycor Gold Corp.

Molycor Gold Corp.

June 21, 2010 18:41 ET

Molycor Announces Closing of Its Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 21, 2010) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) ("Molycor" or the "Company") announces that, the Company will not be closing any further tranches in its private placement, announced in its news release dated March 29, 2010 and amended April 30, 2010.

The total amount raised pursuant to the private placement was $391,000 which was comprised of 5,585,714 units (the "Unit") at a price of $0.07 per Unit.

Each Unit was comprised of one common share in the capital of the Company, plus a two year share purchase warrant (the "Warrant"). Each Warrant entitled the holder to purchase one common share at a price of $0.12 per share at any time up to 5:00 pm (Vancouver time) on May 12, 2012. All of the securities issued pursuant to the private placement have a hold period expiring four months and one day after the closing date, as more fully described in its news release dated May 13, 2010 and amended May 17, 2010.

About Molycor Gold Corp.

Molycor is a diversified precious, speciality and base metal exploration and development company focusing on magnesium, molybdenum and gold exploration and development in North America.

On Behalf of Management

Larry W. Reaugh
Chief Executive Officer

For all Molycor Gold Corp. investor relations needs, investors are asked to visit the Molycor Gold Corp. website at

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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