Molycor Gold Corp.
TSX VENTURE : MOR
PINK SHEETS : MLYFF
FRANKFURT : M1V

Molycor Gold Corp.

November 24, 2008 14:20 ET

Molycor Gold Corp.: Drill Results on Davis Gold Property, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2008) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) (the "Company") is pleased to announce the completion of a drilling program consisting of seven diamond drill (HQ core) holes totaling 898 meters at the historic Davis gold mine located in Nye County, Nevada, 13 kilometers southeast of Gabbs, Nevada.

Results from this summer's drilling confirms the presence of gold mineralization, as previously reported by US Mining and Smelting Company (USSRAM), from drilling they did in the 1980's. The gold mineralization is associated with multi-stage silicification and quartz veining which occurs in a silicified shear zone at the base of a prominent rhyolite dike. Six of the seven holes drilled by Molycor this year contain gold values up to 4.24 meters averaging 3.53 grams (0.102 oz) per ton along a strike length of more than 200 meters. Mineralization is open to the north and south and at depth. Drilling also confirms the presence of gold mineralization up-dip of the zones drilled by USSRAM. See the chart below for a complete list of significant drill hole gold intercepts from this year's drilling.



Davis Drill Results

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Hole # Intercept (meters) Grade
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from to width (meters) Au (grams/ton) Au (oz/ton)
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DM-08-001 74.16 74.58 0.43 @ 1.74 0.050
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78.12 80.10 1.98 @ 1.64 0.047
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87.42 91.65 4.24 @ 3.53 0.102
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94.98 100.98 6.00 @ 1.35 0.039
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DM-08-002 47.79 48.65 0.85 @ 0.88 0.025
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62.00 63.03 1.04 @ 0.95 0.028
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64.22 66.26 2.04 @ 3.59 0.104
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67.48 69.13 1.65 @ 1.27 0.037
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72.18 73.70 1.52 @ 3.45 0.100
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82.81 84.37 1.55 @ 1.66 0.048
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DM-08-003 11.80 13.50 1.71 @ 1.12 0.032
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26.00 29.96 3.96 @ 3.63 0.105
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57.70 59.13 1.43 @ 1.24 0.036
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DM-08-004 99.61 101.16 1.55 @ 0.97 0.028
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114.39 115.15 0.76 @ 3.78 0.110
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DM-08-005 No significant results
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DM-08-006 83.67 84.37 0.70 @ 3.76 0.109
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95.25 96.56 1.31 @ 5.61 0.163
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DM-08-007 14.20 14.54 0.34 @ 1.44 0.042
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24.93 28.56 3.63 @ 2.59 0.075
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50.02 54.32 4.30 @ 1.02 0.029
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Butler Zone Rock Chip and Soil Sampling Program

Two new gold anomalies have been discovered in the Butler zone located approximately 1000 meters east of the Davis Mine. A systematic soil-sampling program along the 2200 meter-long strike length of the mineralized Butler zone was completed in late June. Six hundred and thirty (630) soil samples were collected on 30m x 50m centers along the NW-SE trend of the zone. All soil samples were bracket-screened to eliminate contamination and analyzed for low-detection gold (fire assay/AA finish) as well as a suite of 36 elements, including silver, by ICP spectrometry. Results indicate two strong gold-in-soil anomalies along the southwestern and southern edges of the sampling grid with coincident anomalous silver. An additional two hundred and fifty (250) soil samples, collected in mid-August to determine the full extent of the anomalies, enhanced and enlarged on these two mineralized zones. The Butler zone is geologically similar to the Davis mine but is much larger, over five times as large along strike, and contains gold in outcrop samples up to 3 grams/ton. Gold up to 12 grams/ton has been reported from mine-dump grab samples along the trend. See attached Butler Zone Geochemical Compilation Map, available at the following link: http://media3.marketwire.com/docs/mor1124.pdf.

An ongoing program of detailed geological outcrop mapping and rock chip sampling continue to add to the overall knowledge of the gold and silver distribution within the property and to generate additional targets.

Molycor Gold Corp. controls 171 unpatented mining claims (approximately 3400 acres) at their Davis Project. Gold, silver and mercury with minor lead and copper were produced within the claims intermittently until about 1943 from numerous small prospects and mines, including the Davis and Butler mines. Renewed interest in the area began in the 1970's leading to the discovery and development of the Paradise Peak gold mine (1.46 M oz Au and 38.9 M oz Ag, 5 miles west of the Davis mine) by FMC Gold Company in 1983.

Drill Assays were conducted by American Assay Laboratories Ltd. located in Reno, Nevada

Soils assays were conducted by ALS Chemex Ltd. located in Vancouver, British Columbia

This release was reviewed by Norm Tribe, P.Eng., a qualified person recognized under NI 43-101.

On Behalf of Management

Edward Lee, President

For all Molycor Gold Corp. investor relations needs, investors are asked to visit the Molycor Gold Corp. website at www.molycor.com where investors can post questions and also request to be added 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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