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

Molycor Gold Corp.

October 02, 2007 06:00 ET

Molycor Gold Corp.: Drilling Update on Tami-Mosi Gold Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2007) - Drilling is progressing on Molycor Gold Corp.'s (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) Tami - Mosi project located in the Schell Creek Range, 6.5 miles south of the town of Ely, Nevada.

To date, 1420 feet have been drilled in two holes, TM-07-001 at site PTM-13 (total depth 640') and TM-07-002 at site PTM-2 total depth 780'). Both holes are designed to test for on-strike extensions of the Tamburlaine zone where manganese and gold had been mined sporadically in the early 1900's from fault-controlled silicified zones. Both holes intersected moderate to strong iron staining and decalcification in the host formations with intermittent silicification of the Joana limestone.

The program consists of 15,000 feet in 25 reverse circulation rotary holes to test four areas where gold targets have been developed along alluvium-covered extensions of known surface mineralization combined with results from geophysical and biogeochemical surveys designed to identify mineral-related structures and alteration beneath shallow alluvial cover.

The Company is encouraged by these early drilling results that have confirmed the targeting methods of resistivity and spontaneous potential geophysical surveys in conjunction with a biogeochemical survey, to identify the alluvium covered fault trends, alteration and formational contact targets.

Assays have been submitted to ALS Chemex of Ely, Nevada and are awaited. The drill rig has been working on 20% availability due to maintenance issues. Drilling is now progressing and updates will be forthcoming.

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

On Behalf of Management

Edward Lee, President and Director

For all Molycor Gold Corp. investor relations needs, investors are asked to visit the Molycor Gold Corp. IR Hub at http://www.agoracom.com/ir/molycor 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 mor@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

Watch Live Interview with CEO Larry Reaugh on Molycor's website.

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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