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

Molycor Gold Corp.
Goldrea Resources Corp.
TSX VENTURE : GOR
PINK SHEETS : GORAF
FRANKFURT : GOJ

Goldrea Resources Corp.

November 07, 2007 06:00 ET

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

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2007) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) and Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ) are pleased to announce two holes have been completed to date at the Crow-Rea West Empress Molybdenum property located 15 km south of the past producing copper/moly Brenda Mine.

The first diamond drill hole (07-EMP-01) has been completed to a depth of 259.1 meters (850 ft) on the Empress porphyry molybdenum (copper). The azimuth of the first hole was 110 degrees and dip -48 degrees. The second hole was completed to a depth of 182 meters (797 feet) vertically located at the same drilling station. A series of diamond drill holes are planned to test a 250 X 250 meter area for molybdenum and copper bearing mineralization. A 450 x 550 meter area magnetometer survey (GEM GSM-19T) was carried out in October, 2007. Total field magnetic values greater than 55,600 nT (interpreted as a 'mag low') show a correlation with areas of increased molybdenum and copper geochemical values in soil (reference- Pioneer Labs, Richmond, BC report No 2068765). Approximately 10 drill holes are planned for 2007 (bearing 110 and 290 degrees in a fence pattern at 50 meter spacing), and are located with respect to anomalous soil geochemical data (2006) and magnetometer geophysical data (2007).

The Companies are also pleased to announce the geochemical survey is advancing well on the second large magnetic low and is near completion. The first targeted low was ended due to the early arrival of snow, but a total of three orientation lines were completed starting from the 600 meter geochemical anomaly located at the base of the 1100 meter mineralized northwest trending dyke through the center of the first large magnetic low. Rich River Explorations will be continuing onto the third large magnetic low, located northeast within the Crowrea property.

Assays are being carried out by Pioneer Laboratories located in Richmond, BC.

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.

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

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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