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.

October 30, 2007 06:00 ET

Molycor Gold Corp. and Goldrea Resources Corp.: Drilling Starts on Crowrea's Empress Molybdenum Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 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 an 1800 meter (6000 feet) diamond drilling program has commenced on the Empress Molybdenum Property, situated within the Crowrea claim group located 15 kilometers south of the past producing copper/moly Brenda mines near Summerland, B.C. The Empress prospect covers a 730 X 360 meter area (elongated north-south) hosted in Middle Jurassic age, medium grained biotite hornblende granodiorite and porphyritic 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.

The following table is a summary of significant molybdenite geochemical analysis from the cuttings from 15 percussion drill holes by Anaconda Canada Exploration Ltd. (1981):



EMPRESS Mo PROJECT
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Percussion drill From To Width
hole number (meters) (meters) (meters) % MoS2
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81-2 36.65 45.75 6.1 0.060
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81-4 21.35 24.4 3.05 0.117
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81-7 24.4 27.45 3.05 0.063
---------------------------------------------------
81-9 9.15 57.95 48.8 0.083
---------------------------------------------------
81-11 36.6 39.65 3.05 0.063
---------------------------------------------------
81-13 30.5 33.55 3.05 0.093
---------------------------------------------------
81-14 33.55 36.6 3.05 0.050
---------------------------------------------------


In June, 2006 a program of soil sampling covering a 0.5 X 0.5 km area and rock chip samples of exposed mineralized outcrop was carried out by Goldrea/Molycor in order to follow-up on molybdenite bearing zones outlined in the 1981 drilling. A total of 80 soil samples were taken from the 'B' horizon of the soil profile returned an average of greater than 50 ppm Mo, of which 16 samples returned greater than 100 ppm Mo, of which 6 samples were greater than 300 ppm Mo and 1 sample was greater than 2,000 ppm Mo. The above average Mo values in soil are located in a cluster near the center of the grid area close to percussion drill hole 81-9. Three rock chip samples consisting of pink porphyritic quartz monzonite with minor aplite, quartz veinlets, sparse pyrite and trace chalcopyrite were taken from bedrock located 70 meters NNW of PDH 81-9 (5100 N, 4950 E) and geochemical analysis of rock samples (ref.-Pioneer Labs, Richmond BC report No. 2068765) are listed as follows:



------------------------------------------------------------------------
Rock Chip Width Grid Northing Grid Easting Elevation % Mo
Sample No. (meters) (meters) (meters) (meters) (%MoS2)
------------------------------------------------------------------------
4872 0.8 5175 4928 1,533 0.12 (0.20)
------------------------------------------------------------------------
4873 0.5 5180 4931 1,534 0.13 (0.22)
------------------------------------------------------------------------
4874 0.7 5183 4935 1,535 0.17 (0.28)
------------------------------------------------------------------------


Molybdenite mineralization at Empress Creek generally occurs at or near aplite/pink porphyritic quartz monzonite dyke/sill margins. Core drilling to a depth of 200-350 m will be located near PDH 81-9 (1981 percussion drill hole) and about 50-100 m north of PDH 81-9, near sample 4872-4874 (2006 rock chip samples) where extensive aplite/pink porphyritic quartz monzonite dykes/sills, quartz veining and coincident Mo in soil geochemical anomalies occur.

Further to this, the Company is pleased to announce a geochemical survey has started on the three large magnetic lows on the Crowrea Molybdenum property, as identified on B.C.'s Regional Magnetic Survey map. The geochemical survey consists of 400 meter line spacings with sample stations at 40 meters. These magnetic lows are indicative signatures tools for identifying molybdenum deposits which are similar to those such as Endako and Brenda. Rich River Exploration Services located in Grinrod, British Columbia, has been contracted to carry out the survey.

Also the Company is currently awaiting drilling permits for the Phase II program on the Crowrea Moly Property. A total of 55 holes have been applied for.

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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