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.

May 16, 2008 06:00 ET

Goldrea Resources Corp. and Molycor Gold Corp.: Drilling Resumes on Empress

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2008) -

Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ) and Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) are pleased to announce drilling has resumed on the Empress molybdenum property, located 15km south of the past producing copper/moly Brenda mine. The drilling program to date has consisted of 9 holes to test a 730 X 360 meter area for molybdenum (and copper/gold) bearing mineralization. Previous geochemical analysis results from the first 6 holes are listed as follows:



DDH 07-EMP-1: interval 3-21 m depth 18 m @ 0.077% Mo
interval 33-54 m depth 21 m @ 0.075% Mo
interval 147-153 m depth 6 m @ 0.077% Mo

DDH 07-EMP-2: interval 3-27 m depth 24 m @ 0.080% Mo

DDH 07-EMP-3: interval 3-24 m depth 21 m @ 0.064% Mo

DDH 07-EMP-4: interval 15-45 m depth 30 m @ 0.093% Mo
interval 45-75 m depth 30 m @ 0.038% Mo

DDH 07-EMP-5: interval 6-36 m depth 30 m @ 0.076% Mo
interval 36-69 m depth 33 m @ 0.034% Mo

DDH 07-EMP-6: interval 6-30 m depth 24 m @ 0.073% Mo
interval 51-72 m depth 21 m @ 0.053% Mo


The 2007 drilling program ended prematurely due to the early arrival of inclement weather. Holes 7 through 9 have now been logged and sent for assaying and is expected to be received within the next couple of weeks. Assays were and are being carried out by Pioneer Laboratories of Richmond, BC. A total of six holes are remaining to be drill for Phase I of the program that is being managed by Andris Kikauka, P. Geo., the responsible person for reporting the Empress geochemical assays of the program.

The Empress prospect covers an area (elongated north-south) and consists of widespread, low-grade molybdenum (and copper-gold) bearing sulphide mineralization hosted in Middle Jurassic age, porphyritic biotite-hornblende quartz monzonite of the Osprey Lake Batholith. The Empress occurrence is classified as 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 trnding zone. Magnetite and increased K-feldspar is associated with fracture filling mineralization.

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

On Behalf of Management

Edward Lee, President & Director

Visit our website to watch Larry Reaugh, CEO of Molycor Gold Corp.'s February 25, 2008 interview with Agoracom discussing high grade manganese discovery.

Also view his interviews with SmartStox Online TV Talk Show. www.smartstox.com/interview/mor.php and www.smartstox.com/interview/gor.php

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.

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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