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

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

Molycor Gold Corp.

June 23, 2008 06:00 ET

Goldrea Resources Corp. and Molycor Gold Corp.: Drilling Complete on Near Surface Target on Empress Molybdenum Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 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 the completion of the spring drilling program on the Empress/Crowrea molybdenum property, located 15 km south of the past producing copper/moly Brenda mine. The program consisted of 10 BQTW drill holes being drilled in the central portion of a 730 X 360 meter area for molybdenum (and copper/gold) bearing mineralization. Together the 2007 and spring 2008 programs include 19 holes drilled totaling 3,493 meters (11,459 feet). Mineralization observed in core from all 19 holes consists of disseminated and fracture filling molybdenite-pyrite-chalcopyrite associated with secondary alteration of K-feldspar-magnetite-chlorite-biotite-sericite. The logging and splitting of the core is expected to be completed over the next two weeks and sent for analysis.

The Empress occurrence consists of widespread, low-grade molybdenum (copper/gold) bearing sulphide mineralization hosted in Middle Jurassic age, porphyritic biotite-hornblende quartz monzonite of the Osprey Lake Batholith. Significant minerals include molybdenite, pyrite and chalcopyrite with minor quartz, K-feldspar, sericite, chlorite, kaolinite and magnetite. The molybdenite and pyrite are occurring as disseminations, veinlets and in quartz stringers on a north trending zone. An additional 47 soil samples were taken from a 500 X 200 meter area at 50 meter spacing (located 900 meters east of present drilling) in order to explore a north trending zone of previous Mo in soil anomalies reported by Anaconda Canada Explorations Ltd.

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

The Company is also pleased to report the engagement of Ed Kimura, B.Sc., P.Geo. and Robert Pinsent, B.Sc., M.Sc., Ph.D., P.Geo. to aid in the development of the Empress/Crowrea molybdenum property on a consulting basis. Both gentlemen have expertise in moly exploration, notably Endako and Adanac.

Robert Pinsent, B.Sc., M.Sc., Ph.D., P.Geo., is a member of the Association of Professional Engineers and Geoscientists of British Columbia and has degrees from the University of Aberdeen (Scotland), University of Alberta and his Ph.D. from the University of Durham (England). He worked for Rio Tinto Canadian Exploration Ltd. as an exploration geologist in the early 1970's and in 1979 was employed by Placer Development Ltd. (Placer Dome Inc.) in Vancouver and worked there for 13 years. He co-authored a paper in the Canadian Institute of Mining and Metallurgy "Porphyry Volume" on the Ruby Creek molybdenum project, located in Atlin, BC in 1995. In 2004, he became the exploration manager for Adanac Molybdenum Corp. and was responsible for the field work required to bring the Ruby Creek deposit into NI 43-101 compliance.

Ed Kimura, P.Geo., is registered as a Professional Geoscientist (P.Geo.) with the Association of Professional Engineers and Geoscientists of British Columbia, a life member of the Canadian Institute of Mining and Metallurgy and a Member of the Society for Economic Geologists. He graduated from the University of British Columbia with a Bachelor of Arts and Science degree in geology and physics. He practiced as a mine geologist, exploration geologist, mine engineer and consulting geologist for the past 52 years in Canada. His experience includes six years of underground mine geology in Uranium City Camp, Saskatchewan, open pit mine geology and exploration at Craigmont copper mine for 2 years and at Endako molybdenum mine for 15 years with an additional 4 years of mine engineering at a large open pit molybdenum mine. Mine geology have been related to mine production planning, ore grade control, mine and regional exploration, resource and reserve estimations and geotechnical activities. His mine engineering responsibilities were for mine production, open pit design, industrial engineering and environmental control. Mineral exploration activities have included field work from grassroots to advanced staged exploration projects; identification, acquisition and evaluation of exploration projects and managing development stage projects. Mr. Kimura also has extensive experience in the field of porphyry copper-gold, epithermal precious metal and Archean gold deposits.

These two men bring with them years of experience and are a welcome addition to Molycor's exploration team and will be joining Mr. Kikauka, P.Geo., to design an extensive exploration and development program on the Empress/Crowrea property with a view towards exploring and developing other geological occurrences located on the property.

This news release was reviewed by Andris Kikauka, P.Geo., 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.

Contact Information