Molycor Gold Corp.
TSX VENTURE : MOR
PINKSHEETS : MLYFF
FRANKFURT : M1V

Molycor Gold Corp.

April 16, 2012 17:49 ET

Molycor Announces Change of Company Name to Nevada Clean Magnesium Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2012) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINKSHEETS:MLYFF)(FRANKFURT:M1V) ("Molycor" or the "Company") announces it has changed its name to Nevada Clean Magnesium Inc. and commencing at the opening on Tuesday, April 17, 2012, trading on the TSX Venture Exchange will be under the new symbol "NVM".

"We believe the new name better reflects the Company's focus on the development of its Tami Mosi Magnesium Project in Nevada," said Edward Lee, President of the Company.

About Tami-Mosi Magnesium Project:

The Tami-Mosi magnesium project poses the ability to exploit its inferred magnesium resource for 30 years producing 30,000 tonnes per year within the United States, where protective tariffs are in place on imported magnesium metal. The economics are based on a NI 43-101 resource estimate analysis on the project, completed by Wardrop Engineering (a Tetra Tech Company), which shows an inferred resource of 412 million tonnes with an average grade of 12.3% for a contained metal content of 111 billion pounds of magnesium using a 12% cut-off grade.

About Molycor Gold Corp.

Molycor is a diversified precious, speciality and base metal exploration and development company focusing on magnesium, molybdenum and gold exploration and development in North America.

On Behalf of Management

Edward Lee, President

For all Molycor Gold Corp. investor relations needs, investors are asked to visit the Molycor Gold Corp. website at www.molycor.com.

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. We seek safe harbor.

The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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