Molycor Gold Corp.

Molycor Gold Corp.

November 02, 2006 17:18 ET

Molycor Gold Corp.: 2000 Meter Gold Strike Identified on Nevada Claims

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2006) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FWB:M1V) is pleased to announce the addition of 10 unpatented claims and the identification of two gold targets with a combined strike length of nearly two thousand (2,000) meters on the TKO and Hot Dog Ridge (HR) properties. The project area is located in the Taylor Mining district in the southern Schell Creek Range of White Pine County, approximately thirty (30) kilometers southeast of Ely and six (6) kilometers northwest of the inactive Taylor silver mine.

During 2006, two zones were identified through detailed mapping and rock sampling at the TKO and HR claims. Silicification occurs at the Chainman Shale/ Joana Limestone contact and at the Pilot Shale/ Guilmette Limestone contact for a combined strike length of nearly two thousand (2,000) meters. A total of 116 rock chip samples were collected from silicified and decalcified outcrops in the course of mapping. Gold anomalies in jasperoids at the Joana Limestone/ Pilot Shale contact were identified on the TKO claims in two areas. The first larger zone, at the north end is over fifteen hundred (1,500) meters long with gold values consistently in the tenths of a gram per ton up to 2.67 g/t from outcrop samples. The second anomalous gold zone located in the middle of the property, is centered on what is referred to as the "Jasper Crossing", measuring approximately five hundred (500) meters along strike with gold values up to 0.35 g/t. The rock types, alteration and geochemistry of these targets are typical of Carlin-type systems with highly anomalous levels of arsenic, antimony and mercury and low base metals. Surface sample assaying was carried out by ALS Chemex in Reno, Nevada.

A biogeochemical survey has been carried out along strike and over both areas of gold-bearing jasperoids and overlying prospective rock to target below the alluvium covering the target areas. The survey was done by Mineral Exploration & Environmental Geochemistry, under the direction and supervision of Shea Clark Smith, P. Geochemist, located in Reno, Nevada. Mr. Smith is a leading expert in biogeochemical techniques and their applications to mineral exploration. Samples were collected on 50m x 100m centers on lines oriented perpendicular to the strike of the major faults and stratigraphy. Biogeochemical assays were performed by Acme Analytical in Vancouver, British Columbia.

Rocks in the area consist of limestone and shale of the Devonian through Mississippian Guilmette Limestone, Pilot Shale, Joana Limestone and Chainman Shale formations. This stratigraphic setting is common to several Carlin-type disseminated gold deposits of east central Nevada, particularly the one (+1,000,000) million plus ounce Alligator Ridge gold deposit, and the smaller gold deposits of the southern Battle Mountain-Eureka Gold trend including Greensprings, Illipah, the Nighthawk Ridge zone at the Easy Junior Mine and the past producing Griffon Mine.

The Company is expecting to receive the analytical results and interpretations by early November at which time these areas will be targeted and drill programs will be recommended.

The additional claims were acquired for the cost of staking and subject to a 2.25% Net Smelter Return.

On Behalf of Management

Edward Lee, President and Director

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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