Molycor Gold Corp.

Molycor Gold Corp.

November 09, 2006 16:08 ET

Molycor Gold Corp.: Company Completes Nevada Patent Purchase

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2006) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FWB:M1V) is pleased to announce the completion of acquiring the 3 Patented claims "the Michigan, American Eagle and Silverstone" from J.A. Terteling & Sons of Idaho. The Patents are located within Molycor's 100% owned, 169 unpatented Silverado claims in Nevada's Pinto Mining District, at the southern end of the prolific Battle Mountain-Eureka gold trend.

The acquisition completes the Silverado claim block totaling 3,395 acres and has allowed Molycor to sample all prospective pit and surface exposures of old workings over the summer. Results of this summer's work indicate strongly anomalous to ore grade silver, lead, zinc and copper values associated with narrow faulting and fracture controlled quartz veins. As announced May 10, 2006, the patented claims have had past silver-base metal production from old underground workings. Grab samples were taken from these workings with two of the higher grades M192218 and M192219 assaying as follows:

Sample Ag Ag
Locations Cu% Pb% Zn% gram/tonne oz/ton
M192218 2.09 12.80 37.30 4415.5 128.7
M192219 .35 21.70 22.10 180.9 5.3

Assays were completed by Inspectorate Rocky Mountain Geochemical in Sparks, Nevada.

The Silverado project is underlain by mainly mid-Paleozoic carbonate rocks of the Nevada and Devils Gate Limestone formations. The Devil's Gate Formation is equivalent to the Gulimette Limestone of eastern Nevada. Minor exposures of Joanna Limestone, Pilot Shale and Chainman Shale occur on the range front and on the pediment under a thin alluvial cover. Rocks in the area have been deformed by a series of thrust faults which have in turn been folded into a series of north-south trending anticlines and synclines.

The Company believes there is the potential for a Carlin-type gold mineralization, similar to Barrick's Archimedes deposit, 10 miles to the northwest on the range front at Silverado where rocks typical of Carlin-type host rocks (Pilot Shale and Chainman Shale) have been mapped by USGS geologists.

The Pinto District is very similar to the nearby Eureka Mining District, five miles to the west, where over 1 million ounces of gold and 39 million ounces of silver were produced prior to 1940. More recent discoveries of Carlin-type gold deposits in the Eureka District have added an additional 1 million ounces of gold production which has spurred renewed interest of the potential in the southern Battle Mountain-Eureka Gold trend area.

Additional geochemical surveys and a subsequent drilling program are in the planning stages to test the potential for larger polymetallic vein systems and/or the possibility of epithermal Carlin-style mineralization along the range front.

This news release was reviewed by Dick Addison, P. Eng., qualified person under NI 43-101.

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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