Molycor Gold Corp.

Molycor Gold Corp.

June 11, 2008 06:00 ET

Molycor Gold Corp.: Drilling Begins at Davis Gold Property and Sample Program on Butler Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2008) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) is pleased to announce drilling has commenced at the Davis Gold Property located in Nye County, 8 miles east of Gabbs, Nevada. Seven diamond drill HQ core holes totaling 2500 feet (762 meters) with an average depth of 107 meters (350 feet) are planned to confirm the presence of gold reported by US Mining and Smelting Company (USSRAM) from a 1980's drilling program and to test for extensions of the gold zone up-dip and along strike to the north and south. A property summary, written for USSRAM at the time of the drilling, reported significant ore-grade material that averaged 3.8 grams/ton (0.11 oz/ton) in six of eleven holes at the Davis Mine. Planned drilling by Molycor is intended to confirm and expand upon this zone.

Thirteen drill sites have been permitted to allow for the flexibility of the program to drill along the surface strike length uninhibited. The drilling has been contracted to Marcus and Marcus of Coeur d'Alene, Idaho using a DMW 100 core rig. Drill core is being sent to American Assay Labs of Reno, Nevada for sawing and analysis. Samples will be analyzed for gold (fire assayed with AA finish) and silver.

Mineralization at the Davis Mine is related to a 400 meter (1200 foot) long silicified zone adjacent to a prominently outcropping rhyolite dike. Gold values up to 1.54 grams/ton in outcrop rock samples occur along this trend. A geologically similar and much larger zone, centered on the historic Butler Mine, occurs 900 meters (3000 feet) east of the Davis mine and stretches for over 2200 meters (+7000 feet) along strike. Gold in samples collected by Molycor from old prospects and outcrops along the trend reached highs of 3 grams/ton gold, while grab samples of mineralized mine dump material contain up to 12 grams/ton gold. A systematic soil sampling program, along the length of the trend, is in progress to define the strongest gold anomalies. Over six hundred samples will be analyzed for gold and associated elements to aid in targeting a future drilling program.

Molycor Gold Corp. controls 171 unpatented mining claims (approximately 3400 acres) at the Davis Property. Gold, silver and mercury with minor lead and copper were produced intermittently through about 1943 from numerous small prospects and mines in the area including the Davis and Butler mines. Renewed interest in the area began in the 1970's leading to the discovery and development of the Paradise Peak gold mine (1.46 million ounces gold and 38.9 million ounces silver) by FMC Gold Company in 1983.

About Molycor Gold Corp.

Molycor is a diversified precious and base metal exploration and development company focusing on molybdenum exploration in British Columbia and gold exploration in Nevada.

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

On Behalf of Management

Edward Lee, President

For all Molycor Gold Corp. investor relations needs, investors are asked to visit the Molycor Gold Corp. IR Hub at 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 where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

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 interview with SmartStox Online TV Talk Show.

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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