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

Molycor Gold Corp.

February 22, 2008 13:31 ET

Molycor Gold Corp.: High Grade Manganese Discovery in Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2008) - Molycor Gold Corp. (the "Company") (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) is pleased to announce the discovery of high grade manganese grading 35.2% Mn over 15 feet (4.60 meters)in hole # TM-07-003 during the Phase I drilling program carried out on the Tami-Mosi Gold property located 6.5 miles south of Ely, Nevada.

Drilling is complete and all assays have been received for the program which consisted of 14 reverse circulation holes totaling 8,420 feet (2,567 meters) being drilled into the four identified gold bearing areas located out on the pediment under the alluvial cover as identified by biogeochemical and geophysical surveys.

Assays were performed by ALS Chemex Laboratories, located in Vancouver, B.C.

Significant manganese assays are as follows:



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Hole # Feet Mn% CU%
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TM-07-003 130 - 135 34.1 NSA
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135 - 140 40.4 NSA
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140 - 145 31.1 NSA
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145 - 150 1.7 2.27
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Samples from 105 - 125 feet in hole # TM-07-003 are being tested in 5 foot intervals for manganese and barium over limits are being re-assayed.

Hole # TM-07-003 is located 250 meters southeast from hole # TM-07-009 and has an untested zone with a strike length of over 1,200 meters, the next closest hole being hole # TM-07-011.

The old workings of a small scale past producing high grade manganese mine is located approximately 600 meters southeast from hole # TM 07-011 and the mine operated in the early 1900's and the manganese was used for steel production during the war effort. Production figures for this operation are not known or available from the US Geological Servey.

Manganese is one of the primary ingredients for the production of steel and there is currently little to no commercial production in the US.

The exploration program was originally initiated to test for gold in the four areas to target the silicified zones contained within the Joanna Limestone and Chainman Shale, rock types similar to rocks that host other disseminated gold/silver deposits of northeast Nevada.

The drilling program intersected gold values within the silicified zones of Joanna Limestone and Chainman Shale contacts and assays are as follows:



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Hole # Feet Au grams
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TM-07-002 240 - 245 1.02
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TM-07-004 380 - 400 0.17
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TM-07-007 50 - 70 0.12
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70 - 90 0.22
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90 - 110 0.25
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110 - 130 0.10
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130 - 150 0.11
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In light of the new discovery, the Company is examining the data from the 2006 - 2007 field work as well as the completed drill program to design an extensive drill program to delineate the manganese zone and further test the gold/copper potential.

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

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.

On Behalf of Management

Edward Lee, President and Director

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.

Visit our website to watch Larry Reaugh, CEO of Molycor Gold Corp. interview with Stanlie Hunt of SmartStox Talk Show. www.smartstox.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.

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

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