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

Molycor Gold Corp.

June 02, 2009 06:00 ET

Molycor Gold Corp.: New Gold Mineralization Discovered on Davis Gold Property; Rock Chip Samples Assay Up to 14 Grams Per Ton

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 2, 2009) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) (the "Company") is pleased to report the discovery of 3 new zones of gold/silver mineralization on its Davis Property. Outcrop chip samples on the Central Zone assayed 14 g/t gold, 13.8 g/t silver and a 0.5m channel sample on the Atwood Zone assayed 1.9 g/t gold and 674 g/t silver and a grab sample on the Butler Zone assayed 12.9 g/t gold and 416 g/t silver.

The Davis property is 100% owned by Molycor and is located 13 km south of Gabbs, Nevada.

Exploration has been on going since the fall of 2007 consisting of geological mapping in conjunction with rock chip sampling and soil geochemical programs that have identified a total of 6 mineralized gold/silver anomalies.

These anomalies include the Davis, the Butler 1, the Butler 2, the Central, the Sinter and the Atwood Zones (See map attachment: http://media3.marketwire.com/docs/moly.pdf).

Significant rock chip and grab sample results from new zones are listed in the table below:



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Zone Sample # Sample Type Gold g/t Silver g/t
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Central PM-451 Grab 0.9 34.8
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Central PM-452 Rock chip/0.3m 2.3 4.5
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Central PM-453 Rock chip/random 0.7 2.6
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Central PM-454 Rock chip/1.5 2.6 94.0
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Central PM-455 Rock chip/random 2.5 40.8
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Central PM-456 Rock chip/random 1.8 305.0
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Central PM-457 Rock chip/random 2.6 47.3
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Central PM-458 Rock chip/1.0m 0.2 8.4
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Central PM-459 Rock chip/1.5m 14.0 13.8
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Central PM-460 Rock chip/1.0m 1.5 21.4
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Central PM-461 Rock chip/random 1.3 25.9
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Butler PM-365 Rock chip/random 0.7 21.2
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Butler PM-366 Rock chip/0.5m 0.2 19.4
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Butler PM-367 Rock chip/1.0m 0.2 3.9
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Butler PM-368 Rock chip/random 0.3 56.4
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Butler PM-369 Rock chip/1.0m 0.2 4.4
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Butler PM-370 Grab 4.1 6.5
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Butler PM-373 Grab 12.9 416.0
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Butler PM-376 Rock chip/0.5m 1.0 35.8
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Butler PM-449 Rock chip/0.1m 2.5 97.8
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Butler PM-450 Rock chip/4.0m 0.3 29.1
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Atwood PM-357 Rock chip/0.5m 1.9 674.0
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Atwood PM-398 Grab 3.8 564.0
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Atwood PM-401 Rock chip/random 2.1 20.6
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Atwood PM-403 Rock chip/0.5m 1.1 24.1
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Atwood PM-405 Rock chip/random 0.4 19.5
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Atwood PM-406 Rock chip/1.0m 4.1 463.0
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Atwood PM-407 Grab 0.7 68.5
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Atwood PM-410 Grab 2.1 12.5
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Atwood PM-411 Grab 1.4 121.0
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Atwood PM-419 Rock chip/0.5m 1.4 32.4
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Atwood PM-424 Rock chip/random 3.4 30.4
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Sinter PM-439 Rock chip/1.0m 3.79 3.8
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Sinter PM-440 Rock chip/random 0.1 1.4
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Sinter PM-442 Rock chip/random 0.1 -0.5
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Sinter PM-443 Rock chip/random 0.1 -0.5
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Sinter PM-447 Rock chip/0.5m 0.1 15.8
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Sinter PM-448 Rock chip/1.0m 7.36 79.3
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Sinter PM-469 Rock chip/random 0.4 0.5
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Sinter PM-471 Rock chip/random 0.9 4.4
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Anomalies at the Davis project show potential for high-grade, epithermal gold/silver veins, as well as strata-bound mineralized zones similar to the nearby Paradise Peak Mine (1.46 M oz gold and 38.9 M oz silver) which was active from 1985 to 1995.

The Davis Zone is a 400 meter (1200 foot) long outcropping silicified zone parallel to a prominently outcropping rhyolite dike. Gold and silver occur in epithermal veins that were drilled by US Mining and Smelting Co. (USSRAM) from 1974 to 2004. A property summary, written for USSRAM summarizing their results, reported significant material that averaged 0.11 ounces/ton gold in six of the eleven holes at the Davis Mine. Molycor drilled seven diamond (HQ core) drill holes totaling 2948 feet to test for mineralized extensions along strike to the north and south and also test for mineralization up dip of the known zones. Gold and silver values returned highs of 3.53 g/t (0.105 opt) gold over 4.3 meters and 11.8 opt silver over 1.3 meters (See news release dated Nov 24, 2008). A step out drilling program south along strike and to depth will focus on expanding the zone where the vein is believed to be thicker.

The Central Zone is an epithermal vein type target hosting gold and silver mineralization situated between the Davis vein and the Butler mine. Exposed on surface, the zone has a 900 meter strike length and contains a broad zone of sub-parallel veins of quartz and brecciated quartz trending N60W to N80W and dipping steeply to the south. Gold up to 14 g/t and silver up to 305 g/t occur in veins as wide as 1.0 to 1.5 meters within the zone. The intersection of this newly described vein system with the well known Davis vein may have created the permeability and porosity to form a larger mineralized zone at depth.

The Butler 1, 2 and Atwood Zones contain epithermal gold and silver veins overprinted by base metal-rich polymetallic veins in the hanging wall of a rhyolite dike that stretches on surface along a strike length over 2200m (+7000 feet). Outcrop rock chip samples collected along the trend returned highs of 4 g/t gold and 674 g/t silver, while dump grab samples contained up to 12 g/t gold and 674 g/t silver. These three zones were further defined by a systematic geochemical soil sampling program consisting of 880 samples being taken along the strike length. In 1980/81 USSRAM drilled three holes along the trend, Hole #BCS4-80 intersected 2.5 feet of 0.17 opt gold and 8.23 opt silver and hole #BCS-6-81 intersected 40 feet of 0.04 opt gold. There is no data for the third hole. Molycor plans to follow up on the USSRAM gold intercepts and to test the coincident gold and silver geochemical anomalies for mineralization in the hanging wall of the dike/quartz vein complex.

The Sinter Zone is a strata-bound gold target beneath intensely silicified and brecciated rhyolite ash flow tuffs (similar to Paradise Peak host rocks) covering a strike length over 1400 meters west of and parallel to the Davis vein. Bladed quartz after calcite, adularia and colloform banded silica veins along the trend are indicative of boiling within the hydrothermal system creating conditions conducive to gold and silver mineralization. Siliceous sinter preserved sporadically along the strike length of the silicified trend is characterized by large outcropping masses of rhythmically banded chalcedonic quartz. Rock samples from the banded quartz veins within the silicified breccias along strike of the Sinter zone contain gold up to 3.39 g/t gold and silver up to 30.4 g/t with anomalous arsenic, antimony and mercury.

-Chairman and CEO Larry Reaugh-

"All the Zones have excellent potential, but the Sinter discovery is potentially one of the most exciting zones currently on the property; due to the potential size and similarities to that of the geological model of the past producing Paradise Peak mine."

Molycor controls 171 unpatented mining claims (approximately 400 acres) at their Davis Project. Gold, silver and mercury with minor lead and copper were produced within the claims intermittently until about 1943 from numerous small prospects and mines, 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 M oz gold and 38.9 M oz silver, 5 miles west of the Davis mine) by FMC Gold Company in 1983.

Geological surface mapping and rock sampling has been completed on 50% of the property. The Company is currently planning an exploration program to include geochemical sampling and geological mapping on the rest of the property as well as drilling programs for all six mineralized zones identified to date. A costing for a NI 43-101 resource study on the Davis Zone has also been planned.

- Analyses were conducted by ALS Chemex Ltd., located in Vancouver, British Columbia using Au AA23 for Au and ICP ME-61 for Ag and other metals

- g/t means grams per short ton

This news release was reviewed by Norm Tribe, P.Eng, a qualified person 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. 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.

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

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