Molycor Gold Corp.

Molycor Gold Corp.

December 06, 2006 15:23 ET

Molycor Gold Corp.: Ridgetop Exploration Identifies Four Gold and One Silver Target

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 6, 2006) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FWB:M1V) is pleased to announce the identification of four gold bearing targets on the Ridgetop property, located approximately 30 kilometres southeast of Ely, Nevada, the additional staking of 27 more unpatented claims at Ridgetop, bringing the total to 42 claims and the acquisition of the Jo property consisting of 17 unpatented claims containing possible silver and gold targets.

The RT and Jo properties consist of 59 unpatented claims covering 1180 acres and are located in the Taylor Silver District of White Pine County approximately 30 kilometers southeast of Ely, Nevada. The Jo and the South Ridgetop (SRT) and West RT claims share common boundaries with Fury Exploration's newly acquired, but inactive Taylor Silver mine to the south and the "Chipps" gold occurrence to the north and west.

The North RT is located at the north end of the original RT claims and is marked by a prominent north-south trending jasperoid developed along a high-angle fault between the Joana Limestone and Guilmette Limestone. The zone is exposed over a strike length of nearly 500 meters and is open to the south. The southern end of the zone has surface gold values up to 0.6 g/t with strongly anomalous arsenic, antimony and mercury. The underlying Pilot Shale, the host rock of several disseminated gold deposits of eastern Nevada, has not been drill-tested at the southern end of the target.

The Central RT target is defined by a north-east trending, fault-controlled rib of silicified shale that occurs in a 300m x 500m fault-bounded block of Pilot Shale. Surface gold values are up to 0.7 g/t and are associated with anomalous concentrations of arsenic and antimony. Amselco, a former US subsidiary of BP Selco, held the original RT claims (Central zone) in good standing for over ten years and indications are that considerable development had occurred. Evidence of 2 drill holes can be seen along the old drill roads built in the 1980's and results of the drilling are unknown. Molycor is actively pursuing the original data.

The South RT (SRT) claims were staked to cover extensions of known zones of silicification in prospective rocks. Mapping at the SRT claims has identified a prominent zone of silicified limestones and siltstones at the Guilmette/Pilot Shale contact that measures over 500 meters along strike. Results for eight surface rock samples collected while staking show gold values up to 0.549 g/t along the Pilot/Guilmette contact with very high silver and base metal values (278 g/t silver and combined lead-zinc of nearly 7%) indicating potential exists for both disseminated, Carlin-type gold mineralization and silver-rich Taylor-type ores.

The West RT target lies west and south of the Central RT and has been identified as a probable northern extension of a drill-indicated gold occurrence (the Chipps zone) identified by Alta Gold in the early 1990's. The "chipps" zone is now controlled by Fury Exploration and occurs in the lower Chainman Shale near the contact with the underlying Joana Limestone. Alta Gold, continuing work started by Nerco Minerals, defined a near-surface oxidized gold resource containing (this is a historic calculation non 43-101 compliant) 15,600 ounces averaging 0.013 oz/ton Au within the "chipps" zone measuring 91 meters x 152 meters (300 x 500 feet) (J. Robinson, Alta Gold Company report). Rock sampling of jasperoids by Molycor in the upper Joana Limestone on the West RT claims just north of the "Chipps" gold occurrence returned gold values in the tenths of grams per ton with highly anomalous mercury, arsenic and antimony.

The Jo claims share common borders between the Taylor Mine to the south and the "Chipps" zone to the north and indicate a target within the potentially continual north-south trending strike length of Taylor-type ores. Sampling at the Jo claims to date is limited to those collected while staking. Results of five samples show the altered area is rich in silver (up to 162 g/t) and base metals (up to 3.4% combined lead and zinc) but low in gold. Recent detailed mapping at the Jo claims has identified a zone of silicification south of, and in the same stratigraphic horizon as the Chipps zone. It appears this silicified zone to be a southern extension of the Chipps mineralization. Results of outcrop sampling are awaited.

The Company is confident that potentially two separate yet parallel trending zones exist, one trending southwest to northeast with gold mineralization from the SRT extending to NRT and one trending south to north with silver base metal and gold mineralization from the Taylor Mine to the Jo claims continuing through the "Chipps" deposit to the West RT claims. Surface sample assays were performed by ALS Chemex in Reno, Nevada.

Biogeochemical surveys were carried out by and under the direction of Shea Clark Smith, P. Geo., over three of the four known targets on the Ridgetop property. A total of approximately 250 samples were collected with results and interpretations expected in early December. Biogeochemical assays were carrier out by Acme Analytical in Vancouver, British Columbia.

Molycor is currently awaiting all field work data and geochemical analyses in order to facilitate drill program recommendations.

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

This news release was reviewed by Dick Addison, P. Eng. a qualified person under NI43-101.

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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