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

Molycor Gold Corp.

October 09, 2008 16:01 ET

Molycor Gold Corp.: Saskatchewan Government Declares Coal Permits in Crown Reserve

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2008) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) (the "Company") announces the cancellation by the Saskatchewan Government of the coal applications announced in the Company's press release of July 16, 2008. The Company has a 33.3% interest in the property along with Rocher Deboule Minerals Corp. and Goldrea Resources Corp.

The property referred to as the Alberta Saskatchewan boundary group or Macklin coal field lies in an area of the Province set aside for the Crown.

Remarkably this was unknown to the Saskatchewan Government at the time the application was filed.

The company will receive a refund of all fees paid to the Saskatchewan Government.

The property consists of 34 coal permits covering 70,227 acres.

The Company no longer holds any interest in coal permits in Saskatchewan.

On Behalf of Management

Larry W. Reaugh, Chief Executive Officer

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.'s February 25, 2008 interview with Agoracom discussing high grade manganese discovery.

Also view his interview with SmartStox Online TV Talk Show. www.smartstox.com/interview/mor.php

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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