Molycor Gold Corp.
TSX VENTURE : MOR
PINKSHEETS : MLYFF
FRANKFURT : M1V

Molycor Gold Corp.

February 22, 2012 11:00 ET

Molycor Options Nevada Gold Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2012) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINKSHEETS:MLYFF)(FRANKFURT:M1V) ("Molycor" or the "Company") is pleased to announce the completion of an option agreement to Pilot Gold Inc. ("Pilot Gold") where by Pilot Gold could earn a up to a 70% of the right, title and interest to acquire the Griffon Gold property, located on the southern Battle Mountain - Eureka trend 45 miles (75 km) south of Eureka, Nevada.

The Griffon Property

Alta Gold produced approximately 90,000 ounces of gold from two Carlin-type deposits hosted along the contact between the Mississippian Chainman Shale and Joana Limestone. Including the drill holes that defined the Discovery Ridge and Hammer Ridge deposits, a total of only 208 historic drill holes have been drilled, most of which were mined out. Griffon represents a very target-rich opportunity. The companies believe strong potential exists for the discovery of additional deposits at the same favorable horizon beneath cover, and new, more extensive deposits beneath the Joanna at the contact with the underlying Pilot Shale Formation. Due to Alta Gold's bankruptcy, a proposed pit expansion for the Hammer Ridge deposit was never approved, leaving an undetermined amount of gold in the ground. The Griffon Property consists of a core of 64 unpatented lode mining claims, plus 159 claims staked by Pilot within the AOI covering 4,401 acres (1,781 hectares).

Option Agreement Summary

The option agreement signed by Molycor allows Pilot Gold to earn an initial 60% by paying Molycor a total of $US119,636 cash, issuing 120,000 of its common shares and incurring $US750,000 in exploration and development expenses over a four year period with the right to earn an additional 10% in the Griffon Property. The initial work commitment of $US100,000 must be completed prior to the earlier of the 2nd anniversary of the agreement, or upon receipt of first phase drilling permits.

About Pilot Gold Inc.

Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Pilot Gold's key assets include interests in the Halilaga and TV Tower projects in Turkey, and the Kinsley Mountain project in Nevada. Griffon will join Pilot Gold's large future growth pipeline - a portfolio focused on high-quality, sediment-hosted gold systems.

About Molycor Gold Corp.

Molycor is a diversified precious, speciality and base metal exploration and development company focusing on magnesium, molybdenum and gold exploration and development in North America.

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. We seek safe harbor.

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

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