Molycor Gold Corp.

Molycor Gold Corp.

September 03, 2009 17:50 ET

Molycor's Private Placement Oversubscribed


Further to the Company's earlier announced news release, the Company wishes to announce that it has increased the size of its non-brokered private placement from 7,000,000 units up to 8,889,250 units at a price of $0.08 per unit (the "Units") for aggregate proceeds of up to $711,940.

Each Unit is comprised of one common share in the capital of the Company plus a two year share purchase warrant (the "Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.12 for two years from the date of issue. All of the securities issued pursuant to this private placement will have a hold period expiring four months and one day after the closing date.

This private placement could be subject to Finder's Fees which will be paid in accordance with the TSX Venture Exchange policies and is subject to the approval of the regulatory authorities.

The Company closed the first portion of this private placement on August 24, 2009 raising gross proceeds of $224,180 comprising of 2,802,250 units.

About Molycor Gold Corp.

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

On Behalf of Management

Larry W. Reaugh, Chief Executive Officer

Watch the SmartStox Online TV Talk Show with Larry Reaugh, Chief Executive Officer of Molycor Gold Corp.

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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