FOR IMMEDIATE RELEASE
MAGNESIUM
RESULTS INDICATING LARGE RESOURCE IN NEVADA
March 14 2008 - Vancouver, British Columbia
Molycor Gold Corp. (the �Company�) (TSX.V-MOR; Frankfurt-M1V; Pink Sheets-MLYFF) is pleased to announce the
discovery of magnesium grading up to 11.4% over 540 feet (164.63 meters) from
the Phase I drilling program carried out on the Tami-Mosi
Gold Property located 6.5 miles south of Ely, Nevada.
Assays were performed by ALS Chemex
Laboratories, located in Vancouver,
BC.
Geochemical analysis are
as follows:
HOLE#
|
FEET
|
METERS
|
INTERVAL (FT)
|
Mg%
|
|
|
|
|
|
TM-07-003
|
280-500
|
67.07
|
220
|
10.2
|
TM-07-004
|
320-520
|
61.00
|
200
|
9.5
|
TM-07-005
|
500-590
|
27.44
|
90
|
10.5
|
TM-07-006
|
380-600
|
67.07
|
220
|
12.1
|
TM-07-007
|
10-270
|
79.27
|
260
|
9.2
|
|
390-655
|
80.80
|
265
|
10.7
|
TM-07-010
|
185-500
|
96.04
|
315
|
9.3
|
TM-07-013
|
10-540
|
164.63
|
540
|
11.4
|
The drill program consisted
of a total of 14 reverse circulation holes totaling 8,420 feet (2,567 meters).
The strike length potential of the magnesium measures over 8,200 feet (2,500 meters)
from holes TM-07-003 to TM-07-013.
Like many of the world�s
commodities, magnesium has steadily risen. China produced 659,300 mt of pure magnesium in 2007, up 25.44% compared with
525,600 mt in 2006. The latest completed spot price for Mg metal
is US$4,425/tonne (US$2.00/lb) by IndianMetals.com (March 11, 2008).
The Company will be testing
the metallurgy and investigating the potential for industrial applications for
magnesium.
The Company is still
awaiting high analytical returns (greater than 10,000 ppm)
from the ICP over limits of barite from hole #
TM-07-003 and will be reported on when received.
A drilling program is
currently being designed and permits applied for to explore the earlier
reported manganese results and magnesium potential (see news release dated
February 22, 2008).
This news release was
reviewed by Dick Addison, P.Eng, a qualified person recognized under NI 43-101.
About Molycor Gold Corp.
Molycor is a diversified precious
and base metal exploration and development company focusing on molybdenum
exploration in British Columbia and gold
exploration in Nevada.
On Behalf of
Management
Edward Lee
President and Director
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 Stanlie
Hunt of SmartStox Talk Show. www.smartstox.com
Information
Contact
Edward Lee
President & Director
Head Office: 2A
15782 Marine Drive,
White Rock, B.C. V4B 1E6
Telephone:
604-531-9639 Facsimile:
604-531-9634
Email: info@molycor.com
www.molycor.com
The TSX-Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release.