VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 21, 2008) - Molycor Gold Corp. (TSX VENTURE:MOR - News; PINK SHEETS:MLYFF - News; FRANKFURT:M1V - News; the "Company") has renegotiated an agreement to purchase a 33.33% interest along with Goldrea Resources Corp. (TSX VENTURE:GOR - News; 33.33%) and Rocher Deboule Minerals Corp. (TSX VENTURE:RD - News; 33.33%) in two coal lease permit applications. The coal lease permit applications and related agreements with Rain Investments, Ltd., a corporation that is arms length to the Company, announced in the July 16, 2008 press release and referred to as the North Central group and the Alberta Saskatchewan boundary group, have been renegotiated. The revision of the Company's 1/3 portion of the purchase price is the sum of $14,166 (paid to the vendor).

The North Central group is no longer to be acquired. The sum of $48,186 in filing fees paid to the Saskatchewan Government is to be returned to the Company, subject to refund adjustment. The issuance of 600,000 shares of the Company's common stock is no longer to be paid.

In summary, at this time, the Company holds a 1/3 interest in the property described as:

The Alberta Saskatchewan boundary group comprises 34 coal permit applications covering 70,227 acres. The permit applications cover the Macklin Coal field reported in Assessment Report 72N-0001 by Luscar Ltd. dated March 1987. The Macklin Coal field is reported to contain 54 million tonnes of sub-bituminous "A" rank coal(i).

This acquisition has been achieved without share consideration and with no outstanding cash obligation.

(i) Where historical estimates are referred to, the Company has no classification of the resource or reserve, and the Company has not obtained enough of the original data and has not done the work necessary to verify the classification of a resource or reserve. The Company is not treating the estimates as a NI 43-101 defined resource or reserve verified by a Qualified Person, and the historical estimate should not be relied upon.

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.

Contact:

Larry W. Reaugh
Molycor Gold Corp.
Chief Executive Officer
(604) 531-9639
(604) 531-9634 (FAX)
Email: info@molycor.com
Website: www.molycor.com