Tami Mosi Magnesium Dolomite Returns High Purity

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Tami Mosi Magnesium Dolomite Returns High Purity

posted on Jan 20, 2009 01:17AM

January 20, 2009

Molycor Gold Corp.: Tami Mosi Magnesium Dolomite Returns High Purity

Results From Hole #TM-08-23 and 24 Reported

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 20, 2009) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) (the "Company") is pleased to announce Teck Cominco Global Discovery Lab in Vancouver, BC has analyzed a composite sample from the Tami Mosi property in Nevada. The sample was taken from hole #TM-07-13 over a 30 foot section from 270 - 300 feet. Hole #TM-07-13 assayed 11.40% Mg over 540 feet (164.6 meters) from a five foot depth (1.5 meters).

The result as outlined below is a pure form of Dolomite virtually identical to the National Bureau of Standards ("NBS"), "Standard 88B":

----------------------------------------------------------------
                    Si02  Ti02  Al203  Fe203   Mn0    Mg0    Ca0
Sample                 %     %      %      %     %      %      %
----------------------------------------------------------------
Hole #TM-07-13      1.25  0.01   0.22   0.10  0.01  20.95  29.91
270ft - 300ft
----------------------------------------------------------------
NBS "Standard 88B"  1.15  0.02   0.35   0.30  0.07  21.14  29.79
----------------------------------------------------------------


---------------------------------------------------------
                     Na20   K20  P205    Ba    L0I  Total
Sample                  %     %     %     %      %      %
---------------------------------------------------------
Hole #TM-07-13       0.01  0.01  less  less  46.78  99.27
270ft - 300ft                    than  than
                                 0.01  0.01
---------------------------------------------------------
NBS "Standard 88B"   0.01  0.03  0.01  less  46.93  99.80
                                       than
                                       0.01
---------------------------------------------------------

Magnesium Assays

The Magnesium/Dolomite strike distance is indicated to be 8,500 feet (2,600 meters) between holes TM-07-03 and TM-08-24 (see press release dated March 14, 2008).

Results from the drilling in 2008 at the Tami Mosi are as follows:

---------------------------------------------------------
             From/To    From/To   Width     Width
Hole #         (Feet)   (Meters)  (Feet)  (Meters)   % Mg
---------------------------------------------------------
TM-08-23   165 - 520   50 - 158     355       108   11.98%
---------------------------------------------------------
TM-08-24    75 - 390   23 - 119     315        96   11.24%
---------------------------------------------------------

Assays were performed by ALS Chemex Laboratories located in Vancouver, BC.

Hole number TM-08-23 ended at 520 feet grading 12.85% Mg and hole number TM-08-24 ended at 390 feet grading 12.60% Mg.

Drill holes in the manganese discovery area did not encounter any significant manganese. Only two holes were drilled in the magnesium discovery area.

The United States currently sources its Magnesium largely from overseas. Russia and China have been restricted from importing to the United States by anti dumping duties.

The demand for this light metal has grown dramatically and the result is felt in the market. Magnesium currently trades at $2.30/lb as reported by MetalPrices.com on January 11, 2009.

This press release has been reviewed by John W. Fisher, P.Eng, a qualified person under NI 43-101.

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. website at www.molycor.com.

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