Molycor Announces $400,000 Private Placement

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/17/10 -- Molycor Gold Corp. (TSX VENTURE: MOR)(PINK SHEETS: MLYFF)(FRANKFURT: M1V) ('Molycor' or the 'Company') is pleased to announce that it has negotiated a non-brokered private placement (the 'Private Placement') of up to 5,000,000 flow-through units (the 'FT Units') at a price of $0.08 per FT Unit, for aggregate proceeds of up to $400,000.

Each FT Unit will consist of one flow-through common share (a 'Flow-Through Share') and one non-flow-through common share purchase warrant (a 'Warrant'). Each Warrant will entitle the holder to purchase one non-flow-through common share (a 'Non-Flow-Through Share') for a period of two years at an exercise price of $0.13. All of the securities issued pursuant to this offering will have a hold period expiring four months and one day after the closing date.

The Flow-Through Shares will entitle the holders to a 100% CEE deduction, a 15% Federal tax credit for grass roots exploration and a 20% tax credit for exploration in British Columbia.

In connection with the Private Placement, the Company has agreed to pay a cash finder's fee of 6% of the aggregate proceeds of the Private Placement and to issue non-flow-through finder's fee warrants (the 'Finder's Fee Warrants') equal to 8% of the number of FT Units subscribed for. Each Finder's Fee Warrant will entitle the holder to purchase one Non-Flow-Through Share for a period of two years at an exercise price of $0.13. The Finder's Fee is payable in accordance with the policies of the TSX Venture Exchange (the 'Exchange').

The Private Placement is subject to Exchange approval.

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.

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

Contacts:

Molycor Gold Corp.

Edward Lee

President

604-531-9639

604-531-9634 (FAX)
info@molycor.com
www.molycor.com