Molycor Gold Corp.: Wardrop Awarded Preliminary Economic Assessment Contract

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/07/10 -- Molycor Gold Corp. (TSX VENTURE: MOR)(PINK SHEETS: MLYFF)(FRANKFURT: M1V) ('Molycor' or the 'Company') is pleased to announce it has engaged Wardrop, a Tetra Tech Company (Wardrop), the contract to complete a Preliminary Economic Assessment Study for the 100% owned Tami-Mosi Magnesium Project, located 6.5 km east of Ely, Nevada.

Wardrop will be assembling a team and assigning qualified persons to complete the scope of work for the NI 43-101 preliminary economic assessment study. The work will include project management, geology, mining, metallurgical processing, environmental considerations, financial analysis, capital and operating cost estimates.

The preliminary economic assessment study is to be based on the NI 43-101 Inferred Resource Study by N. Tribe and Associates of Kelowna, BC as reported July 7, 2009 that quotes 236,183,772 tonnes of an inferred resource at a grade of 10% Mg.

The NI 43-101 Resource Study Estimate at an 8% Mg cut-off is summarized as follows:

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           INFERRED RESOURCE CALCULATIONS FOR THE TAMI-MOSI
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                               TONNAGE       GRADE              POUNDS
                                Tonnes        % Mg                  Mg
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INFERRED RESOURCE          236,183,772          10      51,748,568,012
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About Wardrop (www.wardrop.com)

Wardrop is a multi-disciplined consulting and engineering firm that provides innovative solutions for the natural resource management, energy and infrastructure markets globally. Wardrop currently has 1,200 employees who work collaboratively throughout its North American and overseas operations.

Wardrop is part of Tetra Tech (www.tetratech.com) a leading provider of consulting, engineering, program management, construction and technical services. The combined companies have more than 12,000 employees worldwide and capabilities that span the entire project lifecycle.

About Magnesium

Magnesium is a widely used industrial metal categorized by its light weight and the supply of has undergone dramatic change. The production of the metal from source has almost ceased in Canada and the United States with only one company in Utah remaining. The Chinese now produce 7/8 of the world's primary supply. The total world production is estimated at approximately 800,000 metric tonnes (2008 USGS). This distortion of the market has led to dumping charges and the incidence of an import duty in the United States; this dependence on virtually only one foreign source presents opportunity. The price of magnesium is currently US$3,300 a metric tonne or US$1.50 lb (Minor Metals). The metal has enjoyed a favorable price for decades and has reached US$6,000 a metric tonne in times of demand.

Molycor's Goal

The Company plans to advance the Tami-Mosi project toward prefeasibility and feasibility studies over the next eighteen months.

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.

This news release was reviewed by John W. Fisher, P.Eng, a qualified person recognized under NI 43-101.

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