Molycor Expands Scope and Adds Additional Consultant to Complete Magnesium Project Team
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/31/11 -- Edward Lee, President of Molycor Gold Corp. (TSX VENTURE: MOR)(PINK SHEETS: MLYFF)(FRANKFURT: M1V) ('Molycor' or the 'Company') reports the Company has expanded the scope of the National Instrument 43-101 Preliminary Economic Assessment report to include producing ferrosilicon and power generation and has signed a consulting contract with MPR Associates Inc. to engage the services of Fred P. Buckingham, Ph.D., P.Eng., a recognized expert in the field of project management, operations and design for power generations systems.
Fred Buckingham, Ph.D., P.Eng., is currently employed by MPR Associates Inc. with over 36 years experience in combustion systems for gas, oil and coal fired boilers, safety systems, process control, project management and business development. He has several publications and is a professional engineer licensed in the state of Texas and is a member of the American Society of Mechanical Engineers and the American Nuclear Society.
Management has completed the task of assembling a competent senior technical team whose goal will be to advance the Tami-Mosi Magnesium Project to be potentially one of the most economic and environmentally advantageous magnesium projects in the world.
About Magnesium:
Magnesium is a widely used industrial metal categorized by its light weight and the supply of which 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 produce approximately 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 its Tami-Mosi Magnesium Project in Nevada toward prefeasibility and feasibility studies over the next eighteen months on its NI 43-101 inferred resource of 53 billion pounds Magnesium.
About Molycor Gold Corp:
Molycor is a diversified precious, specialty 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