MLYF Western Magnesium Corporation (CE)

Edward Lee, President of Molycor Gold Corp. (TSX VENTURE: MOR)(PINK SHEETS: MLYFF)(FRANKFURT: M1V) ("Molycor" or the "Company") is pleased to report that further to the Company's news release dated August 5, 2011, the Preliminary Economic Assessment Report for the Company's 100% owned Tami-Mosi Magnesium Project has been filed on SEDAR and can be accessed at http://media3.marketwire.com/r/TamiMosiSEDAR. The Report suggests an economically attractive opportunity to produce 30,000 tonnes of 99.9% pure magnesium ingot annually for 30 years within the United States from its inferred 412 million tonne dolomite deposit containing 111 billion pounds of magnesium.

About Magnesium:

Magnesium is a widely used industrial metal categorized by its high strength and light weight; the supply of which has undergone dramatic change. Production of the metal from source has almost ceased in Canada and the United States with only one producing company in Utah remaining. During 2010 China produced 82% of the world's primary supply. The total world production is estimated at approximately 800,000 metric tonnes (2008 United States Geological Society). This distortion of the market led to anti-dumping charges and the imposition of an import duty on foreign produced magnesium by the United States; this dependence on virtually only one North American source presents opportunity. The price of magnesium outside the US is currently US$3,350 a metric tonne or US$1.52 lb (Metal Pages, 2011-07-07). The metal has enjoyed a favorable price for decades and has reached over US$6,000 a metric tonne or US $2.72/lb in times of high demand.

Molycor's Goal:

The Company plans to advance the Tami-Mosi Magnesium Project toward prefeasibility and feasibility studies over the next eighteen months on its NI 43-101 inferred resource of 111 billion pounds Mg in Nevada.

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.

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