������������������������������� 
FOR IMMEDIATE RELEASE
DRILLING COMPLETE ON NEAR SURFACE TARGET ON
EMPRESS MOLYBDENUM PROPERTY
June 23, 2008 - Vancouver,
British Columbia
Goldrea Resources Corp. (GOR-TSX.V; Frankfurt-GOJ; Pinks-GORAF) and Molycor Gold Corp. (MOR-TSX.V; Frankfurt-M1V; Pink Sheets-MLYFF) are pleased to
announce the completion of the spring drilling program on the Empress/ Crowrea
molybdenum property, located 15 km south of the past producing copper/moly Brenda
mine. The program consisted of 10 BQTW drill holes being drilled in the central
portion of a 730 X 360 meter area for molybdenum (and copper/gold) bearing mineralization.
Together the 2007 and spring 2008 programs include 19 holes drilled totaling
3,493 meters (11,459 feet). Mineralization observed in core from all 19 holes
consists of disseminated and fracture filling molybdenite-pyrite-chalcopyrite
associated with secondary alteration of K-feldspar-magnetite-chlorite-biotite-sericite.
The logging and splitting of the core is expected to be completed over the next
two weeks and sent for analysis.
The
Empress occurrence consists of widespread, low-grade molybdenum (copper/gold)
bearing sulphide
mineralization hosted in Middle Jurassic age, porphyritic biotite-hornblende
quartz monzonite
of the Osprey Lake Batholith.
Significant minerals include molybdenite,
pyrite and chalcopyrite with minor quartz, K-feldspar, sericite, chlorite, kaolinite
and magnetite. The molybdenite
and pyrite are occurring as disseminations, veinlets and in quartz
stringers on a north trending zone. An additional 47 soil samples were taken
from a 500 X 200 meter area at 50 meter spacing (located 900 meters east of
present drilling) in order to explore a north trending zone of previous Mo in
soil anomalies reported by Anaconda Canada Explorations Ltd.
Assays
are being performed by Pioneer Laboratories located in Richmond,
BC.
The
Company is also pleased to report the engagement of Ed Kimura, B.Sc., P.Geo. and Robert
Pinsent,
B.Sc., M.Sc., Ph.D., P.Geo.
to aid
in the development of the Empress/Crowrea molybdenum property on a consulting
basis. Both gentlemen have expertise in moly exploration, notably Endako and
Adanac.
Robert
Pinsent,
B.Sc., M.Sc., Ph.D., P.Geo.
is a
member of the Association of Professional Engineers and Geoscientists of
British Columbia and has degrees from the University of Aberdeen
(Scotland), University
of Alberta and his Ph.D. from the University
of Durham (England).
He worked for Rio Tinto Canadian Exploration Ltd. as an exploration geologist
in the early 1970�s and in 1979 was employed by Placer Development Ltd. (Placer
Dome Inc.) in Vancouver
and worked there for 13 years. He co-authored a paper in the Canadian Institute
of Mining and Metallurgy �Porphyry Volume� on the Ruby Creek molybdenum
project, located in Atlin,
BC in 1995. In 2004, he became the
exploration manager for Adanac Molybdenum Corp. and was responsible for the
field work required to bring the Ruby Creek deposit into NI 43-101 compliance.
Ed
Kimura, P. Geo., is registered as a Professional Geoscientist (P. Geo.) with
the Association of Professional Engineers and Geoscientists of British
Columbia, a life member of the Canadian Institute of Mining and Metallurgy and
a Member of the Society for Economic Geologists. He graduated from the University
of British Columbia with a
Bachelor of Arts and Science degree in geology and physics. He practiced as a
mine geologist, exploration geologist, mine engineer and consulting geologist
for the past 52 years in Canada.
His experience includes six years of underground mine geology in Uranium City
Camp, Saskatchewan, open pit mine geology and exploration at Craigmont
copper mine for 2 years and at Endako molybdenum mine for 15 years with an
additional 4 years of mine engineering at a large open pit molybdenum mine.
Mine geology have been related to mine production planning, ore grade control,
mine and regional exploration, resource and reserve estimations and
geotechnical activities. His mine engineering responsibilities were for mine
production, open pit design, industrial engineering and environmental control.
Mineral exploration activities have included field work from grassroots to
advanced staged exploration projects; identification, acquisition and
evaluation of exploration projects, and managing development stage projects.
Mr. Kimura also has extensive experience in the field of porphyry copper-gold,
epithermal precious metal and Archean
gold deposits.
These
two men bring with them years of experience and are a welcome addition to Molycor�s
exploration team and will be joining Mr. Kikauka, P.Geo. to design an extensive
exploration and development program on the Empress/Crowrea property with a view
towards exploring and developing other geological occurrences located on the
property.
This
news release was reviewed by Andris Kikauka, P.
Geo., a qualified person recognized under NI 43-101.
On Behalf of Management
Edward Lee
President & Director
For
all Molycor
Gold Corp. investor relations needs, investors are asked to visit the Molycor
Gold Corp. IR Hub at http://www.agoracom.com/ir/molycor
where they can post questions and receive answers within the same day, or
simply review questions and answers posted by other investors. Alternatively,
investors are able to e-mail all questions and correspondence to mor@agoracom.com where they can also request addition to the investor e-mail list to
receive all future press releases and updates in real time.
Information
Contact
Edward Lee
President, & Director
Head Office: 2A 15782
Marine Drive, White Rock, B.C. V4B 1E6
Telephone: 604-531-9639 Facsimile: 604-531-9634
Email: info@goldrea.com or info@molycor.com
www.goldrea.com���������������������������������� www.molycor.com
The TSX-Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.