FOR
IMMEDIATE RELEASE
MOLYCOR
ENTERS OPTION AGREEMENT
February 4, 2008 - Vancouver, British
Columbia
Molycor
Gold Corp. (the �Company�) (MOR-TSX.V; Frankfurt-M1V; Pink Sheets-MLYFF) is pleased to announce
that it has entered into an option agreement with Temoris
Resources Inc. (�Temoris�) of Quebec whereby Temoris will acquire a 70% interest in the Beaverdell silver property located along side Highway 33
south east of Kelowna, British Columbia.
To
acquire its interest, Temoris will have the following
commitments to Molycor:
Year 1:
|
Pay:
$10,000 in cash upon signing
Issue: 100,000 shares
Carry out: $150,000 work program
|
Year 2:
|
Pay: $20,000 in cash
Issue: 200,000 in
shares
Carry out: $200,000 work program
|
Year 3:
|
Pay: $30,000 in cash
Issue: 300,000 in
shares
Carry out: $250,000 work program
|
A finder�s fee is payable
by Molycor to Eli Stratulat
consisting of 10% of the cash component and 5% payable on work commitment
payable in cash and/or stock.
Molycor Management
looks forward to the ensuing relationship between the two companies and the
future exploration development that Temoris has
planned for the property.
The
Beaverdell property has intermittent past production (from
1906-1961) of rich ore consisting of 8,942 tons averaging 183 oz/ton silver,
8.67% zinc, 6.06% lead and .049
oz per ton gold (MINFILE Production Report). The largest
producer the "Wellington" Lot #2621 was active most years from 1920-1954.
Production from the Wellington
was 8003 tons producing 1,507,393 ounces silver, 1,456,185 lbs zinc, 960,482 lbs lead, and 367 ounces of gold.
�/2
About Molycor Gold Corp.
Molycor is a
diversified precious and base metal exploration and development company focusing
on molybdenum exploration in British Columbia
and gold exploration in Nevada.
On Behalf of
Management
�Edward Lee�
Edward Lee
President and 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.
Visit our
website to watch Larry Reaugh, CEO of Molycor Gold
Corp. interview with Stanley
Hunt of SmartStox Talk Show.
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@molycor.com
www.molycor.com
The TSX-Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release.