VANCOUVER, BRITISH COLUMBIA--(Marketwire - 01/11/11) - Edward Lee, President of Molycor Gold Corp. (TSX-V:MOR - News)(PINK SHEETS:MLYFF - News)(Frankfurt:M1V - News) ("Molycor" or the "Company") is pleased to report the Company has signed engagement contracts with James Sever, M.S., M.B.A., B.S, and Robert Brown, two renowned experts in the magnesium industry to assist the Company with the completion of the preliminary economic assessment study for the Tami-Mosi magnesium project located near Ely, Nevada.James Sever is president of Alpha Omega Engineering Incorporated with over 30 years of non-ferrous metals, chemical, industrial, operational and management experience. From 1989-1998, Mr. Sever was employed by Alcoa and Northwest Alloys Inc. at the Addy Magnesium operation located in Washington State. During this time, his responsibilities increased from Process Engineer to Quality Superintendant. Ultimately he became Technical Manager for production operations. His accomplishments at the Addy operation included doubling both the magnesium production and the reduction plant capacity without capital investment; reducing Repair & Maintenance costs by 8% on a plant wide basis; attaining and maintaining a Return on Assets of greater than 16% over a 3 year period; resurrecting Team Management in the plant; setting safety records for every department managed; inventing a new style high efficiency condenser; implementing quality principles in controls and capability; implemented a tool used in a 6 sigma process control known as "SIPOC" (a model based on Suppliers, Inputs, Process, Outputs and Customers); an 8 step decision making system and a Statistical Process Control that included an Evolutionary Operation analysis system.Robert Brown is president of Robert E. Brown and Associates, a wholly owned subsidiary of Magnesium Assistance Group Inc. and is professionally affiliated with the American Institute of Mining and Metallurgical Engineers. Mr. Brown has over fifty years of industry experience in both ferrous and non-ferrous materials that includes twenty years in the technical management areas of light metal foundries and reduction plants. He consults to major international magnesium companies to assist in evaluation, planning, process design, and marketing and troubleshoots new operations.Mr. Brown is the publisher of "Magnesium Monthly Review" since 1971 and a contributing editor and columnist for "Light Metal Age" and the "Australian Journal of Mining" and has over 25 publications including one titled "Lloyd M. Pidgeon - Magnesium Pioneer" to which he personally met and interviewed Dr. Pidgeon, who was responsible for re-evaluating the original German work and reduced it to a practical and commercial production process. Mr. Brown served as Executive Secretary for the International Magnesium Association (IMA) for three years and participated in a panel of world experts for the IMA and has also provided numerous additional magnesium columns, articles and reviews for other world metals publications.Over his fifty year career, Mr. Brown has held various positions throughout the various stages and departments of magnesium production and operations. One example was being the Director of Magnesium Operations for a 10,000 TPY silicothermic magnesium reduction plant in Selma, Alabama and being responsible for all magnesium production operations including: 1) Quarrying of dolomite ore; 2) Primary reduction of calcined dolomite; 3) Melting and casting all forms of primary magnesium and its alloys; 4) Supervised 200 employees through 3 department heads and 17 foremen. Other positions held during his career included: Chief Metallurgist; Plant Engineer; Project Manager; and Design Supervisor.These two men bring with them decades of experience and are a welcome addition to Molycor's project development team.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 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 Magnesium Project toward prefeasibility and feasibility studies over the next eighteen months on its NI 43-101 inferred resource of 53 billion pounds 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.This news release was reviewed by John W. Fisher, P.Eng, a qualified person recognized under NI 43-101.On Behalf of ManagementEdward Lee, PresidentFor 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.