MOLYCOR ACQUIRING NEVADA PATENTS AND REVIEWS SILVER PROPERTIES
May 10, 2006 - Vancouver , British Columbia
Molycor Gold Corp. (MOR: TSX.V, Pinks: MLYFF, Frank: M1Y) is pleased to announce it has entered into an agreement to purchase 3 patented mining claims (subject to title opinion) located within the newly acquired Silverado claims in Nevada. The patent claims have past silver-base metal production from old underground workings. Twenty-two samples were taken from various dumps on the Silverado property, of which the first two samples M192218 and M192219 came from the patent claims. The sulfide mineralized samples were nearly completely oxidized with only occasional galena noted. The samples were selected by their relative density and assayed by Inspectorate Rocky Mountain Geochemical in Sparks, Nevada. Significant assays are as follows:
Sample Locations
Cu%
Pb%
Zn%
Ag g/t
Ag oz/t
M192218
2.09
12.80
37.30
4415.5
128.7
M192219
.35
21.70
22.10
180.9
5.3
M192220
4.90
6.00
3.20
506.6
14.8
M192227
.06
.19
.23
99.4
2.9
M192231
.90
.73
1.95
2034.6
59.3
M192234
12.10
.02
16.70
72.0
2.1
M192235
4.20
.10
22.60
48.1
1.4
M192236
1.40
1.40
1.30
522.7
15.2
The Silverado Property is located in the Pinto Mining District at the southern end of the gold-rich Battle Mountain Trend in Nevada and has similar geological structures as Barrick’s Archimedes Mine (the Ruby Hill Mine) located 12 miles to the northwest and the recently discovered (11.8 grams per tonne gold over 20 meters) Staccato Gold Resources located 8 miles to the west. The East Archimedes deposit has reserves of 1.0 million ounces gold and is expected to start production mid-2007. (Website: www.barrick.com)
Detailed sampling and mapping is continuing on all of Molycor’s Nevada properties to identify gold and silver bearing structures.
When conditions allow, Molycor will be sending crews to the Beaverdell Silver property to expand the VLF (Very Low Frequency) survey and extend the cross-overs that were identified last season. The Beaverdell Silver Property consists of 27 reverted crown grants that are owned 100% and located 1-4 kilometers southeast of Beaverdell, British Columbia. Eight of the crown grants have had intermittent past production, the largest being the “Wellington”, Lot #2621, which was most active 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. (MINFILE Assessment Report 16772) The claims also adjoin Teck Cominco’s Highland Bell Mine which produced (from 1913 to 1991) a total of 34,594,385 ounces of silver as well as significant copper, gold and cadmium. (MINFILE Assessment Report 15704)
The Highland Bell and Molycor’s properties are hosted within the Wallace granite, which is cut by quartz veins characterized by high silver content. Mineralization is composed of galena, sphalerite and pyrite with lesser amounts of arsenopyrite, tetrahedrite, pyrargyrite, chalcopyrite, polybasite, acanthite, native silver and pyrrhotite.
Molycor is also pleased to announce Mr. David Kwok has been appointed to the position of Chief Financial Officer (“CFO”). Mr. Kwok is currently Adanac Moly Corp.’s CFO and Chief Accountant and a welcome addition to the Molycor team.
This press release has been reviewed by Dick Addison, P.Eng., a Qualified Person pursuant to National Instrument 43-101.
On Behalf of Management
Edward Lee,
President and Director
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