MLYF Western Magnesium Corporation (CE)

Molycor Gold Corp. (TSX VENTURE: MOR)(PINK SHEETS: MLYFF)(FRANKFURT: M1V) ("Molycor" or the "Company") is pleased to announce that the Company has closed its Non-Brokered Private Placement announced in its news releases dated on August 29, 2011 and September 22, 2011.

The total amount raised pursuant to the private placement was $238,500 which was comprised of 5,975,000 units at a price of $0.06 per unit ("Units").

Each Unit is comprised of one common share in the capital of the Company (a "Share") plus a two year share purchase warrant (a "Warrant). Each Warrant entitles the holder to purchase one common share at a price of $0.12 per share at any time up to 5:00 pm (Vancouver time) on February 26, 2013. All of the securities issued pursuant to this offering will have a hold period expiring four months and one day after the closing date.

The proceeds of the private placement will be used towards general working capital. The Company has paid finder's fees totaling $12,660 and issued 8,000 broker warrants, in connection with the private placement.

About Molycor Gold Corp.:

Molycor is a diversified precious, speciality and base metal exploration and development company focusing on magnesium, molybdenum and gold exploration and development in North America.

On Behalf of Management

Larry W. Reaugh, Chief Executive Officer

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. Larry W. Reaugh Chief Executive Officer 604-531-9639 604-531-9634 (FAX) info@molycor.com www.molycor.com