Goldrea Resources Corp. and Molycor Gold Corp.: Diamond Drilling Update-Crow-Rea West Empress Molybdenum Project

VANCOUVER, BRITISH COLUMBIA, Jan 03, 2008 (MARKET WIRE via COMTEX) -- Goldrea Resources Corp. (TSX VENTURE: GOR)(PINK SHEETS: GORAF)(FRANKFURT: GOJ) and Molycor Gold Corp. (TSX VENTURE: MOR)(PINK SHEETS: MLYFF)(FRANKFURT: M1V) are pleased to announce that diamond drilling in November, 2007 consisted of 9 drill holes ranging from 514-855 feet (156.7-260.6 meters) in depth which have been completed on the Empress porphyry Mo project. The objective of these drill holes are to test a 250 X 250 meter area for molybdenum (and copper-gold) bearing mineralization. Geochemical analysis results from the first 3 drill holes are listed as follows:

DDH 07-EMP-1: interval 3-21 m depth 18 m @ 0.077% Mo
             interval 33-54 m depth 21 m @ 0.075% Mo
             interval 147-153 m depth 6 m @ 0.077% Mo
DDH 07-EMP-2: interval 3-27 m depth 24 m @ 0.080% Mo
DDH 07-EMP-3: interval 3-24 m depth 21 m @ 0.064% Mo

The Empress molybdenum prospect outcrops on the crest of a broad west-trending ridge separating the headwaters of Empress Creek to the northwest from Shinnish Creek to the south. The Empress prospect covers a 730 X 360 meter area (elongated north-south) and consists of widespread, low-grade molybdenum (and copper-gold) bearing sulphide mineralization hosted in Middle Jurassic age, porphyritic biotite-hornblende quartz monzonite of the Osprey Lake Batholith. The Empress occurrence is classified as a Mo (Cu-Au) porphyry characterized by disseminated, fracture filling and quartz vein sulphide mineralization. Significant minerals include molybdenite, pyrite and chalcopyrite with accessory and minor quartz, K-feldspar, sericite, chlorite, kaolinite, and magnetite. Pyrite and molybdenite occur as disseminations and veinlets, and in quartz stringers in a north trending zone. Magnetite and increased K-feldspar is associated with fracture filling mineralization.

In 1968, Anaconda Canada Ltd. outlined anomalous stream sediment from the upper Empress Creek area. Follow-up work included soil samples, trenches, seismic geophysics, and 1,122 meters (3,681 feet) of percussion drilling. A summary of significant intercepts from the 15 percussion drill holes Anaconda drilled in 1981 are listed below:

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Percussion drill      From       To   Width   % Mo
hole number
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81-2               36.65 m  45.75 m   6.1 m  0.037
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81-4               21.35 m   24.4 m  3.05 m  0.070
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81-7                24.4 m  27.45 m  3.05 m  0.038
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81-9                9.15 m  57.95 m  48.8 m  0.050
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81-11               36.6 m  39.65 m  3.05 m  0.038
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81-13               30.5 m  33.55 m  3.05 m  0.056
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81-14              33.55 m   36.6 m  3.05 m  0.030
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Geochemical results reference: EMPR Assessment Report 10,434, Appendix 2

A comparison of % Mo geochemical results from 2007 diamond drill holes (07-EMP-1 to 3), and highlights from 1981 percussion drill holes suggest that recovery of molybdenite mineralization significantly increases with core drilling (diamond drilling) as opposed to percussion drilling (where water has a tendency to rinse away molybdenite). Management plans to collar a diamond drill at the location of percussion drill hole 81-9 in Spring, 2008. Results from diamond drill holes 07-EMP-4 to 9 have not been reported yet. When geochemical analysis is complete, drill holes 07-EMP-4 to 9 will be reported. Andris Kikauka, P.Geo., is the qualified person responsible for reporting Empress project geochemical analysis of drill hole samples.

This news release was reviewed by Andris Kikauka, P. Eng., a qualified person recognized under NI 43-101.

On Behalf of Management

Larry W. Reaugh, President, Chief Executive Officer and Director

View SmartStox Interviews with Larry W. Reaugh on Goldrea & Molycor's websites.

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.

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.

Diamond industry records $12b. in exports in 2007

The Israeli diamond industry recorded its best year to date as exports of polished and rough diamonds in 2007 exceeded $12 billion, the Industry, Trade and Labor Ministry reported on Wednesday.

EXPORTS OF rough and polished diamonds climbed to new records in 2007.
Photo: Ariel Jerozolimski

"2007 was a challenging year globally. Despite that, 2007 was a record year, with exports of polished and rough diamonds exceeding $12b.," said Diamond Controller Shmuel Mordechai. Mordechai noted that the effort to export goods increased considerably, evident from the number of returns - more than 50 percent.

Figures released by the Industry, Trade and Labor Ministry showed that exports of rough diamonds soared 25.5% in 2007 compared with 2006, as $3.4b. worth of goods were shipped out compared to $2.7b. in the previous year. Israel imported $5b. worth of rough diamonds in 2007, a 8% increase over the $4.7b. in 2006.

During the same period, Israel's net polished diamond exports totaled $7b. in 2007- an increase of 7% compared to 2006. Of the total exports, 53% were shipped to the US while polished diamond imports rose 1.3% to $4.5b. in 2007 over the previous year.

Exports to the US totaled $3.4b., followed by Hong Kong, the second leading destination, with $1.3b. worth of goods, or 19% of total polished diamond exports. Exports to Belgium totaled $562 million, followed by exports of $429m. to Switzerland and $109m. to India.

Meanwhile, the Knesset on Monday formerly approved a levy reduction, which will allow Israeli diamond dealers to pay less tax on polished diamonds.

The tax on polished imports has been cut from 2 pro-mille (0.2%) to 1.35 pro-mille (0.135%) and is being put into effect retroactively from the beginning of 2007.

Separately, the Histadrut Labor Organization announced on Wednesday that it has reached a new pension agreement for its diamond industry workers. Under terms of the new agreement, the roughly 3,000 diamond workers in the Histadrut will now be granted a monthly pension of 20.5% of their salary, a significant increase above the current 17.5% level.

"This agreement is a very significant one for the Histadrut and it has opened the door for the arrangement of similar agreements for all of the Histadrut's members," Ofer Eini, Histadrut chairman, said at the signing of the agreement.

Rajesh Exports launches range of diamond jewellery

BANGALORE: The diamond and jewellery company Rajesh Exports Limited launched a range of international diamond jewellery brands on Thursday and said bulk exports are expected to constitute only one-fourth of its total revenues after five years as it focuses on better margin areas.

Bulk exports constitute 92-93 per cent of its total revenues, which are expected to clock Rs 8,000 crore for the year ending March this year, according to REL Chairman Rajesh Mehta.

He told reporters here that the Bangalore-headquartered company would concentrate more on private label exports, diamond jewellery and retail, which offer better operating margins, as bulk export share in overall business is targeted to be brought down to 25 per cent in five years.

Mehta pointed out that while bulk exports offered operating margin of 3.5-4 per cent, it was 14 per cent in case of retail, 20 per cent for private label exports and 35 per cent for diamond jewellery.

Meanwhile, REL is eyeing to reach out to 100 countries with its nine range of diamond jewellery under different brands, uneveiled today, over the next five years.

He said the nine ranges consist of 700 sets of jewellery including traditional, western and Arabian styles, appealing to a wide spectrum of customers and for various occasions such as daily, party and wedding wears, while the affordability factor has been kept in mind.

The company is already in discussions with diamond jewellery distributors and retail chains overseas such as Zara and JC Penny for strategic distribution agreements, he said.

"We want to enter into strategic agreements with two distributors/retails in each country", Mehta said, adding, diamond jewellery sales are expected to top Rs 250 crore in the next fiscal. In India, these ranges would be available in the REL showrooms branded "Laabh Jewellers".

Responding to questions, he categorically ruled out offloading a stake in the company, and said there is enough liquidity to drive and fuel business over the next three years.

According to him, recession in the US would not "affect too much" as the American market constitutes only 15 per cent of the company's total exports.