Chris Fagan, Michael Lea, Ritchie Hones and Michael Barnes were also released.
Lee, 20, won Reserve Playe of the Year at Old Trafford and has been snapped up by Oldham.
Jones, a midfielder, will trial with Swindon Town during the pre-season.
McCormack,
meanwhile is making an adventurous move abroad to Serie B side
Triestina in Italy with Liverpool trainee Michael Collins.