Is this a memory leak?

[t048]

MyClass *myclass;

...

while (blah blah){
 * * *...
 * * *myclass = new MyClass (blah blah);
 * * *...
}

delete (myclass);

Each time the loop runs, a new object of myclass is created and the pointer is reassigned to the new class. *But the old class is still in memory somewhere, right? *Should the [tt]delete (myclass);[/tt] statement go inside the loop?