I get lambasted (which has nothing to do with cooking baby sheep, by the way) every time I blog about spelling, grammar or pronunciation, but…
It’s pronounced “mol-a-skeen'-a”. Those trendy Moleskine notebooks are not made from mole skin.
(Although, for all I know, Moleskine might be Italian for “mole skin” – The company’s “legendary” claims seem to be a bit hyperbolic. The brand wasn’t registered until 1996: http://en.wikipedia.org/wiki/Moleskine