Six holes of a proposed 40 hole infill drill program have been completed. The program is being supervised by Dr. Fabrizio Colombo, Ph. D., P. Geol, with a team of Mexican geologists, technicians and labourers working out of newly established facilities in the nearby town of Opodepe.
A rigorous QA/QC program has been implemented and is being monitored by Mine Development Associates (MDA) of Reno, Nevada.
Concurrently with the above program, the Company is conducting a regional exploration program on its 18,000 hectare holdings, consisting of interpretation of aster anomalies, prospecting, mapping and sampling.
We are pleased to report initial follow up has resulted in the discovery of a new molybdenite bearing quartz vein/stockwork situated 1.5 km northeast of the Creston Main Zone.
Additionally, airborne orthophoto mapping has been completed by McElhaney Engineering Services of Vancouver. This will provide detailed topographic maps for use in mine planning.
About Creston Moly Corp.: Creston Moly Corp. (New website: www.crestonmoly.com) is a Canadian mineral exploration company focused on the development of the El Creston Molybdenum deposit in Sonora, Mexico. The Creston Molybdenum Project contains the following mineral resources at a 0.035% Mo Cut-off grade:
<<
Category Tonnes Mo% Cu% Mo lbs Cu lbs
-------- ------ --- --- ------ ------
millions millions
-------- --------
Indicated 92,873,000 0.083 0.060 169.9 122.8
Inferred 84,221,000 0.076 0.050 141.1 92.8
1. Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimates of mineral resources
may be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing or other relevant issues.
2. The quantity and grade of reported inferred resources in this
estimation are conceptual in nature and there has been insufficient
exploration to define these inferred resources as an indicated or
measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an indicated or measured mineral
resource category.
3. The mineral resources referred to herein have been estimated in an
NI 43-101 compliant technical report (the "P & E Report") prepared for
the Company in March 2007 by independent qualified persons Eugene
Puritch, P. Eng. and Dr. Wayne Ewert, P. Geo. of P&E Mining
Consultants Inc. The P & E Report is available at www.sedar.com.
>>
Dr. Luca Riccio, PhD., P. Geo, a Qualified Person as defined by National Instrument 43-101, is responsible for the technical information contained in this News Release.
On behalf of the Board
(Signed) "Jonathan W. George"
President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government, and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues, and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance, or achievements.
This News Release is not intended for distribution in the United States.
For further information: Mr. Jonathan George, (604) 694-0005, (604) 684-9365 (FAX), www.crestonmoly.com; Renmark Financial Communications Inc.: Christine Stewart, cstewart@renmarkfinancial.com; Tina Cameron, tcameron@renmarkfinancial.com; Media: Adam Ross, aross@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com
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Jonathan George gives company update and discusses supply demand dynamics of the moly market.
