New Technical Report Received on Creston Molybdenum Deposit
Vancouver, B.C. - December 11, 2008 - Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) is pleased to announce that it has received a NI 43-101 Technical Report (the �Report�) on its 100% owned Creston Molybdenum Deposit located in Sonora, Mexico.
The Report, written by Michael M. Gustin, P.Geo, a Qualified Person as defined by National Instrument 43-101, of Mine Development Associates of Reno, Nevada, includes an updated resource estimate as announced in Creston�s news release dated October 28, 2008. Concurrent with this news release the Report titled the �Technical Report Creston Molybdenum Project, Sonora, Mexico� is being filed on SEDAR at www.sedar.com and will also be made available on Creston�s website at www.crestonmoly.com.
About Creston Moly Corp.
Creston Moly Corp. is a Canadian mineral exploration company focused on the development of the Creston Molybdenum Deposit located 145 kilometres north-east of Hermosillo, Sonora State, Mexico, near the village of Opodepe. The Creston Molybdenum Deposit contains the following mineral resources at a 0.030% Mo equivalent* cut-off grade:
Category |
Tonnes
(x103) |
Mo
(%) |
lbs Mo
(x103) |
Cu
(%) |
lbs Cu
(x103) |
|
|
|
|
|
|
|
|
Measured |
52,240 |
0.074 |
85,490 |
0.050 |
58,080 |
|
Indicated |
124,650 |
0.070 |
192,720 |
0.044 |
121,060 |
|
|
|
|
|
|
|
|
Total (M + I) |
176,890 |
0.071 |
278,210 |
0.046 |
179,140 |
|
|
|
|
|
|
|
|
|
16,300 |
0.051 |
18,320 |
0.061 |
21,860 |
* Mo equivalent cut-off: Mo% + (Cu%/7.5)
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 a NI 43-101 technical re port (the �MDA Report�) prepared for the Company in December 2008 by Mine Development Associates (�MDA�). The person responsible for the resource estimate on behalf of MDA is Michael Gustin, P.Geo, and a Qualified Person for the purposes of National Instrument 43-101.The MDA Report is available at www.sedar.com.
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.
CRESTON MOLY CORP.
�Jonathan W. George"
President
For further information please contact
Mr. Jonathan George
Mr. C. K. Benner
Mr. John McCleery
604-694-0005 (TEL)
604-684-9365 (FAX)
Website: www.crestonmoly.com
Renmark Financial Communications Inc.
Christine Stewart : cstewart@renmarkfinancial.com
Eric St-Pierre : estpierre@renmarkfinancial.com
Media � Vanessa Napoli : vnapoli@renmarkfinancial.com
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.
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Creston Moly Corp.
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DEVELOPMENT STAGE |
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CODE : CMS.V |
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ISIN : 373626100 |
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CUSIP : 373626100 |
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Creston Moly is based in Canada. Creston Moly develops copper and molybdenum in Mexico. Its main asset in development is EL CRESTON in Mexico and its main exploration properties are AJAX and MOLY BROOK in Canada. Creston Moly is listed in Canada and in Germany. Its market capitalisation is CA$ 129.6 millions as of today (US$ 132.1 millions, € 92.4 millions). Its stock quote reached its highest recent level on May 11, 2007 at CA$ 1.21, and its lowest recent point on December 12, 2008 at CA$ 0.05. Creston Moly has 287 947 000 shares outstanding. |