Creston Moly Corp (C:CMS)
Shares Issued 121,018,147
Last Close 11/11/2008 $0.165
Wednesday November 12 2008 - News Release

Mr. Jonathan George reports

CRESTON MOLYBDENUM DEPOSIT UPDATE: FINAL RESULTS RECEIVED FROM DRILLING AT RED HILL ZONE

Creston Moly Corp. has released analytical results from a 12-hole 2,808-metre diamond drill program carried out on the Red Hill zone of its 100-per-cent-owned Creston property located in Sonora state, Mexico.

Analytical results summarized in the table.

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        Inclination   Azimuth  Length   From     To Interval

Hole       (degrees) (degrees)     (m)    (m)    (m)      (m)  Mo %   Cu %

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EC08-053        -50       180  200.65  64.10  89.85    25.75          0.24

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EC08-054        -90            496.50  27.75 208.40   180.65  0.023   0.05

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                                      208.40 494.50   241.40  0.083  0.059

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                     includes         385.50 456.00    70.50  0.148  0.072

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EC08-055        -60       180  209.90  21.70 190.02   168.32  0.022  0.039

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EC08-056        -60       180  221.85 117.40 221.85   104.45  0.034  0.049

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EC08-057        -60       180  106.20  35.90  97.05    61.15  0.193  0.100

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EC08-058        -90            200.75  39.20 122.50    83.30  0.069  0.071

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EC08-059(i)     -60       180  249.65   8.75 168.72   159.97  0.062  0.023

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                                      201.43 246.60    45.17  0.034  0.020

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EC08-060        -90            158.35 118.10 150.00    31.90  0.022  0.020

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EC08-061(i)     -60       180  200.85   2.60  41.17    38.57  0.039  0.039

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EC08-062        -90            499.10 183.80 499.10   315.13  0.058  0.066

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EC08-063        -50       360   72.65  22.00  72.65    50.65  0.057  0.024

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EC08-065        -90            191.95  79.00 191.95   112.95  0.024  0.078

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(i)both oxide and sulphides present in upper part of hole.

The Red Hill Zone is a mineralized area located south of the Creston Main Zone deposit, below a low angle normal fault known as the Creston Fault. The 2008 drill program was aimed at evaluating the extent of shallow molybdenite mineralization encountered by previous operators and also to further investigate a buried porphyry system intersected by Amax in drill hole A-35. The twelve (12) holes drilled by Creston are widely spaced and, cover an area of 900 metres x 300 metres.

The results of this drilling confirmed the presence of shallow, high grade molybdenum mineralization, immediately south of the Creston Fault between sections 532700 E and 533000 E (61.15 metres of 0.19% Mo and 0.10% Cu in hole EC08-057 and 83.8 metres of 0.07% Mo and 0.07% Cu in hole EC08-058). This style of mineralization is akin to that found within the bulk of the Creston Main Zone deposit, consisting of molybdenite-bearing quartz stockworks hosted by a leucocratic Proterozoic granitoid (Creston Granite).

The two deep vertical holes (EC08-054 and EC08-062), drilled to investigate the extent of the porphyry system, both encountered extensive Mo-Cu mineralization and were stopped in mineralization at 496.5 and 499.1 metres respectively. The mineralized intercepts included 241.4 metres of 0.08% Mo and 0.06% Cu in hole 054 and 315.5 metres of 0.06% Mo and 0.07% Cu in hole EC08-062. The mineralization in these intersections is hosted by a series of porphyry dykes and apophyses interfingering with pre-existing lithologies. Both porphyries and country rocks are pervasively altered (silica, phyllic alteration and Kspar flooding) and locally brecciated. Although molybdenite bearing quartz veins are present, the bulk of mineralization occurs as clots, disseminations and, locally in, molybdenite veinlets without accompanying quartz.

The results from holes EC08-054, EC08-062 and Amax's hole A-35 indicate that the porphyry-style mineralization is open in all directions and at depth.

Sampling and QA/QC

Drilling at Red Hill was carried out by Layne Drilling employing one wireline drill rig using HQ core and where necessary the core was reduced to NQ size. The core was transported to a secure facility at the nearby Opodepe camp where it underwent geotechnical and geological logging. Prior to delivering the core to ALS Chemex preparation lab in Hermosillo, the core was photographed and all mineralized zones were photographed in detail. Blanks, standards, field and coarse reject duplicates, and pulp duplicates were inserted in the stream of samples prior to delivery to the preparation lab.

The core was sawed in half. One half of the core was retained and stored at the Opodepe camp and the other half was delivered to ALS Chemex's preparation lab in Hermosillo.

Sample preparation in Hermosillo consisted of crushing the whole interval to minimum of greater than 70% of the crushed sample passing a 2 mm screen and then splitting the -2 mm crushed sample to produce a representative split of 1,000 grams. Each 1,000 gram sample was then pulverized to at least 85% passing -75 microns.

The pulps were shipped to ALS-Chemex in North Vancouver to be analyzed for total Mo% and Cu% using a four acid digestion and ICP-AES (Atomic Emission Spectroscopy) finish. Samples from the oxide zone will be sent to Skyline Labs in Tucson to be analyzed for molybdenum oxide.