Creston Molybdenum Deposit Update: Final Results Received from Drilling at Red Hill Zone

Vancouver, B.C. - November 12, 2008 - Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) is pleased to announce analytical results from a 12 hole, 2,808 metre diamond drill program carried out on the Red Hill Zone of its 100% owned Creston property located in Sonora State, Mexico. 

Analytical results are tabulated below. Drill hole locations are shown in the accompanying location map. The map is also available at: http://www.crestonmoly.com/i/pdf/RedHillDrillPlan-map.pdf.

*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 > 70% of the crushed sample passing a 2 mm screen and then splitting the -2mm crushed sample to prod uce 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.
About Creston Moly Corp.

Creston Moly Corp. is a Canadian mineral exploration company focused on the development of the Creston Molybdenum Deposit located 135 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:

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
604-694-0005.
604-684-9365 (FAX)
Website: www.crestonmoly.com

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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.