Progress Update on Creston Moly Deposit and Financial Results for Year Ended July 31, 2008

Vancouver, B.C. - December 2, 2008 - Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) is pleased to provide an update on activities relating to its 100% owned Creston Molybdenum project in the State of Sonora, Mexico as well as financial results for the year ended July 31, 2008.

�The Company has made significant advances over the past year, all of which are directly attributable to the excellent efforts of our staff and consultants�, said Jonathan George, President and CEO. He added: �We have completed key elements of our pre-feasibility study with the metallurgical, geotechnical, tailings impoundment design work and environmental baseline and water studies all complete and the pit design and optimization planning well underway. We expect to announce our study results during the early part of the first quarter of 2009 and are already underway on the bankable feasibility with the expectation of completing it by the middle of 2009�.

Exploration/Development activities at the Creston Molybdenum Deposit

Main Zone

The Company completed its infill drill program on the Main Zone of the Creston Deposit. The program consisted of 53 diamond drill holes totalling 15,835 metres, and was designed to upgrade inferred resources to the indicated category. The infill drill program originally contemplated a 40 drill hole program, but was augmented to investigate previously unidentified mineralized areas, especially along the northern and eastern sectors of the deposit.

Drill results and drill hole locations for results received to date from this program are available on the Company�s website at www.crestonmoly.com.

A new resource calculation was completed in October 2008 by Mine Development Associates (�MDA�) of Reno, Nevada. . The estimate is based on data provided from 116 drill holes and the mineral domain polygons interpreted from a total of 111 cross sections. MDA is the independent consulting firm that was retained to oversee QA/QC procedures and to carry out an updated resource estimate of the Creston Main Zone. Highlights are as follows:

• Measured and Indicated Resources (at a 0.03% molybdenum (�Mo�) - equivalent cut-off) are estimated to be 176.9 million tonnes averaging 0.071% Mo and 0.046% copper (�Cu�) (278 million pounds of molybdenum contained and 179 million pounds of copper contained).
• 40% of the total Measured and Indicated Resources, approximately 73.5 million tonnes, average 0.103% Mo and 0.054% Cu (167 million pounds of molybdenum contained and 88 million pounds of copper contained) applying a 0.08% Mo - equivalent cut-off.
• A near surface, high grade breccia has been defined, within the eastern portion of the deposit, that contains approximately 19 million tonnes of Measured and Indicated Resources averaging 0.098% Mo (41 million pounds of molybdenum contained) at a 0.03% Mo - equivalent cut-off.

Red Hill and Alejandra Zones

A 12 hole, 2,808 metre diamond drill program on the Red Hill Zone has been completed.

The Red Hill Zone is a mineralized area located approximately 300 metres southwest 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).

Two deep vertical holes were 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 these two holes and a hole drilled by Amax some years earlier indicate that the porphyry-style mineralization is open in all directions and at depth.

Drill results and drill hole locations for results received to date from this program are available on the Company�s website at www.crestonmoly.com.

Bankable Feasibility Study

The Company has engaged M3 Engineering & Technology Corporation (�M3�) for the provision of a bankable feasibility study on the El Creston Molybdenum Deposit in Sonora, Mexico.

The study will be conducted in two formal phases consisting of pre-feasibility engineering and feasibility engineering. The Company expects to have the pre-feasibility engineering study completed in the first quarter of calendar 2009. The scheduled completion date for the bankable feasibility engineering study is mid 2009.

M3 has offices in Tucson Arizona, Chandler Arizona and most importantly for the Company, in Hermosillo, Mexico, where their associates have an intimate knowledge of all aspects of the Mexican mine permitting process. They are a full-service international engineering firm providing engineering, procurement and construction management services to the minerals industry. Founded in 1986 and with a current staff of over 400 employees, M3 has engineered and managed over $2.0 billion in mining projects, and notably, has won numerous recognitions including the prestigious 2005 AISC Engineering Award for Excellence and the American Mining Hall of Fame�s 2007 Mining Foundation of the Southwest Industry Partnership Award.

The Company has received the required approvals from the government of Mexico for its acquisition of surface rights covering 1,200 hectares (3,000 acres) from the Ejido of Opodepe, Sonora, Mexico which cover the Creston Main deposit and the surrounding area that will be used to accommodate future development.

As part of its ongoing commitment to the people of Opodepe, the Company will assist in establishing water reservoirs for livestock, maintain and upgrade medical facilities and has �adopted� the community school.

The Company has received confirmation of title from the government of Mexico for the Metzli 3 claim that covers approximately 475 hectares (1,200 acres) of ground which is strategic to the mine development and this brings the Company�s total land position at Creston to over 18,000 hectares (45,000 acres).

Financial Results

The Company incurred a net loss of $3,209,891 (2007 - $4,909,492) during the twelve months ended July 31, 2008 and has also incurred operating losses for some time previously. As at July 31, 2008 the Company had working capital of $5,112,325 which included $7,220,728 of cash and cash equivalents (2007 - working capital of $12,953,264 which included $14,930,859 of cash and cash equivalents.

The Company�s operating activities used cash of $2,811,955 (2007 � $772,413) during the twelve months ended July 31, 2008, arising from a net loss of $3,209,891 (2007 - $4,909,492), adjusted for add-back of non-cash items for amortization of $24,891 (2007 � amortization of $37,718), stock based compensation expense of $1,301,400 (2007 � $560,023) and from changes in non-cash working capital items of ($928,355) (2007 � $46,261). In 2007 the Company wrote-off $3,493,077 in expenditures related to the Towerstone Project (2008 � nil).

During the twelve months ende d July 31, 2008 the Company invested a total of $5,376,176. A total of $5,339,738 was invested in mineral property expenditures on the Creston Project and $36,438 on the acquisition of equipment.

During the twelve months ended July 31, 2007 the Company invested a total of $23,066,257. In 2007 a total of $21,712,944 was invested in the purchase of Creston Mining Corp., $648,534 in the payment of long term debt, $632,288 in mineral property expenditures and $72,491 for the acquisition of equipment.

During the twelve months ended July 31, 2008, the Company issued 2,477,501 shares at an average price of $0.19 per share pursuant to the exercise of stock options and share purchase warrants. During the twelve-month period ended July 31, 2007, the Company�s financing activities generated at total of $38,536,185 net of share issue costs of $2,664,315.

Overall expenses were $3,687,954 during the twelve months ended July 31, 2008 as compared to $1,547,345 in the sa me period in 2007. Expenses increased during 2008 in line with the Company�s increased level of activity, increased level of supervision and increased staffing levels required to manage the ongoing development of the Creston Molybdenum Deposit. The Company has set-up, equipped and staffed, field and administrative offices in Mexico.

The most significant contributors to the increased expenses are Stock-based compensation expense of $1,301,400 (2007 � $560,023), Consulting fees of $537,380 (2007 - $255,421), Shareholder communication expenses of $495,458 (2007 - $104,705), Travel and promotion expenses of $378,068 (2007 - $263,698), Management fees of $378,000 (2007 - $105,425), Office expenses of $350,223 (2007 -  $93,896), and Professional fees of 304,061 (2007 - $132,317). Stock-based compensation expense is a non-cash item.

All financial information contained herein should be read in conjunction with the Company's Management Discussion and Analysis and A udited consolidated financial statements for the years ended July 31, 2008 and 2007 and related notes thereto available under the Company's profile on www.sedar.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:

* 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 report (the �MDA Report�) prepared for the Company in October 2008 by Mine Development Associates (�MDA�). The person respon sible 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.

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

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.