Crescent Gold Limited
ASX : CRE
TSX : CRA
FRANKFURT : CRE5

Crescent Gold Limited

April 12, 2010 00:01 ET

Crescent Gold Announces High-Grade Craiggiemore Drilling Results

PERTH, WESTERN AUSTRALIA--(Marketwire - April 12, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Gold producer, Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CRE5) announces it has recorded significant high-grade intersections in recent reverse circulation (RC) drilling at its Craiggiemore gold project near Laverton.

Significant intersections include 8m at 7.5g/t gold, 11m at 5.1g/t gold, 6m at 7.0g/t gold and 13m at 3.6g/t gold.

Located 3km southwest of Laverton, the Craiggiemore development project on mining lease 38/270 is 15 km distance from Barrick Gold Corporation's processing facility at Granny Smith where Crescent is currently milling its ore.

Crescent Gold Managing Director Roland Hill said the significant results supported the company's view of the potential exploration upside of the Craiggiemore project.

"The Craiggiemore project includes Craiggiemore, Mary Mac South and Mary Mac gold deposits, held 100% by Crescent Gold Limited. These high-grade intercepts auger well for the future exploration potential of the Craiggiemore project," Mr Hill said.

"Two RC drill rigs are continuing the infill and extensional drilling on the Craiggiemore project, with further diamond drilling expected to commence in April 2010. Mining on the Craiggiemore resource is expected to commence mid-2010, with the Mary Mac South and Mary Mac resources expected to follow-on."

In addition to early historic mining production from underground operations on the Craiggiemore and Mary Mac prospects, open cut mining between 1988 and 1990 at Craiggiemore by Ashton Gold Mines Pty Limited produced (milled) a total of 417,700 tonnes for 34,700oz gold.

Since commencing in late November 2009, the latest round of RC drilling on the Craiggiemore project has seen 65 holes drilled for 6,178m. The purpose of the drilling was to infill and extend the known mineralisation on the Craiggiemore project.

Crescent has previously reported a Probable Reserve at Mary Mac South of 110,000t at 1.9g/t gold and an Indicated and Inferred Resource (inclusive of the Reserve) of 600,000t at 1.9g/t gold. Crescent has also previously announced a Measured, Indicated and Inferred Resource for Craiggiemore of 1,600,000t at 1.6g/t gold. Full details of these resources and reserve are presented in the Crescent Gold 2009 Annual Report.

Longer term development focus will examine the potential for future underground operations. Structurally controlled ore shoots within the host sequence are interpreted to plunge shallowly to the north. High grade gold intersections within these plunging shoots extend below the planned open pit and will drive this exploration.

Regards

Crescent Gold Limited

Roland Hill, Chairman & Managing Director

Additional information related to the Company is available for review at sedar.com or on the Company's website at www.crescentgold.com.

The tables below list significant results from analyses received to date. Selection criteria were, 0.8g/t gold lower cut-off, minimum down-hole width of 2m and maximum down-hole internal dilution of 2m. The tables list only those intercepts with a gram-metre product greater than or equal to 5 gram-metres.

  CRAIGGIEMORE RC DRILLING
  HOLE No.   FROM
(m)
  TO
(m)
  WIDTH (m)   GRADE (g/t Au)   MGA
EAST
  MGA NORTH   SUMMARY
  CMRC227   118   126   8   7.5   440483   6829609   8 m @ 7.5 g/t
  CMRC228   90   103   13   3.6   440483   6829636   13 m @ 3.6 g/t
  CMRC225   33   49   16   2.3   440277   6829568   16 m @ 2.3 g/t
  CMRC216   109   116   7   4.9   440454   6829462   7 m @ 4.9 g/t
  CMRC222   137   142   5   3.9   440480   6829506   5 m @ 3.9 g/t
  CMRC230   0   5   5   3.0   440424   6829704   5 m @ 3.0 g/t
  CMRC223   180   189   9   1.3   440511   6829524   9 m @ 1.3 g/t
  CMRC229   21   25   4   2.8   440436   6829675   4 m @ 2.8 g/t
  CMRC211   4   9   5   2.1   440381   6829431   5 m @ 2.1 g/t
  CMRC209   57   62   5   1.9   440391   6829375   5 m @ 1.9 g/t
  CMRC212   40   47   7   1.3   440405   6829423   7 m @ 1.3 g/t
  CMRC213   104   108   4   2.0   440447   6829438   4 m @ 2.0 g/t
  CMRC219   16   19   3   1.8   440269   6829540   3 m @ 1.8 g/t
  CMRC226   148   150   2   2.7   440488   6829582   2 m @ 2.7 g/t
  CMRC226   132   137   5   1.0   440488   6829582   5 m @ 1.0 g/t
  CMRC209   42   45   3   1.4   440391   6829375   3 m @ 1.4 g/t
 
  MARY MAC SOUTH RC DRILLING
  HOLE No.   FROM
(m)
  TO
(m)
  WIDTH (m)   GRADE (g/t Au)   MGA
EAST
  MGA
NORTH
  SUMMARY
  MMSRC089   43   54   11   5.1   440483   6830643   11 m @ 5.1 g/t
  MMSRC092   41   47   6   7.0   440564   6830683   6 m @ 7.0 g/t
  MMSRC092   52   59   7   4.5   440564   6830683   7 m @ 4.5 g/t
  MMSRC083   78   86   8   3.4   440520   6830482   8 m @ 3.4 g/t
  MMSRC103   69   82   13   2.1   440581   6830880   13 m @ 2.1 g/t
  MMSRC111   0   5   5   5.2   440560   6830964   5 m @ 5.2 g/t
  MMSRC092   24   28   4   4.7   440564   6830683   4 m @ 4.7 g/t
  MMSRC092   110   122   12   1.4   440564   6830683   12 m @ 1.4 g/t
  MMSRC080   55   64   9   1.8   440502   6830461   9 m @ 1.8 g/t
  MMSRC092   125   130   5   2.9   440564   6830683   5 m @ 2.9 g/t
  MMSRC089   84   90   6   1.8   440483   6830643   6 m @ 1.8 g/t
  MMSRC099   110   112   2   4.7   440583   6830703   2 m @ 4.7 g/t
  MMSRC086   64   69   5   1.6   440521   6830529   5 m @ 1.6 g/t
  MMSRC106   31   36   5   1.5   440563   6830911   5 m @ 1.5 g/t
  MMSRC112   30   37   7   1.1   440577   6830959   7 m @ 1.1 g/t
  MMSRC092   67   71   4   1.8   440564   6830683   4 m @ 1.8 g/t
  MMSRC088   70   72   2   2.9   440496   6830580   2 m @ 2.9 g/t
  MMSRC080   97   99   2   2.9   440502   6830461   2 m @ 2.9 g/t
  MMSRC087   0   3   3   1.9   440454   6830605   3 m @ 1.9 g/t
  MMSRC095   60   62   2   2.8   440490   6830607   2 m @ 2.8 g/t
  MMSRC103   61   65   4   1.3   440581   6830880   4 m @ 1.3 g/t
  MMSRC105   18   20   2   2.5   440546   6830916   2 m @ 2.5 g/t
  MMSRC099   85   87   2   2.5   440583   6830703   2 m @ 2.5 g/t
                 

To view the map accompanying this news release, please click on the following link: http://media3.marketwire.com/docs/cra412m.pdf

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Neal Leggo, who is a Member of the Australian Institute of Geoscientists. Neal Leggo has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and a Qualified Person under "Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects". Neal Leggo consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Neal Leggo is employed by Crescent Gold Limited.

SHARE INFORMATION

ASX Share Price: A$0.165

Issued Shares: 620.1m

Market Cap: A$102.3m

Options unlisted: 37.3m

FULLY DILUTED BASIS

Shares: 657.4m

ABN 49 087 360 996

Contact Information

  • Crescent Gold Limited - Australia
    Roland Hill
    +61 8 6380 7100
    or
    Crescent Gold Limited - Australia
    Mark Tory
    +61 8 6380 7100
    +61 8 6380 7199 (FAX)
    or
    Crescent Gold Limited - Canada
    Renee Brickner
    +1 604 802 6806
    www.crescentgold.com