Crescent Resources Corp.

Crescent Resources Corp.

January 15, 2007 08:01 ET

Crescent Negotiates Extension of Boulder Lake Uranium Project Exploration Program

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 15, 2007) - Crescent Resources Corp. (TSX VENTURE:CRC) has amended its agreement to acquire 100% of three mineral exploration licenses comprising the Boulder Lake uranium project covering 21,875 hectares in northwest Manitoba.

The terms of the agreement require the Company to have expended $250,000 of exploration expenditures on the Boulder Lake project by May 18, 2007. To date the Company has spent about $60,000 and due to the shortened field season it has negotiated an extension of time to October 31, 2007 to complete its expenditure requirement. In consideration of the extension of time the Company will issue the vendor 50,000 common shares of the Company, subject to regulatory approval. Planning for a 2007 exploration and drill program is underway with the objective to commence drilling in July 2007.

Uranium mineralization on the Boulder Lake Property was discovered in 1969 by drill testing of an airborne radiometric anomaly in a completely overburden-covered area with uranium-bearing float. Exploration work to date has consisted of air and ground geophysical surveys, geochemical sampling, ground prospecting and 5,182 metres of drilling in 61 drill holes on four zones. Airborne surveys have identified 16 radiometric anomalies in a 3 square kilometre area. Selected float samples found near two of the radiometric anomalies have returned from background values up to 0.70% U3O8 (Anomaly C) and 0.52% U3O8 (Anomaly A).Previous drilling has returned from background values up to 0.19% U3O8 across an apparent width of 9 metres including 0.49% U3O8 across 1.5 metres at Anomaly C.

As there is minimal exposure of bedrock on the property much of the exploration work has relied on geophysical methods to determine the main features of the underlying geology. The Company completed a detailed airborne magnetic survey over the entire property in March 2005. This survey was conducted at approximately 80 metres altitude and at 150 metres line spacing resulting in 1,748 line kilometres of survey data. An analysis of this magnetic data has been completed and results have been used to refine the details of the regional geology mapping in the area. In particular, structural details have been identified that appear to be related to areas of known uranium mineralization. Based on previous work and this airborne magnetic data the next phase of field work, including drilling, is planned for the summer of 2007 and will focus on many of these features.

On August 3, 2005 the Company filed on SEDAR an independently prepared NI 43-101 compliant report entitled "Geological Report on the Boulder Lake Property" dated July 18, 2005 written by Harmen J. Keyser, P. Geol. of Vancouver, B.C. The report was prepared to assess the economic potential of the Boulder Lake Property through a description of its geological setting and prior exploration results.

Mr. Keyser concludes that results of exploration work completed to date on the Boulder Lake Property, including the Company's own recently completed detailed airborne magnetic survey, are suggestive of untested exploration targets comprised of a combination of geophysical anomalies, geochemical anomalies and mineralized boulders. In addition, known bedrock uranium mineralization remains open and inadequately tested. The geological setting, mineralogy, geochemical anomalies and geophysical anomalies are consistent with a potentially significant uranium rich pegmatite occurrence.

All data, as disclosed in this press release have been verified by the Company's Qualified Person, Michael Hopley, President.

Crescent is a mineral exploration and development company with a defined growth strategy of adding value through discovery and rapid project advancement through exploration. The recently acquired Oviedo Uranium Project in Paraguay will be the primary focus for exploration in 2007 with additional exploration planned at the Boulder Lake Uranium Project and the Matupa Gold Project in Brazil. The Company has 25,633,779 shares common shares outstanding.


Michael Hopley, President and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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