Crescent Resources Corp.
TSX VENTURE : CRC

Crescent Resources Corp.

October 23, 2007 08:01 ET

Crescent Negotiates New Terms to Acquire Matupa Gold Project, Brazil

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2007) - Crescent Resources Corp. (TSX VENTURE:CRC) is pleased to announce that it has negotiated a new payment schedule for the acquisition of a 100% interest in the Matupa Gold Project in Mato Grosso State, Brazil. This new payment schedule will allow Crescent to reduce a scheduled US$350,000 payment to US$50,000 that was due on November 8th 2007.

Based on previous drilling by Crescent and historical drilling by Rio Tinto, management will re-evaluate some of the past drill results and plan further exploration of the 6,000 hectare Matupa Gold Project. The encouraging exploration potential of the Matupa Gold Project further enhances Crescent's South American focus. The Company is currently exploring the Oviedo Uranium Project in Paraguay where a 20,000 metre exploration drill program commenced in September, 2007.

Matupa Gold Project previous drill highlights (Crescent News Releases June 15 and Sept. 21, 2006):

MAT-001: 14.0 metres grading 1.88 g/t gold

MAT-009: 12.0 metres grading 1.44 g/t gold

MAT-012: 18.0 metres grading 1.17 g/t gold

MAT-016: 31.5 metres grading 1.04 g/t gold

MAT-026: 2.0 metres grading 9.09 g/t gold

Holes drilled by Rio Tinto in 2000

FSR-04: 62.05 metres grading 1.61 g/t gold

FSR-05: 49.54 metres grading 1.24 g/t gold

FSR-06: 19.20 metres grading 2.13 g/t gold

FSR-07: 37.37 metres grading 1.20 g/t gold

FSR-24: 29.75 metres grading 0.83 g/t gold

NOTE: The Rio Tinto assays are quoted from a report dated April 2000 and although they are considered relevant and reliable Crescent has not independently verified these assays.

Gold on the Matupa Gold Project is associated with blebs, stringers and disseminated pyrite in a granitic intrusion. The project was previously explored by Rio Tinto and Western Mining in the late 1990's resulting in a preliminary resource estimate based on drill results from one small area of the project where wide zones of disseminated gold mineralization were found close to the surface.

There are extensive shallow open-pit mine workings spread across the Matupa Gold Project made by artisinal miners (garimpos). Government records show that the northern Mato Grosso State area is estimated to have produced approximately 5 million ounces of gold between 1982 and 1995. The majority of this production was from shallow surface working by local garimpos.

The Matupa Gold Project has excellent infrastructure and a year round operating climate.

Property payments that were due on November 8th 2006 (US$150,000) and November 8th 2007 (US$350,000) have been renegotiated to US$50,000 each with a US$800,000 payment now due on November 8th 2008. Crescent is earning a 100% interest in the Matupa Gold Project by paying the owners a total of US$3,350,000 over a five and one-half year period ending November 8th 2010.When the US$50,000 payment is made next month a total of US$230,000 will have been paid to the owners.

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 Company has 26.8 million common shares outstanding.

CRESCENT RESOURCES CORP.

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.

Contact Information