Crescent Resources Corp.

Crescent Resources Corp.

October 15, 2007 08:02 ET

Crescent Resources Drilling Finds Uranium Rollfront at Oviedo Project Paraguay

Second Drill Rig Now Operating

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2007) - Crescent Resources Corp. (TSX VENTURE:CRC) is pleased to announce that the third drill hole completed to date at the Oviedo Uranium Project in Paraguay successfully intercepted a typical uranium mineralized roll front structure, similar to those found at Cue Capital's Yuty Project in Paraguay and in the Powder River Basin in Wyoming. Drill hole TC-1004-RC intercepted several zones of anomalous uranium mineralization including a 5 metre interval with an average grade of 0.05% eU3O8 from 242 to 247 metres depth. This equates to grade/thickness (G/T) factor of 0.256 metre% or 0.84 feet% which is a significant grade and width for a uranium roll front. Roll front uranium deposits of this nature and depth are typically amenable to in situ leach.

A second drill has recently been added to increase drilling production for the planned 20,000 metre open hole drill program. The objective of the drilling program is to step-out from the uranium mineralized zone encountered in drill hole TC-1004-RC, verify historical drill results and expand known areas of uranium mineralization on the large 504,000 hectare (5,040 sq km) property. Drill hole TC-1001-RC was not completed and TC-1002-RC and TC-1003-RC contained insignificant mineralization.

Chris M. Healey, P.Geo., a uranium consultant to Crescent Resources states, "The discovery of a well-mineralized roll front structure in just the third completed hole drilled by Crescent is very encouraging and bodes well for targeting the structure with further drilling. Previous reconnaissance drilling by the Anschutz Corporation in 1982 intercepted three or more reduction-oxidization fronts which have been interpreted to contain multiple, stacked roll fronts. These fronts occur intermittently over a strike length exceeding 50 kilometres therefore providing significant long term exploration potential for the Oviedo Uranium Project."

The grade and width of uranium mineralization intersected in hole TC-1004-RC is consistent with drill results from the Yuty Uranium Project currently being drilled by Cue Capital of Vancouver, B.C. (see news release of Sept. 28, 2007). Cue is working to confirm a historical uranium resource outlined in the 1980's by the Anschutz Corporation. The Yuty Project is located approximately 150 kilometres to the south of the Oviedo Project in the same geological formation, Permo-carboniferous age continental, deltaic and marine sandstones in the Parana Basin.

The uranium grade referred to above is reported as equivalent uranium (eU3O8) as determined by downhole radiometric logging equipment. The logging was performed using equipment purchased from Mount Sopris Instruments of Golden, Colorado. Quality control and quality assurance is being provided by Dr. Bernie Schmeling, a contract geophysicist.

Michael Hopley, President of Crescent Resources is the Qualified Person responsible for the technical content of this release.

The Oviedo property covers over 504,000 hectares in central Paraguay that was subject to extensive uranium exploration between 1976 and 1983. This activity was centered on a large belt of Permo-Carboniferous age continental sandstones that represent the western flank of the Parana Basin. In neighboring Brazil these same sandstones contain numerous uranium occurrences including the Figueira and Amorinopolis deposits that reportedly contain respectively approximately 19 and 11 million pounds of U3O8. Most of the uranium occurrences in this environment are "roll-front" type deposits similar to those being currently exploited by low-cost in-situ leach methods in the western United States. Exploration activity on the Oviedo property ceased in 1983 due to low uranium prices.

In the agreement with the owner operators of the Oviedo Project, Crescent can earn up to a 70% interest in the Property (see NR 2006-7 November 3, 2006).

Crescent is a mineral exploration and development company with a defined growth strategy of adding value through discovery and rapid project advancement through exploration. In addition to the Oviedo Uranium Project in Paraguay, Crescent also has the Boulder Lake Uranium Project in northern Manitoba and the Matupa Gold Project in Brazil. These projects were acquired based on management's belief that they have the potential for further discovery and growth. The Company has 26.8 million 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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