Creston Moly Corp.

Creston Moly Corp.

April 30, 2008 09:01 ET

Creston Moly Corp.: Further Drilling at El Creston Encounters Strong Mineralization Over Widths in Excess of 200 Metres and Possible Northern Extension of the Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2008) - Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE:CMS) announces that 37 holes totalling 11,775 metres have been completed at the El Creston Molybdenum Project, Sonora, Mexico. Analytical results for holes EC08-024 to EC08-029 have been received from ALS-Chemex's North Vancouver Lab. All drilling is taking place within and peripheral to the Main Molybdenum Zone of the El Creston Deposit.

The objective of the ongoing infill drill program is to upgrade the existing inferred resources to the indicated category and to delineate the boundaries of the Main Molybdenum Zone deposit.

The locations of the 37 holes drilled to date are shown in the accompanying location map, along with those of the historical holes. The map is also available at Molybdenum and copper assays for holes EC08-024 to EC08-029 are tabulated below:

From To Interval
Hole Northing Easting (m) (m) (m) Mo% Cu%
EC08-024 306366 532930 41.45 115.1 73.65 0.06 0.10
191.5 305.1 113.6 0.07 0.13
EC08-025 306491 533125 81.28 345.5 264.22 0.11 0.03
includes 172.2 250.76 78.56 0.21 0.02
EC08-026 306384 532879 168.45 275.6 107.15 0.05 0.045
EC08-027 306423 533224 94.3 355.5 261.2 0.07 0.07
includes 179.7 271.05 91.35 0.10 0.04
EC08-028 306429 532777 125.72 212.55 84.63 0.06 0.04
EC08-029 306602 533018 46.55 249.85 203.3 0.11 0.03
includes 146.65 196.68 50.03 0.22 0.02

Five of the six holes were drilled vertically. Hole EC08-028 was drilled at -60 degrees on a bearing of 115 degrees to delineate the western boundary of the deposit.

The two holes drilled within the core of the deposit (holes EC08-025 and EC08-027) averaged 0.11% and 0.07% molybdenum over intervals exceeding 260 metres in length, thus confirming the continuity of grade and thickness of the Main Creston Zone. Hole EC08-029, drilled on the northern flank of the deposit encountered strong mineralization (0.11% Mo over 203.3 metres) including a 50.03 metre interval averaging 0.22% Mo. The results from hole EC08-029 suggest that the Main Zone deposit may extend further to the north than previously anticipated. Holes EC08-024, EC08-026 and EC08-027 were drilled to investigate the western margin of the deposit. They all intersected mineralized intervals, averaging 0.05% to 0.07% Mo.

In addition to molybdenite mineralization, five of the six holes encountered a chalcocite blanket below the oxidation zone. Best copper intercepts include 93.3 metres of 0.26% Cu in hole EC08-024, 20.67 metres of 0.35% Cu in hole EC08-025, 41.95 metres of 0.32% Cu in hole EC08-26 and 57.95 metres of 0.25% Cu in hole EC08-028.

Sampling and QA/QC

Drilling at El Creston is carried out by Layne Drilling employing two wireline rigs that recover HQ core. Where necessary the core is reduced to NQ size. The core is transported to a secure facility at the nearby Opodepe camp where it undergoes geotechnical and geological logging. Prior to delivering the core to ALS Chemex preparation lab in Hermosillo, the core is photographed and all mineralized zones are photographed in detail. Blanks, standards, field and coarse reject duplicates, and pulp duplicates are inserted in the stream of samples prior to delivery to the preparation lab.

Based on recommendations by Mine Development Associates ("MDA") of Reno Nevada, the entire core is sent to the preparation lab in Hermosillo. MDA is the independent consulting firm that has been retained to oversee QA/QC procedures and to carry out the updated resource estimate of the El Creston Main Zone following the completion of the ongoing drill program.

The rationale for not sawing the core and retaining half of the sample is based on two considerations: 1) portions of the molybdenite mineralization at El Creston occur as loosely bound coarse flakes and clusters and 2) there is evidence of a nugget effect in parts of the deposit. Thus, the sampling of the entire core prevents or minimizes the loss of molybdenite due to core handling, sawing, and washing. In addition, keeping the entire core maximizes the sample volume, which should minimize any nugget effect and more accurately represent the mean grade of the deposit.

Sample preparation in Hermosillo consists of crushing the whole interval to minimum of greater than 70% of the crushed sample passing a 2 mm screen and then splitting the -2 mm crushed sample to produce a representative split of 1,000 grams. Each 1,000 gram sample is then pulverized to at least 85% passing -75 microns.

The pulps are then shipped to ALS-Chemex in North Vancouver to be analyzed for total Mo% and Cu% using a four acid digestion and ICP-AES (Atomic Emission Spectroscopy) finish. Samples from the oxide zone will be sent to Skyline Labs in Tucson to be analyzed for MO3.

The drill program at El Creston is being supervised by Fabrizio Colombo, PhD, P. Geo.

About Creston Moly Corp.

Creston Moly Corp. is a Canadian mineral exploration company focused on the development of the El Creston Molybdenum deposit located 135 kilometres north-east of Hermosillo, Sonora State, Mexico, near the village of Opodepe. The El Creston Molybdenum Project contains the following mineral resources at a 0.035% Mo Cut-off grade:

Mo lbs Cu lbs
Category Tonnes Mo% Cu% millions millions
--------- ---------- ----- ----- -------- --------
Indicated 92,873,000 0.083 0.060 169.9 122.8
Inferred 84,221,000 0.076 0.050 141.1 92.8

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 an NI 43-101 technical report (the "P & E Report") prepared for the Company in January 2008 by independent qualified persons Eugene Puritch, P. Eng. and Dr. Wayne Ewert, P. Geo. of P&E Mining Consultants Inc. The P & E Report is available at

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.

On behalf of the Board

Jonathan W. George, President

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.

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

Contact Information

  • Creston Moly Corp.
    Mr. Jonathan George
    (604) 694-0005
    (604) 684-9365 (FAX)