Creston Moly Corp.
TSX VENTURE : CMS

Creston Moly Corp.

January 14, 2008 11:15 ET

Creston Moly Corp.: Initial Infill Drilling at El Creston Encounters Thick, High Grade Intervals of Molybdenite Mineralization, Including 245.3 Metres of 0.14% Mo in Hole EC07-007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2008) - Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE:CMS) is pleased to announce that 16 vertical holes totalling 4,251 metres have been completed at the El Creston Molybdenum Project, Sonora, Mexico. All sixteen holes have been sampled and sent to ALS-Chemex's preparation lab in Hermosillo, Mexico. Analytical results for six of the sixteen holes 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 sixteen holes completed to date have been drilled within the eastern half of the deposit as shown in the accompanying location map. The map is also available at http://www.crestonmoly.com/i/maps/Creston_drillholes.gif. Assay results for total molybdenum and copper have been received for hole 1 and for holes 3 to 7. The results from holes drilled within the Main Molybdenum Zone are tabulated below:



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Oxide
Hole Zone
Depth From To Interval Mo From (m)
Hole Northing Easting (m) (m) (m) (m) % To (m)
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EC07-003 6386 3686 232.4 0 164.3 164.3 0.12 0-10
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EC07-005 6195 3466 160.05 38.15 79.2 41.05 0.06 0-24
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EC07-006 6243 3516 240 160.1 193.47 33.37 0.15 0-30
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EC07-007 6355 3539 299.9 1.1 246.39 245.29 0.14 0-29
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includes 11.5 110.7 99.2 0.23
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Holes 1 and 4 were drilled immediately south of the Main Molybdenum Zone, in order to define the southern boundary of the deposit. These two holes are weakly mineralized. Hole 5 encountered 41.05 metres of 0.06% Mo along the southern margin of the deposit. Holes 3, 6 and 7 all intersected strong mineralization over significant widths. In particular hole 7 penetrated 245.29 metres averaging 0.14% Mo and included a 99.2 metre interval which assayed 0.23% Mo. In both holes 3 and 7, strong molybdenum mineralization starts at or near surface. All six holes contain very low copper concentrations (0.01 to 0.04%).

The table above also shows the depth of the oxide zone. Samples from the oxide zone will be sent to Skyline Labs in Tucson to be analyzed for molybdenum oxide. This will determine the relative amounts of molybdenum oxide and molybdenum sulphide present within the oxide zone. It should be pointed out that molybdenum oxide is not recoverable by conventional flotation methods.

Mr. Jon George comments, "This is the first batch of assays received from holes drilled within the Main Molybdenum Zone and we are very pleased with the results. These assay results not only validate previous drill results from Amax, but also suggest that the sampling and preparation techniques implemented by Creston Moly may help in better defining the true grade of the deposit."

The infill drill program has resumed utilizing two diamond drill rigs.

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 reduce 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 and copper oxide.

The drill program at El Creston is being supervised by Fabrizio Colombo, PhD, P. Geo. Mr. David Fitch, an MDA representative spent a total of 20 days on the property in mid October, late November - early December and was in charge of the chain of custody of a number of samples delivered to the preparation Lab.

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 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 www.sedar.com.


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.

To view the map accompanying this release please click on the following link: http://www.ccnmatthews.com/docs/0114cms.jpg

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
    President
    (604) 694-0005
    (604) 684-9365 (FAX)
    Website: www.crestonmoly.com