Crescent Gold Limited
ASX : CRE
TSX : CRA
FRANKFURT : CRE5

Crescent Gold Limited

November 23, 2010 00:00 ET

Clarification of Crescent Gold's $45 Million Rights Issue

PERTH, WESTERN AUSTRALIA--(Marketwire - Nov. 23, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CRE5) released a statement today headlined "Crescent Gold's $45 million Rights Issue Creates a Platform for Growth".

Within the statement, Crescent stated that 'preliminary mining studies indicate the opportunity to recommence mining of 2.66Mt of resource at an average grade of 6.64 g/t Au.'

The following table shows the breakdown of these resources into Measured, Indicated and Inferred.

 
  Tonnes Kt Grade g/t Contained Au oz
Measured - - -
Indicated 2,040 6.5 427,000
Total Measured & Indicated 2,040 6.5 427,000
Inferred 620 7.1 141,000
Total ounces 2,660 6.64 568,000

Attached is the Company's Reserves and Resource tables as previously disclosed in a statement issued to the ASX on 28 September 2010 and also within the 30 June 2010 Annual Report.

To view the tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/cra-tbls.pdf.

The information in this report that relates to gold Exploration Results is based on information compiled by Mr Jeff Ion, who is a Member of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists and is employed by Crescent.

The information in this report that relates to Ore Reserves utilising underground extraction (the Summit deposit) is based on information compiled by Mr William Holly, who is a Member of the Australasian Institute of Mining and Metallurgy and is an independent consultant.

They each have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and a Qualified Person under "Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects". They each consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Additional information related to the Company is available for review at sedar.com or on the Company's website at www.crescentgold.com.

SHARE INFORMATION  
   
ASX Share Price: A$0.155
Issued Shares: 620.1m
Market Cap: A$96.1m
Unlisted options: 35.9m
   
FULLY DILUTED BASIS  
   
Shares: 656.0m

ABN 49 087 360 996

Contact Information

  • Crescent Gold Limited - In Australia
    Mark Tory
    Interim Managing Director
    +61 8 6380 7100
    +61 8 6380 7199 (FAX)
    or
    Crescent Gold Limited - In Canada
    Renee Brickner
    +1 604 802 6806
    info@crescentgold.com
    www.crescentgold.com
    or
    Field Public Relations
    Kevin Skinner
    Media
    +61 8 8234 9555