Creston Moly Corp.

Creston Moly Corp.

October 09, 2008 09:00 ET

Colin K. Benner Appointed as Chairman of Creston Moly Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2008) - Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE:CMS) is pleased to announce the appointment of Mr. Colin K. Benner, P. Eng. as Chairman of the Board of Directors effective immediately.

Mr. Benner is an experienced mining executive with more than 40 years in the mining industry with senior management and executive roles in Canada and internationally. He was most recently Vice Chairman and CEO of Skye Resources and previously Vice Chairman and CEO of Lundin Mining Corporation and EuroZinc Mining Corporation. He has also served on a number of public company boards in the mining industry in Canada and he currently sits on the boards of Lundin Mining Corporation, HudBay Minerals Inc., Troon Ventures Ltd., and Sherwood Copper Corp. and is Chairman of PBS Coals Ltd. He is a member of the Association of Professional Engineers of Ontario, the Canadian Society of Professional Engineers as well as a member of the Association of Professional Engineers and Geoscientists of British Columbia, the Association of Professional Engineers and Geoscientists of Nunavut, the Society of Mining Engineers of the AIME and the Canadian Institute of Mining.

Mr. Benner stated: "I am very pleased to have the opportunity to work with the people at Creston Moly in developing the El Creston deposit to mine status and in seeing all the benefits that will be derived for all the stakeholders. Despite the present turmoil in the financial markets, we believe the fundamentals for the moly market are sound and in particular for this project. El Creston is well located geographically, has access to grid power, an experienced labour pool to draw from and is in close proximity to technical support, materials and supplies. With these advantages and mineral resources of substantial size and grade we believe this project is well positioned to become a successful producer."

Jonathan George, President of Creston, stated: "We are extremely fortunate to have someone with Colin's stature and expertise join our team at this critical juncture, as we advance the El Creston Molybdenum Deposit towards production."

Concurrent with the appointment of Mr. Benner, Kim Phillips resigned as a director of Creston. Mr. Phillips will remain as Chief Financial Officer and Secretary.

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

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.


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)