Crescent Resources Corp.

Crescent Resources Corp.

June 12, 2007 08:00 ET

Crescent Announces Signing of Exploration Permits for Oviedo Uranium Project, Paraguay and Execution of Definitive Agreement to Acquire an Interest in Oviedo Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2007) - Crescent Resources Corp. (TSX VENTURE:CRC) announces that the exploration permit for the Oviedo uranium project (the "Property") has been signed by the Minister of Public Works and Communications for the Republic of Paraguay and by the Vice-Minister of Mines and Energy. The exploration permit was issued in accordance with the recently enacted new mining law and is valid for two years, with an extension for an additional year. This permit covers the entire 504,000 hectares that make up the Property.

In addition, Crescent has executed a definitive agreement with Coronel Oviedo Mining Company SA ("Coronel") whereby Crescent can earn up to a 70% interest in the Property. Pursuant to the terms of the definitive agreement, Crescent can acquire an initial 50% joint-venture interest in the Property by funding US$5,000,000 of expenditures on the Property within a period of three years from May 16, 2007 and by making an aggregate of US$750,000 in cash payments and issuing an aggregate of 3,500,000 common shares of Crescent to Coronel. Crescent has agreed to fund US$2,000,000 of exploration by May 16, 2008, US$2,500,000 by May 16, 2009 and US$500,000 by May 16, 2010. In order to maintain its 50% interest Crescent is required to fund an additional US$2,500,000 of expenditures by May 16, 2010. The period to complete this funding can be extended from 2010 to 2011 by paying US$500,000 to Coronel.

Crescent will then have a further option to acquire a 70% joint-venture interest in the Property by completing a pre-feasibility study by May 16, 2011. The period to complete this study can be extended to May 16, 2012 by paying US$500,000 to Coronel.

On the signing of the Letter Agreement on November 1, 2006 Crescent paid Coronel US$25,000. On executing the definitive agreement and on receipt of the exploration license issued for the Property on May 16, 2007, Crescent has now paid an additional US$175,000 and issued 800,000 shares. On or before May 16, 2008 Crescent will pay Coronel US$250,000 and issue 1,200,000 shares, and the final payments of US$300,000 and 1,500,000 shares are to be paid by May 16, 2009.

Coronel will be the operator of the joint-venture programs until US$5,000,000 has been spent at which point Crescent has the right to become the operator.

Crescent paid a finder's fee to an arms-length person of $176,500 paid by the issue of 211,818 common shares and cash $60,000.

Crescent is a mineral exploration and development company with a defined growth strategy of adding value through discovery and rapid project advancement through exploration. Crescent is currently focused on the exploration of the Matupa Gold Project in Mato Grosso State, Brazil and the Boulder Lake Uranium Project in northern Manitoba. These projects were acquired based on management's belief that they have the potential for further discovery and growth. The Company has 25.7 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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