Crescent Resources Corp.

Crescent Resources Corp.

December 13, 2006 15:44 ET

Crescent Closes Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 13, 2006) - Crescent Resources Corp. (TSX VENTURE:CRC) announces that it has closed the non-brokered private placement of 7,500,000 units at a price of $0.50 per unit for gross proceeds of $3,750,000. Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the subscriber to purchase one additional common share in the capital of the Company at a price of $0.75 until December 12, 2007. A finder's fee was paid in the form of 329,100 units on the same terms as the private placement. The common shares issued, and any common shares issued pursuant to the exercise of share purchase warrants prior to April 14, 2007 are restricted from trading until April 14, 2007.

Proceeds of this private placement will be primarily used for property costs and commencement of exploration and drilling on the Oviedo Uranium Property in Paraguay as well as general corporate purposes and the evaluation of other properties for possible acquisition.

Crescent is a mineral exploration and development company with a defined growth strategy of adding value through discovery and rapid project advancement through exploration. The recently acquired Oviedo Uranium Project will be the primary focus for exploration in 2007 with additional exploration planned at the Boulder Lake Uranium Project and the Matupa Gold Project. The Company has 25,633,779 shares 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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