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

Crescent Gold Limited

December 06, 2010 22:11 ET

Crescent Gold Limited: Additional Strong Gold Drilling Results-Apollo Gold Project

PERTH, WESTERN AUSTRALIA--(Marketwire - Dec. 6, 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), the growing Australian gold miner and resources developer today reported encouraging results from its continuing programme of Reverse Circulation (RC) drilling at the Company's Apollo gold project, part of its broader Laverton gold project in Western Australia. 

The Company believes these results, in conjunction with results announced previously on 26th October 2010, will form the basis for attractive additions to its growing reserve and resource base.

The current drill programme is aimed at extending the known resources on the Apollo project area, estimated at 30 June 2010 at an Inferred Resource of 1.4 million tonnes grading an average 2.4 grams per tonne gold for a contained 109,000 ounces of gold.

Significant recorded intersections include:

3m @30.07 g/t gold   10m @2.95 g/t gold   4m @5.87 g/t gold
5m @4.33 g/t gold   4m @4.94 g/t gold   11m @1.66 g/t gold

(A full table of intercepts > 0.8 g/t received in this programme is included below).

Crescent Gold's Interim Managing Director, Mr Mark Tory, commented, "We continue to be excited and pleased with our ongoing drilling results from the Apollo gold project. These results will form the basis of a revised resource model for Apollo to be compiled in early 2011."

The Apollo deposit is located 8 kilometres southwest of Laverton and approximately 20 kilometres from Barrick's Granny Smith Mill (BGSM). Crescent has an Ore Purchase Agreement (OPA) with subsidiaries of Barrick Gold for the sale of Crescent's gold ore to Barrick for processing at BGSM.

Along with the associated mineralisation on the Aurora prospect and the nearby Eclipse prospect, the Apollo mineralization is located on mining leases 38/535 and 38/101, held 100% by Crescent Gold Limited.

Up until 11th October, Crescent had drilled a total of 96 RC holes for 7,803 m at Apollo to extend and scope the mineralisation. The results for the first 63 holes were previously announced on the 26th October 2010. RC drilling continued at Aurora, Eclipse and Calypso, along a gold mineralized trend that strikes in excess of 11 kilometres.

Crescent intends to continue development of these deposits, with diamond core drilling and associated development studies in progress.

Table of Significant Intercepts in Order of Decreasing Gram-Metre Value

APOLLO RC DRILLING
HOLE
No.
  FROM (m)   TO
 (m)
  INTERVAL
(m)
  GRADE
(g/t Au)
  SIGNIFICANT INTERCEPTS   COLLAR MGA 51 EAST   COLLAR MGA
51 NORTH
WHRC085   36   39   3   30.07   3m @ 30.07ppm   433773   6830935
including   36   37   1   79.20   1m @ 79.20ppm   433773   6830935
WHRC081   46   56   10   2.95   10m @ 2.95ppm   433739   6830887
WHRC105   31   35   4   5.87   4m @ 5.87ppm   433752   6831186
WHRC082   27   32   5   4.43   5m @ 4.43ppm   433758   6830887
WHRC100   37   41   4   4.94   4m @ 4.94ppm   433737   6831084
WHRC087   25   36   11   1.66   11m @ 1.66ppm   433722   6830935
WHRC101   34   42   8   1.33   8m @ 1.33ppm   433761   6831084
WHRC091   34   36   2   4.85   2m @ 4.85ppm   433778   6831010
WHRC086   48   50   2   4.74   2m @ 4.74ppm   433748   6830934
WHRC103   35   37   2   4.50   2m @ 4.50ppm   433762   6831133
WHRC096   40   42   2   4.22   2m @ 4.22ppm   433687   6831033
WHRC091   82   89   7   1.08   7m @ 1.08ppm   433778   6831010
WHRC097   35   37   2   3.65   2m @ 3.65ppm   433713   6831034
WHRC083   84   88   4   1.68   4m @ 1.68ppm   433776   6830909
WHRC088   74   79   5   1.27   5m @ 1.27ppm   433763   6830983
WHRC094   36   40   4   1.49   4m @ 1.49ppm   433739   6831034
WHRC090   35   38   3   1.97   3m @ 1.97ppm   433687   6830985
WHRC088   66   69   3   1.83   3m @ 1.83ppm   433763   6830983
WHRC087   48   51   3   1.82   3m @ 1.82ppm   433722   6830935

Selection criteria: 0.8g/t gold lower cut-off, minimum down-hole width of 2m and maximum down-hole internal dilution of 2m. The tables list only those intercepts with a gram-metre product greater than or equal to 5 gram-metres. Drill sample quality was good, with dry samples recorded throughout with the exception of the intercept in WHRC081, which was moist (damp).

To view the photo associated with this press release, please click on the following link: http://media3.marketwire.com/docs/cra126.pdf

To view the table titled "APOLLO RC ALL COLLARS", please click on the following link: http://media3.marketwire.com/docs/cra126t.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. Mr Ion has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is 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". He consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

ABOUT CRESCENT GOLD

Crescent Gold is a top 10 listed Australian gold producer and explorer. Based in Western Australia, current annual production of 100,000-120,000 ounces is being sourced from a series of open pits at our Laverton Gold Project (LGP).

Crescent maintains a position of over 1,200km2 of highly prospective tenements in a world recognised and well endowed mineralised geological domain. With 30Mt of Mineral Resources which contain over 2.1Moz of gold, and an Ore Reserve position of 445,000 ounces contained gold, Crescent has a plan to carry on building its presence in the Laverton district and to continue with its exploration and development strategy of growing its reserve/resource base and extending the mine life of its production schedule beyond 2016.

FORWARD LOOKING STATEMENT

This discussion and analysis contains certain forward-looking statements. These include statements about our expectations, beliefs, intentions or strategies for the future, and are indicated by words such as "budget", "anticipate", "intent", "believe", "estimate", "forecast", "expect", and similar words. While all forward-looking statements reflect our current views with respect to future events, they are subject to certain risks and uncertainties. Actual results may differ materially from those projected in these statements for a number of factors, including those which are described in the Corporation's periodic filings with securities regulatory authorities. We base our forward-looking statements on information currently available to us and we do not assume any obligation to update or revise them, except in accordance with applicable securities laws, readers should not place undue reliance on forward-looking statements.

In accordance with the requirements of Canadian National Instrument 43-101 further information on the geology and mineralising setting can be found within the "Independent Technical Report on the Laverton Gold Project Western Australia" which is available on SEDAR (www.sedar.com) or the Company's website www.crescentgold.com.

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