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

Crescent Gold Limited

April 11, 2007 22:07 ET

Crescent Gold Limited: Laverton Update and Shareholder Meeting to Consider $120m Injection

PERTH, AUSTRALIA--(CCNMatthews - April 11, 2007) -

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

Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CRE5) is pleased to announce that Investec Bank has approved the proposed placement to raise $120m cash. The deal is subject to the approval of Crescent Gold shareholders, ASX, ASIC, TSX, OSC and FIRB. A notice of meeting for shareholders along with an Independent Expert report and a Fair and Reasonable opinion is being prepared and will be mailed to shareholders as soon as it is ready.

The commissioning of the Laverton Gold Project continues to make good progress with the commencement of crushing and mining operations. Ore from Sickle is now being fed to the mill. The third and fourth gold pour have produced over 37kg of gold in the past fortnight.

To view photographs accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/CRAGoldPour.jpg.

The mill expansion to 1.5mtpa is progressing well on a number of fronts. Construction of the additional tankage is nearing completion ahead of tie in and is timed to coincide with the tie in of the second ball mill during May. The mobile crusher, being delivered from Malaysia, will then be installed and commissioned and will replace the current mobile crushing unit.

Scaling up to full production rates will then occur progressively across the mining and milling operation.

The Laverton Gold Project is located 250 kilometres northeast of Kalgoorlie. Crescent's tenements cover more than 1,000 square kilometres close to several large scale gold mines including Barrick Gold's Wallaby and Anglogold Ashanti's Sunrise Dam projects.

The Laverton tenements currently contain over 20 targets, of which Ore Reserve estimates are completed for 400,000 ozs total on nine.

Sickle is the initial source of ore for treatment. Crescent is recommissioning the Laverton mill and improving its scale and efficiency to treat 1.5mtpa of ore.

The project hosts a compliant Indicated Resource of 20.1 million tonnes at 1.5 grams per tonne gold (g/t au) for 953,000 ounces of gold and an Inferred Resource of 10.4 million tonnes at 1.4 g/t au totalling 479,000 ounces of gold.

Regards

Crescent Gold Limited

Andrew Haythorpe, Managing Director

Julian Tambyrajah, CFO & Company Secretary



Share Information
ASX Share Price: A$0.43
Issued Shares: 259.2m
Market Cap: A$111.4m
Options unlisted: 56.7m

Fully Diluted Basis
Shares: 315.9m
Cash on dilution: A$12.7m

Resources
Indicated: 0.95m ozs
20.1mt
1.5g/t
Inferred: 0.48m ozs
10.4mt
1.4g/t

Reserves
Probable: 0.40m ozs
7.6mt
1.7g/t

Resource
Market Cap/oz: A$78/oz

Reserve
Market Cap/oz: A$279/oz


Contact Information

  • Crescent Gold Limited
    Andrew Haythorpe
    Managing Director
    +61 8 9322 5833
    or
    Crescent Gold Limited
    Julian Tambyrajah
    CFO & Company Secretary
    +61 8 9322 5833
    +61 8 9322 5866 (FAX)
    Email: info@crescentgold.com
    Website: www.crescentgold.com