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

Crescent Gold Limited

April 05, 2011 22:33 ET

Crescent Gold Limited: Strong Gold Results in Diamond Drilling-Laverton Gold Project

SUBIACO, WESTERN AUSTRALIA--(Marketwire - April 5, 2011) -

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 Australian gold miner and resources developer, today reported encouraging results from diamond core drilling at the Company's Apollo, Aurora and Calypso gold resources, part of its broader Laverton gold project in Western Australia.

The purpose of the drilling was to supply material for density testwork, provide high quality samples for comparative work against previous RC drill samples and to build a better understanding of geological controls on mineralisation.

The most significant recorded intersections from the diamond drilling include:



12.1m @ 12.58 g/t Au, including 5.9m @ 21.85 g/t Au
4.5m @ 3.62 g/t Au
11.9m @ 1.27 g/t Au


(A full table of intercepts greater than 0.8 g/t received in this programme is included below along with a list of collars).

Crescent Gold's Managing Director, Mr Mark Tory, commented:

"We are very excited with the continuation of encouraging drilling results from the Apollo, Aurora and Calypso gold resources. These results and further planned drilling on the resources will likely enable the Company to extend its resource base."

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.

The Apollo, Aurora and Calypso gold projects, are part of an 11 km trend of gold mineralisation that also includes the Liberty, Eclipse and Emerald projects. These six projects as at 30 June 2010 were estimated to contain combined indicated and inferred resources of 502,000 ounces gold. A breakdown of these resources is provided in the Crescent Gold 2010 Annual Report. The projects are located on mining leases 38/49, 38/535 and 38/101, held 100% by Crescent Gold Limited.

This announcement is based on results from 8 diamond core holes totalling 604 metres. Four holes were drilled at Apollo, 2 holes at Aurora and 2 holes at Calypso. Crescent is continuing the development of these deposits, with further infill RC, diamond core drilling and associated development studies set to commence. The Apollo area is also currently being assessed for additional deep RC / diamond core drill targets.



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DD DRILLING SIGNIFICANT RESULTS
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GRADE
HOLE FROM TO INTERVAL (g/t MGA MGA
No. (m) (m) (m) Au) SIGNIFICANT INTERCEPTS EAST NORTH
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WHDD003 68.9 81.0 12.1 12.58 12.1m @ 12.58 g/t 433527 6830040
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Including 71.0 76.9 5.9 21.85 5.9m @ 21.85 g/t 433527 6830040
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INDD002 28.5 33.0 4.5 3.62 4.5m @ 3.62 g/t 433967 6832308
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WHDD001 46.1 58.0 11.9 1.27 11.9m @ 1.27 g/t 433704 6830853
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WHDD001 61.0 67.0 6.0 2.49 6.0m @ 2.49 g/t 433704 6830853
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WHDD004 56.1 61.0 4.9 2.14 4.9m @ 2.14 g/t 433251 6829408
---------------------------------------------------------------------------
INDD002 37.0 40.5 3.5 2.84 3.5m @ 2.84 g/t 433967 6832308
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BCDD002 41.4 44.8 3.4 2.25 3.4m @ 2.25 g/t 433929 6837933
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WHDD002 21.1 28.2 7.1 1.07 7.1m @ 1.07 g/t 433676 6830483
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WHDD004 49.3 54.0 4.7 1.61 4.7m @ 1.61 g/t 433251 6829408
---------------------------------------------------------------------------
WHDD002 33.0 38.0 5.0 1.23 5.0m @ 1.23 g/t 433676 6830483
---------------------------------------------------------------------------
INDD001 80.0 84.0 4.0 1.33 4.0m @ 1.33 g/t 434084 6832458
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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. Core recovery was excellent, at typically better than 97 % over
intervals reported.

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CRESCENT GOLD DD DRILLING COLLARS
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HOLE MGA_51_ MGA_51_ MGA_51_ MGA_51_ MGA_51_ TOTAL LOCAL_ LOCAL_ LOCAL_
No. EAST NORTH RL AZI DIP DEPTH EAST NORTH RL
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BCDD001 433954 6838108 430 270 -60 70 433816 6837949 430
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BCDD002 433929 6837933 431 270 -60 70 433791 6837774 431
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INDD001 434084 6832458 435 270 -60 102.5 433946 6832299 435
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INDD002 433967 6832308 435 270 -60 61.7 433829 6832149 435
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WHDD001 433704 6830853 435 270 -60 75 433566 6830695 435
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WHDD002 433676 6830483 435 270 -60 50 433538 6830325 435
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WHDD003 433527 6830040 435 270 -60 90 433389 6829882 435
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WHDD004 433251 6829408 435 270 -60 85 433113 6829250 435
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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.

To view the images accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/cra45i.pdf

ABOUT CRESCENT GOLD

Crescent Gold Limited is a top 10 listed Australian gold producer and explorer based in Perth, Western Australia. With a primary focus on gold mining and exploration, the Company is actively advancing its flagship asset, the Laverton Gold Project located 250km north east of Kalgoorlie in Western Australia.

Crescent maintains a dominant land position of over 1,400km(2) of highly prospective tenements in a world recognised and well endowed mineralised geological domain. With 30Mt of Measured, Indicated and Inferred Mineral Resources that contain over 2.1Moz of gold, and a Probable Ore Reserve position of 445,000 ounces (both as at 30 June 2010), Crescent has a plan to carry on building its presence in the Laverton district. The Company plans to continue exploration and development to grow its reserve and resource base, and further leverage its production base to grow reserves, production, cash flow and earnings.

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 www.sedar.com or on the Company's website at www.crescentgold.com.



ASX Code: CRE
TSX Code: CRA
FFT Code: CRE5

SHARE INFORMATION
ASX Share Price: A$0.051
Issued Shares: 1,077.9m
Market Cap: A$55.0m
Unlisted options: 32.3m

CONTACT DETAILS
Level 2,
40-48 Subiaco Square
Subiaco WA 6008
Phone: +61 8 6380 7100
Fax: +61 8 6380 7199
info@crescentgold.com
www.crescentgold.com

ABN 49 087 360 996


Contact Information

  • Crescent Gold Limited - In Australia:
    Mark Tory
    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