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

Crescent Gold Limited

February 21, 2007 20:49 ET

Crescent Gold Limited: West Laverton New Results-3m @ 10.5g/t, 3m @ 9.5g/t

PERTH, AUSTRALIA--(CCNMatthews - Feb. 21, 2007) - Crescent Gold (TSX:CRA)(ASX:CRE)(FRANKFURT:CRE5) is pleased to report further high grade intersections along the West Laverton Trend ("WLT"). These results follow previously announced intersections (refer announcement dated 1/2/2007).

Assays for 20 RC drill holes for an advance of 2,700m have been received. Better intersections include:



10m @ 3.8 g/t from 94m (includes 3m at 9.5 g/t from 100m)
9m @ 5.0 g/t from 86m (includes 3m at 10.5 g/t from 87m)
11m @ 3.2 g/t from 124m (includes 2m at 9.7 g/t from 132m)


A full listing of results is detailed in Table 1 (down-hole lengths reported - true widths will be determined). The results follow recently reported intersections, which included;



10m @ 7.7 g/t from 75m (includes 2m at 23.7 g/t from 75m)
9m @ 7.0 g/t from 87m (includes 2m at 14.5 g/t from 92m)
4m @ 6.7 g/t from 56m (includes 2m at 10.6 g/t from 56m)
11m @ 45.4 g/t from 25m (includes 2m at 240.0 g/t from 31m)
26m @ 17.8 g/t from 62m (includes 9m at 26.0 g/t from 92m)


These results are highly encouraging and have now intersected the target over a 500m strike length (refer Figure 1 and 2).

Northern Zone

Hole CMRC018 intersected 10m at 3.8 g/t (in 3m at 9.5 g/t), this has extended the northern known limit by a further 150m. The zone remains open and infill/step-out drilling has commenced.

Southern Zone

Hole CMRC011 intersected 8m at 4.0 g/t, this has extended the southern known limit to 300m south of the first drill hole. Mineralization remains open along strike and at depth. Further step out drilling will be carried out.

Assays are pending for another 12 holes which intersected the target.

An audio broadcast by Andrew Haythorpe regarding this announcement can be heard at http://www.brr.com.au/event/CRE/845/19262/wmp/mmw75xxl59.

Geological Interpretation and Exploration Potential

The area is located 11km south-west of the Laverton Gold Plant and just 200m from an existing haul road. The company holds 100% of the 4km strike length of favourable Banded Iron Formation (BIF) sequence within the WLT. Previous intersections from the area (refer Figure 1 and 2) will be used in future resource estimations;

Mineralisation is located within a Banded Iron Formation ("BIF"). Gold mineralisation at Craiggiemore is strata bound within a BIF unit that has undergone significant deformational and structural thickening. The BIF strikes north and dips steeply east and lies between ultramafic rocks to the west and basalts to the east.

The geology along strike appears similar to the Craiggiemore deposit, and no mining has taken place in this area. Mineralisation south of Craiggiemore occurs within two sub-parallel lodes.

The width, geological nature and tenor of the Eastern BIF warrants deeper drilling as the depth potential is largely untested (refer Figure 1).

For diagrams and full details please refer to the company website www.crescentgold.com and www.sedar.com.

To view Figure 1 - Long Section and Figure 2 - RC Drill Hole Plan with Magnetics please click on the following link: http://www.ccnmatthews.com/docs/cra221.pdf.



Table 1 - RC Drill Results for Craiggiemore

---------------------------------------------------------------------------
MINERALISED INTERCEPT
DEPTH DEPTH
INTERVAL GRADE FROM TO
(M) AU(G/T) (M) (M) AZIMUTH DIP NORTH EAST HOLE ID
---------------------------------------------------------------------------

8 4.0 69 77 285 -60 6829258 440398 CMRC011

10 3.8 94 104 285 -60 6829764 440473 CMRC018
3 9.5 100 103 Includes

11 3.2 124 135 285 -60 6829523 440475 CMRC023
2 9.7 132 134 Includes

1 5.5 116 117 285 -60 6829549 440469 CMRC027

12 3.2 85 97 285 -60 6829599 440468 CMRC028
2 7.4 86 88 Includes

9 5.0 86 95 285 -60 6829612 440474 CMRC029
3 10.5 87 90 Includes
2 3.1 102 104

2 2.0 110 112 285 -60 6829576 440462 CMRC031
1 4.0 115 116

2 5.4 73 75 285 -60 6829579 440447 CMRC032
1 8.5 74 75 Includes
---------------------------------------------------------------------------
Notes for Table 1

1. All gold analysis undertaken by 40 gram Fire Assay at independent
commercial laboratory SGS Laboratory located in Leonora, Australia.
2. RC Samples collected over 1 metre intervals using a industry standard 3
tier riffle splitter.
3. Minimum intersection width 2 metres with internal waste of no more than
2 metres.
4. Downhole lengths reported as true width is unknown.
5. Azimuths are referenced to local grid.
6. No top cut has been applied.
7. Intersection grade rounded to 1 decimal figure.


Quality Assurance and Quality Control (QAQC):

Gold intersections reported have been verified by the company's QAQC protocols, which include routinely inserted standards and replicate field splits. All samples from drill holes are prepared by Genalysis and pulverised to 90% passing 75 microns then analysed for gold using Fire Assay methods.

Caution Regarding Forward-Looking Statements

Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Crescent. Actual events may differ materially from those currently anticipated in such statements.

Regards

Crescent Gold Limited

Andrew Haythorpe Julian Tambyrajah
----------------- -----------------------
Managing Director CFO & Company Secretary

"The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Andrew Spinks, who is a Member of The Australasian Institute of Mining and Metallurgy included in a list promulgates by the ASX from time to time. Andrew Spinks is employed by Crescent Gold Limited and 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. Andrew Spinks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears."

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 Mineral Asset of Laverton Gold Project" which is available on SEDAR (www.sedar.com) or the company's website www.crescentgold.com.

Further information on Crescent Gold Limited and technical reports on the Laverton Gold Project and all aspects of the Company's activities can be found on the company's website www.crescentgold.com.





Share Information
ASX Share Price: A$0.41
Issued Shares: 248.2m
Market Cap: A$101.8m
Options unlisted: 46.2m

Fully Diluted Basis
Shares: 294.4m
Cash on dilution: A$13.1m

Resources
Indicated: 0.95m ozs
20.1mt
1.5 g/t
Inferred: 0.48m ozs
10.4mt
1.4g/t
Market Cap/oz: A$71/oz

Reserves
Probable: 0.40m ozs
7.6mt
1.7g/t
Market Cap/oz: A$254/oz


The TSX does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Crescent Gold Limited - in Australia
    Hayley Patton
    +61 8 9322 5833
    +61 8 9322 5866 (FAX)
    or
    Crescent Gold Limited - in Canada
    Renee Brickner
    (604) 687-0072
    (604) 687-4770 (FAX)
    Email: info@crescentgold.com
    Website: www.crescentgold.com