Crescent Resources Corp.
TSX VENTURE : CRC

Crescent Resources Corp.

April 20, 2011 08:00 ET

Crescent Resources Announces Results From the 2011 Auger Drilling Soil Exploration Program at the Uncle Sam Gold Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 20, 2011) - Crescent Resources Corp. ("Crescent" or the "Company") (TSX VENTURE:CRC) announces the results from the 2011 auger drilling exploration program recently completed at the Uncle Sam Gold Project located near Fairbanks, Alaska. The objective of the auger drill program was to obtain a geochemical soil sample at the soil horizon beneath windblown overburden (loess) in areas that had not been sampled by previous operators and to confirm previous sampling in some areas. The program was successful in extending the zones of anomalous soil samples in two areas, the Lone Tree and Christmas Prospects, by 250 meters in width. A third highly prospective zone, the Wolf Prospect, was not sampled during the program. (See maps at bottom). A minimum 2,000 meter diamond drill program designed to test bedrock mineralization and to potentially expand current mineralized zones is scheduled to commence in early May.

  • At the Lone Tree Prospect the western-most line of auger drilling extended the zone of anomalous soils 250 meters to the north with anomalous soil samples assaying up to 82 parts per billion (ppb) gold. Another sample from a geochemical line 400 meters to the east returned anomalous samples assaying up to 150 ppb gold extending the zone by about 250 meters to the north. The Lone Tree geochemical anomaly now measures approximately 4,000 meters in length and up to 1,000 meters wide and has several significant gold intercepts from previous drilling by other operators.
  • Anomalous soil samples containing up to 216, 363 and 1,225 ppb gold confirmed strong gold mineralization at the Lone Tree Prospect within an area that has returned several significant gold drill intercepts from past drilling. This area will be a focus of drilling in the upcoming drill program with the objective to expand the mineralized zone.
  • At the Christmas Prospect, located approximately 500 to 800 meters south of the Lone Tree Prospect, anomalous soil samples that assayed up to 160 and 206 ppb extended the anomaly 200 meters to the north of previous soil sampling. The Christmas Prospect is a second large, strong geochemical anomaly that now measures approximately 4,000 meters in length and up to 1,000 meters in width.
  • The results of top of bedrock samples collected during this survey, in the known mineralized system, are much higher than results from soil samples collected by previous workers. It is thought that the difference is due to diligent application of sampling procedures in the auger program.
  • A third large geochemical anomaly, measuring over 2,000 meters in length and 1,000 meters in width, known as the Wolf Prospect, was not sampled as part of this program. Drilling at the Wolf Prospect is planned for the May program to focus on extending the known area of mineralization identified by past drilling. The Wolf Prospect is located approximately 500 meters south of the Christmas Prospect.

Crescent executed a definitive agreement with Millrock Resources Inc. on December 15, 2010 whereby Crescent can earn a 100% interest in Millrock's rights to the Uncle Sam Gold property which covers approximately 31 square kilometers and is located 75 kilometers southeast of the city of Fairbanks. A comprehensive exploration data package provided to Millrock by previous operators indicates that there are extensive anomalous areas defined by surface gold geochemistry and numerous significant drill intercepts that indicate strong potential for a large new gold discovery.

Notes:

  1. The technical information in this news release was reviewed by Michael Hopley, Crescent's Chairman, a Qualified Person as defined in NI 43-101.
  2. Millrock Exploration Corp. is the operator of the program and have conducted all work in this exploration program.
  3. Samples from the Uncle Sam auger soil program were collected at the drill site, sealed in bags and delivered by Millrock personnel to Fairbanks, Alaska for assay at ALS Chemex, an international laboratory with stringent quality control and quality assurance programs. Millrock also had its own quality control / quality assurance programs in place.
  4. A total of 52 top of bedrock soil samples were collected, (including 2 duplicate soil samples), approximately one kilogram in size, by Millrock at the Lone Tree and Christmas Prospects within the Uncle Sam Property during the 2011 auger hole exploration program. See attached map.

About Crescent Resources Corp.

Crescent Resources is a resource exploration company focused on the exploration of the Uncle Sam Gold Project in Alaska. Management will also continue to review other opportunities in the resource sector. The Company has 17.6 million shares outstanding thereby providing its shareholders strong leverage to a successful exploration and drilling program.

Two maps are included in this release. To view them, please click the following links:

Map one: http://media3.marketwire.com/docs/CRC1.pdf.

Map two: http://media3.marketwire.com/docs/CRC2a.pdf.

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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