Crescent Resources Corp.

Crescent Resources Corp.

October 15, 2009 18:44 ET

Crescent Resources Closes Tranche 1 of Private Placement and Acquires Rattlesnake Hills Gold Properties, Wyoming

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2009) - Crescent Resources Corp. (TSX VENTURE:CRC) ("Crescent") is pleased to announce that, further to its news release dated July 21, 2009, the Company has closed tranche 1 of a non-brokered private placement of 5,000,000 Units at a price of $0.10 for proceeds of $500,000. Each Unit consists of one common share and one common share purchase warrant, with each warrant entitling the subscriber to purchase one additional common share in the capital of the Company at a price of $0.20 for two years from closing of the private placement.

Crescent, with approval of the Exchange, split the placement into two tranches to accommodate the travelling schedule of one investor, who subscribed for $140,000, so as not to delay closing on the first $360,000 tranche and the Rattlesnake acquisition. The second tranche of $140,000 will close without delay on October 22, 2009.

In addition pursuant to an acquisition agreement with John Glasscock and his company Cowboy Exploration & Development LLC to acquire up to a 100% interest in certain mineral claims covering approximately 4,000 acres located in the Rattlesnake Hills area, Natrona County, Wyoming, USA (the "Properties") the Company issued 2,500,000 common shares of Crescent and paid US$85,000 as reimbursement of previously paid property costs.

The Company issued a finder 333,900 common shares of Crescent in connection with the acquisition.

All securities are subject to a four month hold period until February 16, 2010.

The Company has filed an independent technical report on the Properties on on October 13, 2009.

The Properties are adjacent to and within approximately 5 kilometres of Evolving Gold's Rattlesnake Hills property where recent drilling results suggest the possibility of a new large gold deposit.

Field work on the Properties comprising geological mapping along with rock, soil and stream sediment sampling started last August and is ongoing. The objective of the program is to develop drill targets as quickly as possible. Details of additional claims staked by Crescent will be forthcoming.

Crescent is a junior exploration company currently focused on exploring and developing the Rattlesnake Hills North Project in Wyoming. The Company is managed by an experienced team with several discoveries attributable to the group. Crescent trades on the TSX.V – symbol: CRC.


Michael Hopley, President and Chief Executive Officer

"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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