Crescent Resources Corp.

Crescent Resources Corp.

November 15, 2007 08:02 ET

Crescent Resources Reports Drilling Results From Oviedo Uranium Project Paraguay

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2007) - Crescent Resources Corp. (TSX VENTURE:CRC) is pleased to announce results from the first eleven drill holes completed to date as part of a 20,000 metre drill program on the Oviedo Uranium Project in Paraguay. Management of the Company considers these initial drill results to be very encouraging as all holes intersected uranium mineralization, of which four holes (TC-1004, TC-1009, TC-1011 and TC-1013) intersected mineralization that exceeds a minimum G/T (grade/thickness factor) of 0.3 ft% eU308, similar to uranium deposits currently being mined by in-situ recovery methods. The holes are spaced at approximately 100 metre intervals within a corridor approximately 300 metres wide by 600 metres long on the southern part of this large 504,000 hectare property. The uranium mineralization is open in all directions and the drilling will continue with the objective to further expand this mineralized zone and to delineate other known mineralized areas on the property.

HOLE(1) (metres) (metres) (metres) (%eU3O8) (%metres) (%feet)
TC-1004(2) 242.00 247.00 5.00 0.05 0.256 0.84
TC-1005 234.30 235.90 1.60 0.021 0.031 0.102
TC-1006 234.80 235.90 1.10 0.022 0.025 0.082
" 241.69 243.49 1.80 0.018 0.033 0.108
TC-1007 232.61 235.30 2.70 0.026 0.070 0.230
TC-1009 233.71 238.19 4.48 0.031 0.139 0.456
TC-1010 237.60 239.79 2.19 0.019 0.042 0.138
TC-1011 234.30 238.00 3.70 0.031 0.114 0.374
TC-1012 236.80 238.10 1.30 0.041 0.053 0.174
TC-1013 237.10 242.00 4.90 0.043 0.210 0.689
" 251.46 253.46 2.00 0.047 0.093 0.305
(1) Drill holes TC-1001 and TC-1008 were abandoned before completion.
TC-1002 and TC-1003 only intersected anomalous uranium mineralization.
(2) Results first released in NR 2007-8 on October 15th 2007.
(3) Grade/Thickness factor %eU3O8 x thickness in metres.
(4) Grade/Thickness factor %eU3O8 x thickness in feet.

Michael Hopley, President of Crescent states, "Intersecting uranium mineralization in all holes completed to date is very encouraging for the long-term exploration of the Oviedo Uranium Project. This early success clearly demonstrates the potential for the Oviedo Project to host multiple zones of roll front uranium mineralization along the 200 kilometre long property."

These results are consistent with drill results from the Yuty Uranium Project currently being drilled by Cue Capital of Vancouver, B.C. (see news release of November 7th 2007). Cue is working to confirm a historical uranium resource outlined in the 1980's by the Anschutz Corporation. The Yuty Project is located approximately 150 kilometres to the south of the Oviedo Project in the same geological formation, permo-carboniferous age continental sandstones in the Parana Basin.

Previous drilling on +5 to greater than 10 kilometre centers by the Anschutz Corporation during 1980-1982 on the Oviedo property discovered significant uranium mineralization exceeding 0.05% eU3O8 within the Permo-Carboniferous sandstone host along at least a 50 kilometre interpreted reduction-oxidation boundary. No offsets to these mineralized drill holes which lie approximately 15 and 35 kilometres north of the present drill area have yet been completed. During the next phase of drilling these and other targets will be drill tested with the objective to further expand the mineralized zone.

The Oviedo property covers over 504,000 hectares in central Paraguay that was subject to extensive uranium exploration between 1976 and 1983. This activity was centered on a large belt of Permo-Carboniferous age continental sandstones that represent the western flank of the Parana Basin. In neighboring Brazil these same sandstones contain numerous uranium occurrences including the Figueira Mine that reportedly hosts approximately 19 million pounds of U3O8. Most of the uranium occurrences in this environment are "roll-front" type deposits similar to those being currently exploited by low-cost in-situ leach methods in the western United States. Exploration activity on the Oviedo property ceased in 1983 due to low uranium prices.

The uranium grade referred to above is reported as equivalent uranium (eU3O8) as determined by downhole radiometric logging equipment. The logging was performed using equipment purchased from Mount Sopris Instruments of Golden, Colorado. Quality control and quality assurance is being provided by Dr. Bernie Schmeling, a contract geophysicist.

Michael Hopley, President of Crescent Resources is the Qualified Person responsible for the technical content of this release.

In the agreement with the owners and operators of the Oviedo Project, Crescent can earn up to a 70% interest in the Oviedo property by completing a pre-feasibility study by May 16, 2011 (see NR 2006-7 November 3, 2006).

About Crescent

Crescent is a mineral exploration and development company with a defined growth strategy of adding value through discovery and rapid project advancement through exploration. In addition to the Oviedo Uranium Project in Paraguay, Crescent also has the Matupa Gold Project in Brazil. These projects were acquired based on management's belief that they have the potential for further discovery and growth. The Company has 26.8 million common shares outstanding.


Michael Hopley, President and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

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