Creso Exploration Inc.

Creso Exploration Inc.

August 31, 2010 17:29 ET

Creso Exploration Amends the Matona Gold Option Agreement

MONTREAL, QUEBEC--(Marketwire - Aug. 31, 2010) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT) (FRANKFURT:C3X) announces the amendment of the Matona gold option agreement previously announced by press release on June 22 2010.

The Matona property, located 3.5 km west of the Minto property (100% owned by the Corporation), consists of 19 mining licences located in Tyrrell Township, Larder Lake, Mining Division, Shining Tree Area, Ontario and covers approximately 791 acres. Access to the site is provided by a bush road extending south from Highway 560. The amended option agreement calls for an earn-in of 100% in favour of Creso under the following conditions:

  Cash payment   Share capital   Exploration work commitment
  $   Number   $
Up-front payment 80,000   100,000   -
In June 2011 200,000   -   100,000
In June 2012 250,000   -   100,000
In June 2013 300,000   -   100,000

The issuance of these common shares of the Corporation is subject to regulatory approval. There will be a four month hold on the issuance of these shares. The vendor will retain a 3% NSR royalty and Creso will have the option to buy back a 2% for an amount of $2 million. An additional payment of $2 million is to be made at the time the property is brought into commercial production.

About Creso

The Corporation's principal mining exploration holdings are located in the Shining Tree mining camp of Northern Ontario within 100 km of the Timmins and Kirkland Lake mining camps, and additional interests are held in base metal properties in Guatemala. 

This release contains forward-looking statements that are based on beliefs of its management as well as assumptions made by and information currently available to management of the Company. When used in this release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", and the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this release. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and Creso disclaims any intention or obligation to update or revise such information, except as required by applicable law.

Neither 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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