Creso Exploration Inc.

Creso Exploration Inc.

June 16, 2011 08:00 ET

Hunter Dickinson Terminates Shining Tree Letter Agreement with Creso

MONTREAL, QUEBEC--(Marketwire - June 16, 2011) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT)(OTCQX:CRXEF)(FRANKFURT:C3X) announces the notification received from Hunter Dickinson Resources Ltd. that they will not proceed with the joint venture transaction as defined in the Letter Agreement announced on April 29, 2011. Creso is currently awaiting assay results from the drill program designed to fulfill certain work commitments on five Shining Tree properties, as announced on May 19, 2011. The Corporation has also begun a channel-sampling and selective Winkie Drill program at its Downey property in Asquith Township (Press Release of May 27, 2011).

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.

FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Corporation's control. These factors include: results of exploration activities, general market and industry conditions, and other risks disclosed in the Company's filings with Canadian Securities Regulators. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Depending on exploration results and available financing, the Corporation may at any point modify the suggested work program for 2011.

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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