Crescent Resources Corp.
TSX VENTURE : CRR

Crescent Resources Corp.

August 03, 2005 08:00 ET

Neuer Kapital Joins Tier 2 of TSX.V Exchange; Changes Name to Crescent Resources

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 3, 2005) - Crescent Resources Corp. (TSX VENTURE:CRR) -

Neuer Kapital Corp. (TSX VENTURE:NEU.H) is pleased to announce that the NI43-101 report on the Boulder Lake Uranium Property in Manitoba has been accepted for filing on Sedar by the TSX.V Approval Committee, the final step in the process enabling the Company to graduate from the NEX board to Tier 2 of the TSX.V Exchange. With the graduation, the Company is effecting its shareholder approved name change to Crescent Resources Corp. and today began trading under the symbol CRR.

Crescent Resources is a new resource exploration and development company with a defined growth strategy of adding value through discovery and rapid project advancement through exploration. Management has a strong record of discovery, exploration and financing to development of several mining projects. The management team of Michael Hopley, Don Halliday, Rahoul Sharan and Doris Meyer has over 60 years cumulative experience in the mining and exploration business with companies such as Sunridge Gold Corp., Nevsun Resources Ltd., Bema Gold Corp and Uranium Power Corp. The Company has 9.5 million common shares outstanding.

PROJECTS:

Crescent is currently focused on the exploration of the Matupa Gold Project in Mato Grasso State, Brazil and the Boulder Lake Uranium Project in northern Manitoba. These projects were acquired based on management's belief that they have the potential for further discovery and growth. Management continues to review additional projects worldwide.

Matupa Gold Project:

Crescent has an option to purchase 100% of the Matupa Gold Project as outlined in the Company's March 17, 2005 news release. The property covers an area of approximately 6,000 hectares in northern Mato Grasso State, Brazil. The property has excellent infrastructure and a year round operating climate.

Previous work on the property conducted by Rio Tinto and Western Mining in the late 1990's resulted in a large quantity of information including geochemical, geophysical, trenching and drilling data. Rio Tinto only explored a small portion of the Matupa property (then referred to as the Serrinha property) and in their final report entitled "Prospecto Serrinha Relatorio Final" dated April 2000 concluded that the geological controls of the gold mineralization were not well understood but one area of the property (Serrinha 2) had the potential of containing 17 million metric tonnes of gold mineralization at an average grade of 1.3 grams per tonne gold equal to 22 tonnes (approximately 700,000 ounces) of contained gold.

(Investors are cautioned that this is a conceptual estimate of exploration potential and there has been insufficient exploration to define a mineral resource on the property and it is uncertain if further exploration will result in the discovery of a mineral resource on the property. This estimate of exploration potential for the Serrinha 2 area is based on the results of 9 drill holes completed by Rio Tinto in an area measuring approximately 200 meters by 150 metres.)

Crescent Resources has begun initial exploration work on the Matupa property leading up to a drilling program planned for the fall of 2005. The drill program will be designed to verify some of the better Rio Tinto drill intercepts (e.g. 62.05m @ 1.61 g/t gold; 49.54m @ 1.24 g/t gold and 19.2m @2.13 g/t gold) in the area where Rio Tinto estimated there to be 700,000 ounces of gold as well as to test other drill targets on the property, particularly in the areas where there are several large open pits.

The Boulder Lake Uranium Project:

Crescent Resources can acquire 100% of three Mineral Exploration Licenses, the Boulder Lake Uranium Project, covering 21,875 hectares in northwest Manitoba. See News Release dated March 24, 2005 for details.

The Company has today filed on Sedar an independently prepared NI 43-101 compliant report entitled "Geological Report on the Boulder Lake Property" dated July 18, 2005 written by Harmen J. Keyser, P. Geol. of Vancouver, B.C. The report was prepared to assess the economic potential of the Boulder Lake Property through a description of its geological setting and prior exploration results.

Uranium mineralization on the Boulder Lake Property was discovered in 1969 by drill testing of an airborne radiometric anomaly in a completely overburden-covered area with uranium-bearing float. The dominant uranium mineral is uraninite hosted in a pegmatite complex which is poorly understood. Exploration work has consisted of air and ground geophysical surveys, geochemical sampling, ground prospecting and 5,182.2 metres of drilling in 61 drill holes at four zones. Airborne surveys have identified 16 radiometric anomalies in a 3 square kilometer area. Selected float samples found near two of the radiometric anomalies have returned from background up to 0.70% U3O8 (Anomaly C) and 0.52% U3O8 (Anomaly A) and drilling has returned from background up to 0.19% U3O8 across an apparent width of 9 metres including 0.49% U3O8 across 1.5 metres at Anomaly C.

Mr. Keyser concludes that results of exploration work completed to date on the Boulder Lake Property, including the Company's own recently completed detailed 1,700 line kilometer airborne magnetic survey, are suggestive of untested exploration targets comprised of a combination of geophysical anomalies, geochemical anomalies and mineralized boulders. In addition, known bedrock uranium mineralization remains open and inadequately tested. The geological setting, mineralogy, geochemical anomalies and geophysical anomalies are consistent with a potentially significant uranium rich pegmatite occurrence. The Company plans to conduct the first phase recommended program consisting of data compilation and ground prospecting at an estimated total cost of $50,000 in 2005.

All data, as disclosed in this press release have been verified by the Company's Qualified Person, Michael Hopley, Director.

CRESCENT RESOURCES CORP.

Michael Hopley, Director

WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.

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

Contact Information

  • Crescent Resources Corp.
    Don Halliday
    Vice President Corporate Development
    (604) 899-1505