VANCOUVER, Oct. 9 /CNW Telbec/ - Creston Moly Corp. ("Creston" or the
"Company") (TSX-V: CMS) is pleased to announce the appointment of Mr. Colin K.
Benner, P. Eng. as Chairman of the Board of Directors effective immediately.
Mr. Benner is an experienced mining executive with more than 40 years in
the mining industry with senior management and executive roles in Canada and
internationally. He was most recently Vice Chairman and CEO of Skye Resources
and previously Vice Chairman and CEO of Lundin Mining Corporation and EuroZinc
Mining Corporation. He has also served on a number of public company boards in
the mining industry in Canada and he currently sits on the boards of Lundin
Mining Corporation, HudBay Minerals Inc., Troon Ventures Ltd., and Sherwood
Copper Corp. and is Chairman of PBS Coals Ltd. He is a member of the
Association of Professional Engineers of Ontario, the Canadian Society of
Professional Engineers as well as a member of the Association of Professional
Engineers and Geoscientists of British Columbia, the Association of
Professional Engineers and Geoscientists of Nunavut, the Society of Mining
Engineers of the AIME and the Canadian Institute of Mining.
Mr. Benner stated: "I am very pleased to have the opportunity to work
with the people at Creston Moly in developing the El Creston deposit to mine
status and in seeing all the benefits that will be derived for all the
stakeholders. Despite the present turmoil in the financial markets, we believe
the fundamentals for the moly market are sound and in particular for this
project. El Creston is well located geographically, has access to grid power,
an experienced labour pool to draw from and is in close proximity to technical
support, materials and supplies. With these advantages and mineral resources
of substantial size and grade we believe this project is well positioned to
become a successful producer. "
Jonathan George, President of Creston stated: "We are extremely fortunate
to have someone with Colin's stature and expertise join our team at this
critical juncture, as we advance the El Creston Molybdenum Deposit towards
Concurrent with the appointment of Mr. Benner, Kim Phillips resigned as a
director of Creston. Mr Phillips will remain as Chief Financial Officer and
About Creston Moly Corp.
Creston Moly Corp. is a Canadian mineral exploration company focused on
the development of the El Creston Molybdenum deposit located 135 kilometres
north-east of Hermosillo, Sonora State, Mexico, near the village of Opodepe.
The El Creston Molybdenum Project contains the following mineral resources at
a 0.035% Mo Cut-off grade:
Category Tonnes Mo% Cu% Mo lbs Cu lbs
-------- ------ --- --- ------ ------
Indicated 92,873,000 0.083 0.060 169.9 122.8
Inferred 84,221,000 0.076 0.050 141.1 92.8
1. Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimates of mineral resources
may be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing or other relevant issues.
2. The quantity and grade of reported inferred resources in this
estimation are conceptual in nature and there has been insufficient
exploration to define these inferred resources as an indicated or
measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an indicated or measured mineral
3. The mineral resources referred to herein have been estimated in an
NI 43-101 technical report (the "P & E Report") prepared for the
Company in January 2008 by independent qualified persons Eugene
Puritch, P. Eng. and Dr. Wayne Ewert, P. Geo. of P&E Mining
Consultants Inc. The P & E Report is available at www.sedar.com.
Luca Riccio, PhD, P. Geo, a Qualified Person as defined by National
Instrument 43-101, is responsible for the technical information contained in
this News Release.
CRESTON MOLY CORP.
"Jonathan W. George"
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
Forward Looking Statements: The above contains forward looking statements
that are subject to a number of known and unknown risks, uncertainties and
other factors that may cause actual results to differ materially from those
anticipated in our forward looking statements. Factors that could cause such
differences include: changes in world commodity markets, equity markets, costs
and supply of materials relevant to the mining industry, change in government,
and changes to regulations affecting the mining industry. Forward-looking
statements in this release include statements regarding future exploration
programs, operation plans, geological interpretations, mineral tenure issues,
and mineral recovery processes. Although we believe the expectations reflected
in our forward looking statements are reasonable, results may vary, and we
cannot guarantee future results, levels of activity, performance, or
For further information:
For further information: Mr. Jonathan George, (604) 694-0005, (604)
684-9365 (FAX), www.crestonmoly.com; Renmark Financial Communications Inc.:
Christine Stewart: firstname.lastname@example.org; Eric St-Pierre:
email@example.com; Media - Vanessa Napoli:
firstname.lastname@example.org, (514) 939-3989, Fax: (514) 939-3717,