Corporate update - Creston Molybdenum project, Sonora, Mexico



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    VANCOUVER, Oct. 19 /CNW Telbec/ - Creston Moly Corp. ("Creston" or the
"Company") (TSX-V: CMS) is pleased to provide the following progress report on
its Creston Molybdenum project located in the State of Sonora, Mexico.
    Six holes of a proposed 40 hole infill drill program have been completed.
The program is being supervised by Dr. Fabrizio Colombo, Ph. D., P. Geol, with
a team of Mexican geologists, technicians and labourers working out of newly
established facilities in the nearby town of Opodepe.
    A rigorous QA/QC program has been implemented and is being monitored by
Mine Development Associates (MDA) of Reno, Nevada.
    Concurrently with the above program, the Company is conducting a regional
exploration program on its 18,000 hectare holdings, consisting of
interpretation of aster anomalies, prospecting, mapping and sampling.
    We are pleased to report initial follow up has resulted in the discovery
of a new molybdenite bearing quartz vein/stockwork situated 1.5 km northeast
of the Creston Main Zone.
    Additionally, airborne orthophoto mapping has been completed by McElhaney
Engineering Services of Vancouver. This will provide detailed topographic maps
for use in mine planning.

    About Creston Moly Corp.: Creston Moly Corp. (New website:
www.crestonmoly.com) is a Canadian mineral exploration company focused on the
development of the El Creston Molybdenum deposit in Sonora, Mexico. The
Creston Molybdenum Project contains the following mineral resources at a
0.035% Mo Cut-off grade:

    
    Category         Tonnes       Mo%       Cu%        Mo lbs         Cu lbs
    --------         ------       ---       ---        ------         ------
                                                     millions       millions
                                                     --------       --------
    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
       resource category.
    3. The mineral resources referred to herein have been estimated in an
       NI 43-101 compliant technical report (the "P & E Report") prepared for
       the Company in March 2007 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.
    

    Dr. 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.

    On behalf of the Board

    (Signed) "Jonathan W. George"
    President

    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
achievements.

    This News Release is not intended for distribution in the United States.




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, cstewart@renmarkfinancial.com; Tina Cameron,
tcameron@renmarkfinancial.com; Media: Adam Ross, aross@renmarkfinancial.com,
(514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com

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CRESTON MOLY CORP.

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