VANCOUVER, Dec. 4 /CNW Telbec/ - Creston Moly Corp. ("Creston" or the
"Company") (TSX-V: CMS) is pleased to announce the following update on its
Creston Molybdenum project in Sonora, Mexico.
To date, 11 diamond drill holes, comprising 2,650 metres, have been
completed on and peripheral to the "main zone" utilizing HQ diameter core.
Highly mineralized intervals have been observed within the confines of the
The Company submits samples to ALS Chemex, Hermosillo for preparation,
after which pulps are shipped to their North Vancouver, B.C. lab for analysis.
The turn around time for results is now up to two months due to extremely high
sample submission volumes being experienced by the industry as a whole.
Complete analytical results for the initial six holes of the ongoing
drill program are expected shortly.
Further, an additional rig under contract with Layne Drilling of
Hermosillo has commenced drilling on the main zone. Jonathan George, President
and CEO states "We are extremely pleased with the performance and
professionalism of Layne Drilling to date, and are fortunate to have secured a
second rig to accelerate our program."
Over the next few months, the Company will complete an additional
30-40 drill holes within the Creston main zone with the purpose of upgrading
the 43-101 compliant inferred resource of 84,221,000 tonnes grading 0.076% Mo
(141.1 million lbs Mo) to the indicated category which presently contains
170 million lbs of molybdenum grading 0.083% Mo (molybdenum presently trades
at $33.00 per pound).
Upon completion of the in-fill drill program, Mine Development Associates
(MDA) of Reno, Nevada will undertake a new resource calculation enabling the
Company to proceed with a feasibility study for mine development.
Additional zones outside the main zone are also to be evaluated. The Red
Hill Zone, located approximately 300 metres southwest of the main zone, has
been interpreted as the faulted extension of the main zone, and could add
substantial tonnage to the project.
The newly discovered "Alejandra Zone" located 1.5 km northeast of the
main zone extends for approximately 2 kilometres and represents a prime target
Negotiations with the Ejido of Opodepe for surface rights covering the
Creston Deposit, have gone exceedingly well with formal approvals expected in
As part of its ongoing commitment to the people of Opodepe, the Company
will assist in establishing water reservoirs for livestock, maintain & upgrade
medical facilities and has recently "adopted" the community school. Talks with
owners of nearby water rights have also been initiated and are ongoing.
Mr. George states "with the exception of slow assay turn around times,
every aspect of the Creston Project is proceeding smoothly. In just six
months, we've established an excellent rapport with the community, hiring
mostly locals. Two drills are turning 24 hours a day and new molybdenum zones
have been discovered giving this project significant upside potential."
The Company also wishes to emphasize that it is not aware of any material
change in its affairs that would account for the recent trading activity in
About Creston Moly Corp.: Creston Moly Corp. 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
-------- ------ --- --- ------ ------
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 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.
On behalf of the Board
(Signed) "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; Tina Cameron,
email@example.com; Media: Adam Ross, firstname.lastname@example.org,
(514) 939-3989; Fax: (514) 939-3717, www.renmarkfinancial.com