Creston Moly receives new resource estimate

    VANCOUVER, Oct. 28 /CNW Telbec/ - Creston Moly Corp. ("Creston" or the
"Company") (TSX-V: CMS) is pleased to announce that Mine Development
Associates ("MDA") of Reno, Nevada has completed a new resource estimate for
the Creston Molybdenum Deposit located in the state of Sonora, Mexico. The
estimate is based on data provided from 116 drill holes and the mineral domain
polygons interpreted from a total of 111 cross sections. See the attached maps
which are also available at <A HREF=""></A>.

    Highlights of the deposit are as follows:

    - Measured and Indicated Resources (at a 0.03% Mo - equivalent cut-off)
      are estimated to be 176.9 million tonnes averaging 0.071% Mo and
      0.046% Cu (278 million pounds of molybdenum contained and
      179 million pounds of copper contained) - see Table 1

    - 40% of the total Measured and Indicated Resources, approximately
      73.5 million tonnes, average 0.103% Mo and 0.054% Cu
      (167 million pounds of molybdenum contained and 88 million pounds of
      copper contained) applying a 0.08% Mo - equivalent cut-off - see
      Table 2

    - A near surface, high grade breccia has been defined, within the eastern
      portion of the deposit, that contains approximately 19 million tonnes
      of Measured and Indicated Resources averaging 0.098% Mo
      (41 million pounds of molybdenum contained) at a 0.03% Mo - equivalent
      cut-off - see Table 3

    "The release of this resource estimate is a major milestone for our
Company and our shareholders." said Jon George, President and CEO of Creston.
"The data confirms that the Creston Molybdenum Deposit is indeed one of the
best undeveloped molybdenum deposits in the Western Hemisphere. Furthermore,
in the eastern portion of the deposit, the presence of a near surface high
grade zone could provide enhanced cash flow during the initial phase of
    The Company's COO, Dr. Sadek E. El-Alfy states: "This is an open pittable
deposit with excellent infrastructure and logistics in a stable, mining
friendly community. We are very pleased about developments to date and with
the excellent progress being made on our pre-feasibility study by M3
Engineering and our many technical partners."

    TABLE 1

                             MAIN ZONE RE

SOURCES (at a 0.03% Mo equivalent cut-off) Mo equivalent Cut-off Tonnes Mo lbs Mo Cu lbs Cu (%)(1) Category (x10(3)) (%) (x10(3)) (%) (x10(3)) ------------- ------------- -------- ------ -------- ------ -------- 0.03 Measured 52,240 0.074 85,490 0.050 58,080 0.03 Indicated 124,650 0.070 192,720 0.044 121,060 0.03 Total (M + I) 176,890 0.071 278,210 0.046 179,140 0.03 Inferred 16,300 0.051 18,320 0.061 21,860 (1) Mo-equivalent cut-off: Mo% + (Cu%/7.5) ------------------------------------------------------------------------- ------------------------------------------------------------------------- TABLE 2 MAIN ZONE RE

SOURCES (at a 0.08% Mo equivalent cut-off) Mo equivalent Cut-off Tonnes Mo lbs Mo Cu lbs Cu (%)(1) Category (x10(3)) (%) (x10(3)) (%) (x10(3)) ------------- ------------- -------- ------ -------- ------ -------- 0.08 Measured 22,630 0.108 53,790 0.061 30,600 0.08 Indicated 50,820 0.101 113,620 0.051 57,320 0.08 Total (M + I) 73,450 0.103 167,410 0.054 87,920 0.08 Inferred 3,010 0.105 6,980 0.057 3,780 (1) Mo-equivalent cut-off: Mo% + (Cu%/7.5) ------------------------------------------------------------------------- ------------------------------------------------------------------------- TABLE 3 RE

SOURCES IN EAST BRECCIA OF MAIN ZONE (at a 0.03% Mo equivalent cut-off) Mo equivalent Tonnes Mo lbs Mo Cut-off (%)(1) Category (x10(3)) (%) (x10(3)) -------------- ------------- -------- ------ -------- 0.03 Measured 8,000 0.101 17,810 0.03 Indicated 11,130 0.095 23,300 0.03 Total (M + I) 19,130 0.098 41,110 0.03 Inferred 480 0.068 730 (1) Mo-equivalent Cut-off: Mo% + (Cu%/7.5) October 27, 2008 MoO3 price is US$24.25/lb The Mineral Resources reported by MDA at Creston do not incorporate any resources from the Red Hill Zone. The Mineral Resources reported by MDA are diluted. They have been modelled and estimated by evaluating drill data, constructing geologic and mineral domains on cross sections at 50 metre intervals throughout the extent of the Creston mineralization, rectifying the mineral domain interpretations on cross sections spaced at 10 metre intervals, analyzing the modelled mineralization statistically to establish estimation parameters, and estimating molybdenum and copper grades into a three-dimensional block model with 10 metre x 10 metre x 12 metre (vertical) blocks. Molybdenum and copper were modelled and estimated independently. Molybdenum-equivalent grades were not modelled, but were calculated solely for the determination of cut-off values for molybdenum and copper resource reporting. All modelling of the resource was performed using Gemcom Surpac(R) software. Quality control data generated during the various drill programs conducted at Creston were independently reviewed by MDA and factored into the classification of the Creston mineral resources. The person responsible for the resource estimate on behalf of MDA is Michael Gustin, P.Geo, a Qualified Person for the purposes of National Instrument 43-101. Luca Riccio, PhD, P. Geo, a Qualified Person as defined by National Instrument 43-101 has reviewed the contents of this News Release. An executive summary of this study will be filed on SEDAR (<A HREF=""></A>) within 45 days of the issuance of this News Release. Creston Moly Corp. will host a conference call on Thursday October 30, 2008 at 2:00 p.m. EST / 11:00 a.m. (PST) to update investors and analysts on the new resource calculation. Participants may join the call by dialling one of the two following numbers, approximately 10 minutes before the start of the call: From North America: (Toronto) 416-644-3425 or (toll free): 1-800-731-5774. CRESTON MOLY CORP. (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.

For further information:

For further information: Mr. Jonathan George, (604) 694-0005, (604)
684-9365 (FAX),; Renmark Financial Communications Inc.:
Christine Stewart:; Eric St-Pierre:; Media - Vanessa Napoli:; Toronto: (416) 644-2020, Fax: (416) 644-2021;
Montreal: (514) 939-3989, Fax: (514) 939-3717;

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