El Creston Molybdenum deposit update: Final results received from infill program - Drilling at Red Hill Zone encounters mineralized porphyries

    VANCOUVER, July 23 /CNW Telbec/ - Creston Moly Corp. ("Creston" or the
"Company") (TSX-V: CMS) is pleased to announce analytical results from the
final 9 holes of a 52 hole infill drilling program, completed on the Main
Molybdenum Zone of its 100% owned Creston Molybdenum deposit located in Sonora
State, Mexico.
    Analytical results are tabulated below. Drill hole locations are shown in
the accompanying location map. The map is also available at:

                           lina-    Azi-
                           tion    muth                 Inter-
            North-  East-   (de-    (de-  From      To    val
    Hole      ing    ing  grees)  grees)    (m)     (m)    (m)    Mo %  Cu %
    043      6474   3602    -50     180  Hole aborted
    044      6349   3129    -90           7.65  102.68   95.03  0.05  0.01(*)
                                        102.68   302.2  199.52  0.10  0.12
    EC08-                                                             than
    045      6391   3630    -60     180      0   27.05   27.05  0.15  0.01(*)
                                         27.05    51.1   24.05  0.27  0.03
                                          71.7  112.25   40.55  0.05  0.03
                                        146.75   301.2  154.45  0.06  0.01
    046      6453   3594    -50     180   58.9  300.76  241.86  0.11  0.02
    047      6313   3361    -90          36.35   116.4   80.05  0.03  0.11
                                        124.75   316.2  191.45  0.08  0.04
    EC08-                                                             than
    048      6371   3686    -55     180      0   35.95   35.95  0.20  0.01(*)
                                         35.95     184  148.05  0.11  0.03
    049      6292   3420    -90          50.65  153.91  103.26  0.07  0.04
                                         169.6  266.37   96.77  0.10  0.03
    050      6403   3772    -60     180  Minor values
    051      6210   3779    -90            9.95   35.08   25.13  0.39  0.02
                                 includes  32.1   35.08    2.98  3.07  0.01
    052      5978   3355    -50     180  Minor values
    (*) oxide zone

    These results confirm the continuity of breccia - hosted, high grade
mineralization in the eastern sector of the Main Zone. Significant
intersections include 241.86 metres of 0.11% Mo in hole EC08-046,
199.52 metres of 0.10% Mo in hole EC08-044, 24.05 metres of 0.27% Mo in hole
EC08-045 and 148.05 metres of 0.11% Mo in hole EC08-048.
    Creston's work has established that breccia-hosted mineralization extends
over a strike length of over 400 metres and consistently averages in excess of
0.10% Mo. The area underlain by this style of mineralization is characterized
by a thin oxide cap and is a likely candidate for the initial phase pit
    Holes EC08-047 and EC08-049, drilled at the southern edge of the core of
the deposit, both encountered good mineralization over thick intervals grading
between 0.07% Mo and 0.10% Mo.
    Holes EC08-050 and EC08-052, drilled to define the eastern limit of the
Main Zone, intersected a barren quartz feldspar porphyry/breccia unit
containing little or no mineralization.
    Hole EC08-051 was drilled vertically, 200 metres south of the lower Adit,
to check for shallow mineralization in that area. The hole, terminated at
50.25 metres, intersected one very high grade interval (3.07% Mo over
2.98 metres) characterized by massive molybdenite veins cutting mafic rocks.
    The Company is also pleased to report that it is now drilling the fourth
hole of a widely spaced drill program aimed at outlining the lateral
distribution of mineralization within the Red Hill Zone. The Red Hill Zone
lies immediately below the low angle, north dipping Creston Fault which
defines the lower extent of the Main Molybdenum Zone.
    While no results have been received to date, visual inspection of hole
EC08-054, the second hole drilled on the Red Hill Zone, shows the presence of
extensively altered and mineralized high level porphyries to depths of
500 metres. These mineralized porphyries are considered to be the roots of the
mineralized system which at higher levels is characterized by breccia and
stockwork mineralization..
    Mr. Jonathan George, President and CEO stated: "The new style of
mineralization found in hole EC08-054 is very encouraging and it may support a
previously held theory by past operators that the Red Hill Zone could possibly
add new tonnage to the Creston Deposit."

    Sampling and QA/QC

    Drilling at El Creston is carried out by Layne Drilling employing two
wireline rigs that recover HQ core. Where necessary the core is reduced to NQ
size. The core is transported to a secure facility at the nearby Opodepe camp
where it undergoes geotechnical and geological logging. Prior to delivering
the core to ALS Chemex preparation lab in Hermosillo, the core is photographed
and all mineralized zones are photographed in detail. Blanks, standards, field
and coarse reject duplicates, and pulp duplicates are inserted in the stream
of samples prior to delivery to the preparation lab.
    Based on recommendations by Mine Development Associates ("MDA") of Reno
Nevada, the entire core is sent to the preparation lab in Hermosillo. MDA is
the independent consulting firm that has been retained to oversee QA/QC
procedures and to carry out the updated resource estimate of the El Creston
Main Zone following the completion of the ongoing drill program.
    The rationale for not sawing the core and retaining half of the sample is
based on two considerations: 1) portions of the molybdenite mineralization at
El Creston occur as loosely bound coarse flakes and clusters and 2) there is
evidence of a nugget effect in parts of the deposit. Thus, the sampling of the
entire core prevents or minimizes the loss of molybdenite due to core
handling, sawing, and washing. In addition, keeping the entire core maximizes
the sample volume, which should minimize any nugget effect and more accurately
represent the mean grade of the deposit.
    Sample preparation in Hermosillo consists of crushing the whole interval
to minimum of greater than 70% of the crushed sample passing a 2 mm screen and
then splitting the -2mm crushed sample to produce a representative split of
1,000 grams. Each 1,000 gram sample is then pulverized to at least 85% passing
-75 microns.
    The pulps are then shipped to ALS-Chemex in North Vancouver to be
analyzed for total Mo% and Cu% using a four acid digestion and ICP-AES (Atomic
Emission Spectroscopy) finish. Samples from the oxide zone are sent to Skyline
Labs in Tucson to be analyzed for molybdenum oxide.
    The drill program at El Creston is being supervised by Fabrizio Colombo,
PhD, P. Geo.

    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
    --------             ------        ---        ---   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 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.


    "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, cstewart@renmarkfinancial.com; Eric St-Pierre,
estpierre@renmarkfinancial.com; Media: Adam Ross, aross@renmarkfinancial.com,
(514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com

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