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Creston Moly Reports Exploration Results from El Creston Molybdenum Property, Mexico

Creston Moly Corp. (TSX VENTURE:CMS) announces assay results from three exploration diamond drill holes recently completed at its El Creston molybdenum property located in the state of Sonora, Mexico.

Highlights include:

  • Hole EC10-111 intersecting 70.15 metres averaging 0.076% molybdenum, 0.11% copper and 1.62 g/t silver;
  • Hole EC10-114 intersecting 33.55 metres averaging 0.054% molybdenum coincidental with a 30.5 metre section averaging 0.10% copper;
  • Hole EC10-115 intersecting 18.3 metre section averaging 0.41% copper with 4.85 g/t silver.

Hole EC10-111 is an infill hole located in the Main Zone, while Holes EC10-114 and 115 are step out holes located in the Red Hill Zone. The holes are from Phase 3 of a four phased drill program initiated in February 2010 to advance the El Creston molybdenum deposit in the preparation of a feasibility study. The purpose of the drill program is to:

  • expand the El Creston deposit in selected areas;
  • complete in-fill drilling in areas of limited drilling within the Creston Main Zone Resource;
  • drill the Red Hill Shallow zone such that in conjunction with historic drilling it may be incorporated into 43-101 compliant resources and be included in the Creston Open Pit, and for collection of structural and hydrological information.

"We continue to be very pleased with our drill results," said Bruce McLeod, President & CEO of Creston. The economic assessment, to be released by year end, will show the effect of the larger resource. The financings that the Company has recently closed will allow us to be more aggressive in the delivery of the feasibility study."

Drill Results

Hole EC10-111, an infill hole, is located 50 metres to the north east of Hole EC08-31 (86.18 metres averaging 0.059% molybdenum coincidental with an 80.35 metre intercept averaging 0.15% copper and a second deeper section averaging 47.78 metres averaging 0.083% molybdenum coincidental with a 69.45 metre section averaging 0.16% copper). Hole EC10-111 intersected a 134.2 metre section averaging 0.063% molybdenum 0.11% copper and 1.62 gpt silver in which there is a 70.15 metre section averaging 0.076% molybdenum. The hole confirmed the block model.

Hole EC10-114 and 115 are the northernmost holes drilled in the Red Hill Zone. Hole EC10-114, located 120 metres north west of Hole EC10-095 (128 metres averaging 0.056% molybdenum) intersected a 33.55 metre section averaging 0.054% molybdenum that is coincidental with a 30.5 metre section averaging 0.10% copper. The hole bottomed in mineralization with the final 15.25 metres averaging 0.040% molybdenum with the last sample assaying 0.087% molybdenum. Hole EC10-115 is located 130 metres to the east of Hole EC10-114, 80 metre northeast of Hole A-40 (54 metres averaging 0.117% molybdenum including 12 metres averaging 0.333% molybdenum), 80 metres west of Hole A-09 (4 metres averaging 0.297% molybdenum coincidental with a 52 metre section averaging 0.08% molybdenum). The hole intersected an 18.3 metre section averaging 0.015% molybdenum, 0.41% copper and 4.85 g/t silver. The hole bottomed in copper mineralization with the final 70.15 metres averaging 0.09% copper.

The two holes showed the Red Hill Zone to be open to the north with the northern rim being copper rich.

2010 Drilling

To date, Creston has completed four phases of drilling that has resulted in the drilling of 45 Exploration and 17 Geotechnical Holes totaling 7835 and 3085 metres, respectively on its El Creston molybdenum deposit. The drilling has intersected significant above cut-off grade mineralization on the south, west and northern boundaries of the Main Zone resource outline. In addition, drilling on the Red Hill Zone has encountered significant near surface molybdenum and/or copper mineralization that could potentially be mined as part of a larger open pit that would include both the El Creston Main and Red Hill Zones.

The drilling is part of a program being completed to advance the deposit towards the completion of a new economic assessment which will be delivered before the end of the year and a feasibility study which will be delivered later in 2011.

Sampling and QA/QC

All of the samples collected were delivered by Company personnel to ALS-Chemex's prep lab in Hermosillo, Mexico where they were logged into the computer tracking system, crushed, split and a pulp sample prepared. The pulp sample was sent to ALS Chemex's laboratory in Vancouver, B.C for analysis by Inductively Coupled Plasma. ALS-Chemex is an ISO/17025 accredited laboratory. ALS-Chemex monitors quality control through the introduction of blanks, standards and duplicate sampling. In addition, Creston personnel routinely insert blanks and standards into the sample stream. Dave Visagie, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.

In October 2010, an updated resource estimate was completed by SRK with Gilles Arseneau, P. Geo. acting as the Independent Qualified Person under NI 43-101.

Source: Creston Moly Corp.

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