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Creston Moly Reports Assay Results from El Creston Molybdenum Property in Mexico

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

In addition, the Company wishes to announce a nine hole drill program totaling 1,200 metres in length with the purpose of testing areas that can add resources to the existing measured and indicated categories.

Drill Highlights Include:

  • Hole EC10-116 intersecting 64.85 metres averaging 0.080% molybdenum, 0.17% copper and 5.38 gpt silver;
  • Hole EC10-120 intersecting 89.65 metres averaging 0.063% molybdenum in which there is a 12.30 metre section averaging 0.177% Mo, 0.19 % copper and 3.19 gpt silver;
  • Hole EC10-121 intersecting 95.1 metres averaging 0.053% molybdenum, 0.23% copper and 1.78 gpt silver.

The holes were part of an exploration and geotechnical drilling program completed in the late fall of 2010. The Geotechnical holes were drilled to provide structural data for the proposed open pit. The exploration holes were drilled to:

  • Expand the drill resource in selected areas;
  • Complete in-fill drilling in areas of limited drilling or where previous holes could not be used in resource modeling due to poor recovery or lack of records of quality controls.

"Drill results from the El Creston molybdenum deposit continue to impress," said Bruce McLeod, President & CEO of Creston. "These and additional upcoming drill results will be incorporated into the Feasibility Study, scheduled to be released by mid-2011, and will improve the confidence of the current Resource Estimate contained in the Preliminary Economic Assessment, filed on SEDAR on December 21, 2010."

Drill Holes EC10-116, 120 and 121 were in-fill holes drilled in areas where previous drill holes could not be used in resource modeling due to poor recovery or the lack of quality controls. Holes EC10-118, 119 and 122 were drilled to expand the copper rich portion of the main zone. Geotechnical Hole GT10-13 was drilled to provide structural data relevant to the southeast corner of the proposed pit while Holes GT10-15 to 17 were drilled to provide geotechnical data for the Red Hill Area.

The results are consistent to those predicted in the block model for the Creston Deposit.

2010 Drilling

In 2010, Creston completed four phases of drilling that resulted in the completion of 45 Exploration and 17 Geotechnical Holes respectively totaling 7,835 and 3,085 metres on its El Creston molybdenum deposit. The drilling intersected significant above cut-off grade mineralization along 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.

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.

MINERAL RESOURCE ESTIMATES

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. Subsequently, JDS Energy and Mining Inc. undertook a conceptual optimized pit Resource calculation as detailed below. Mike Makarenko, P. Eng., of JDS is the Independent Qualified Person responsible for the calculations.

The results of the above drill results will be incorporated into the data base along with those from previously released drill holes EC10-104 and EC10-107 to 115 and an updated resource estimate completed at a later date. In addition the results from holes GT10-10 to 12, 14 and EC10-117, 123 to 125 currently being assayed will be incorporated.

Proposed 2011 Drill Program

An initial nine hole drill program totaling 1,200 metres in length has been proposed that will test the Main Zone along the west, north and east boundaries with the purpose of re-classifying those inferred resources to a measured or indicated status so that they may be included in the feasibility study scheduled to be released mid year. The drill program is expected to commence shortly.

Source: Creston Moly Corp.

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