VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jul 23, 2008 -- Creston Moly Corp. ("Creston" or the "Company") (CDNX:CMS.V - News) 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 available at: http://www.crestonmoly.com/i/pdf/DrillPlanMap-July1808.pdf.

 

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

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:

 

                                                    Mo lbs      Cu lbs
Category          Tonnes      Mo%        Cu%      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 http://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.

CRESTON MOLY CORP.

Jonathan W. George, President

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

     Contacts:
     Creston Moly Corp.
     Mr. Jonathan George
     (604) 694-0005
     (604) 684-9365 (FAX)
     Website: http://www.crestonmoly.com