CORPORATE UPDATE
Vancouver, B.C. - December 29, 2008 - Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) announces that it has received the decision of the Arbitrator with respect to a dispute (previously disclosed in the Company�s Audited Financial Statements and Management Discussion and Analysis for the year ended July 31, 2008 and Interim Financial Statements and Management Discussion and Analysis for the periods ended January 31, 2008, April 30, 2008 and October 31, 2008), as to the Finders� Fee, as approved by the TSX Venture Exchange, payable in respect of the Company�s acquisition of Creston Mining Corp. in May of 2007. The Arbitrator has found in favour of the Finder and has awarded the amount of CDN$4.14 million. The Company had reserved, prior to the arbitration award, US$1,500,000 for payment of the Finders� Fee. The Company intends to appeal the award.
About Creston Moly Corp.
Creston Moly Corp. is a Canadian mineral exploration company focused on the development of the Creston Molybdenum Deposit located 145 kilometres north-east of Hermosillo, Sonora State, Mexico, near the village of Opodepe. The Creston Molybdenum Deposit contains the following mineral resources at a 0.030% Mo equivalent* cut-off grade:
Category |
Tonnes
(x103) |
Mo
(%) |
lbs Mo
(x103) |
Cu
(%) |
lbs Cu
(x103) |
|
|
|
|
|
|
Measured |
52,240 |
0.074 |
85,490 |
0.050 |
58,080 |
Indicated |
124,650 |
0.070 |
192,720 |
0.044 |
121,060 |
|
|
|
|
|
|
Total (M + I) |
176,890 |
0.071 |
278,210 |
0.046 |
179,140 |
|
|
|
|
|
|
|
16,300 |
0.051 |
18,320 |
0.061 |
21,860 |
* Mo equivalent cut-off: Mo% + (Cu%/7.5)
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 a NI 43-101 technical report (the �MDA Report�) prepared for the Company in December 2008 by Mine Development Associates (�MDA�). The person responsible for the resource estim ate on behalf of MDA is Michael Gustin, P.Geo, and a Qualified Person for the purposes of National Instrument 43-101.The MDA 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.
For further information please contact:
Mr. Jonathan George
Mr. C. K. Benner
Mr. John McCleery
604-694-0005 (TEL)
604-684-9365 (FAX)
Website: www.crestonmoly.com
Renmark Financial Communications Inc.
Christine Stewart: cstewart@renmarkfinancial.com
Eric St-Pierre: estpierre@renmarkfinancial.com
Toronto � Tel.: (416) 644-2020 / Fax: (416) 644-2021
Montreal � Tel.: (514) 939-3989 / Fax: (514) 939-3717
www.renmarkfinancial.com
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.
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Creston Moly Corp.
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DEVELOPMENT STAGE |
CODE : CMS.V |
ISIN : 373626100 |
CUSIP : 373626100 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Creston Moly is based in Canada. Creston Moly develops copper and molybdenum in Mexico. Its main asset in development is EL CRESTON in Mexico and its main exploration properties are AJAX and MOLY BROOK in Canada. Creston Moly is listed in Canada and in Germany. Its market capitalisation is CA$ 129.6 millions as of today (US$ 132.1 millions, € 92.4 millions). Its stock quote reached its highest recent level on May 11, 2007 at CA$ 1.21, and its lowest recent point on December 12, 2008 at CA$ 0.05. Creston Moly has 287 947 000 shares outstanding. |