February 4, 2010                                                                                            NEWS RELEASE

Drilling Program Commences at EL Creston Molybdenum Deposit, Mexico

Multi-Element Analysis Detects Widespread Silver Values at El Creston

Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) announced today that it has begun its 2010 drill program at its molybdenum project in Sonora, Mexico and expects to be releasing results on a regular basis for the duration of the program. As well the company has recently conducted a multi-element analysis on rock chip samples taken in the past few months and also on pulp samples from previous drilling on the property. The results of the analysis indicate wide spread silver values and are very encouraging.

Purpose of the 2010 Drill Program:

• Expand the El Creston deposit to the north, where a review of the drill sections shows all of the northernmost holes located along a 350 metre segment of the resource are open and report higher than the average resource grade. 

• Complete in-fill drilling in areas of limited drilling within the Creston Main Zone Resource.

• Define a zone at Red Hill that may be incorporated into the proposed Creston Open Pit.

• Complete drill testing for structural and hydrological information.

Highlights of the Re-sampling Program include drill intercepts of:

• 86.65 metres averaging 6.05 g/t silver (Hole EC08-022)
• 117.80 metres averaging 3.88 g/t silver (Hole EC08-025)
• 112.90 metres averaging 5.49 g/t silver (Hole EC07-014)
• 211.70 metres averaging 2.61 g/t silver (Hole EC08-021)

Incorporating the results of the 2008 and 2009 surface sampling programs confirmed widespread, anomalous in-rock silver values of >2 g/t silver occurring throughout the 5.5 km long  Creston Trend  in association with molybdenum bearing zones. Highlights include several anomalies outlined at the Alejandra Zone (including chip samples assaying 16.2, 10.9 and 95.8 g/t silver over 3 metres) with the largest of the anomalies coincidental with the Alejandra West Molybdenum Zone.  Elsewhere on the property extensive silver in-rock samples were outlined at the Red Hill West and Southwest Aster Anomalies, with anomalous sites located within and adjacent to the Creston Main Deposit.

Pulp Re-sampling Program

Limited work by Amax in the mid 1970's identified anomalous silver values within the Creston Main Deposit.  Results included sections of 19.5 and 8.0 metres assaying 5.0 and 8.6 g/t silver respectively.  Analysis for silver was not completed in subsequent drill programs until 2009, when Creston assayed pulp samples from holes drilled in 2007 and 2008. The drill holes were located along three sections spaced at 200 metre intervals over the Creston Main and Red Hill Zones.  Fifteen drill holes from the Creston Main Zone and three from the Red Hill Zone analyzed by Inductively Coupled Plasma (I.C.P.) multi-element analysis showed extensive silver bearing intersections occurring in both the oxide and sulphide portions of the Main Deposit.  At Red Hill, one of three drill holes intersected a 48.20 metre section averaging 2 g/t silver that corresponds with the Red Hill Shallow Zone. 

Results of the program are summarized below:

Surface Sampling Results

During 2008 and 2009 continuous rock chip and grab samples were collected from several zones, including the Creston Main Zone and the Alejandra Zone located within the Creston Trend.  The survey consisted of 736 samples being collected and the results showed anomalous >2 g/t silver values to occur in association with molybdenite in several zones.

Alejandra 

Sampling at the Alejandra Grid yielded 359 grab samples in 2008 and 206 chip in 2009, of which 124 assayed >2 g/t silver.  Using the 2 g/t silver grade as a cut-off, several multi-site anomalies were outlined throughout a 1 km x 2 km area.  The largest of the anomalies (defined by 46 samples that include three 3.0 metre samples assaying 10.9, 8.9 and 7.9 g/t silver) outlines an area 300 metres wide x 800 metres long and is coincidental with the Alejandra West Zone.

Creston Main 

Sampling within the northern portion and along the north, east and south margins of the Creston Main Zone between 2008 and 2009 yielded 82 chip samples.  Assay results of the samples taken within the Creston Zone (as defined by the resource limits) generally consisted of low silver values with the best chip sample assaying 3.5 g/t silver over 3 metres.  Along the south-eastern margin of the deposit a 150 x 200 metre zone was outlined (defined by six samples was outlined with the best sample assaying 8.6 g/t Ag over 3 metres).  To the west, east and north silver values are erratically high with spot anomalies being formed. 

Red Hill West

The Red Hill West Zone is overlain by a > 2 g/t in silver anomaly measuring up to 300 metres wide by 1,100 metres long (defined by 22 chip and 11 grab samples).  Within the anomaly chip samples results include several sites returning values >5 g/t Ag to a maximum of 14 g/t over 3 metres. 

Southwest Aster Anomaly

The Southwest Aster Silver Anomaly is defined  by the 2 g/t silver contour measuring up to 200 metres wide by 700 metres long    The anomaly, consisting of 23 chip samples, contains several sites returning values in excess of  5 g/t silver to a maximum of 34.3 g/t silver over 3 metres.

Red Hill and A-37 Zones

No surface sampling for silver was conducted in the Red Hill Zone and no samples from the A-37 Zone assayed > 2 g/t silver.

Sampling and QA/QC

All of the samples collected in the 2008 and 2009 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.

The optimization and drill program is part of a $4 million work program on the El Creston designed to advance the El Creston molybdenum project towards completion of a full feasibility study.

On Behalf of the Board of Directors

CRESTON MOLY CORP.

Per:  D. Bruce McLeod

D. Bruce McLeod, President & CEO

For further information, please contact:

Mr. Bruce McLeod, President & CEO

Or Investor Relations, Chris Curran at 604-687-7545 (TEL) or (888)338-2200 (TOLL FREE)
Or Ken MacDonald at 604-694-0005 (TEL)

Website: www.crestonmoly.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and Creston does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect Creston management's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Creston to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Creston's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although Creston has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward-looking statements.