NEWS
RELEASE
M3
ENGINEERING & TECHNOLOGY CORPORATION ENGAGED FOR
EL CRESTON MOLYBDENUM
DEPOSIT,
MEXICO
March 18,
2008
News Release # 7-08
Creston Moly
Corp. ("Creston" or the "Company") (TSX-V: CMS) is pleased to announce that it
has entered into a contract with M3 Engineering & Technology Corporation
(�M3�) for the provision of a bankable feasibility study on its El Creston
Molybdenum Deposit in Sonora, Mexico.
The study will be
conducted in three phases consisting of scoping, pre-feasibility engineering and
feasibility engineering.
M3 has offices in
Tucson
Arizona,
Chandler
Arizona and most
importantly for Creston, in Hermosillo,
Mexico, where their
associates have an intimate knowledge of all aspects of the Mexican Mine permitting process.
M3 is a
full-service international engineering firm providing engineering, procurement
and construction management services to the minerals
industry.
Founded in 1986
and with a current staff of over 400 employees, M3 has engineered and managed
over $2.0 billion in mining projects, and notably, has won numerous recognitions
including the prestigious 2005 AISC Engineering Award for Excellence and the
American Mining Hall of Fame�s 2007 Mining Foundation of the Southwest Industry
Partnership Award.
Jonathan George,
President of Creston states that �we are very fortunate to have secured this
contract with such an outstanding firm as M3. Their extensive knowledge of the
requirements necessary for putting projects into production in
Mexico will greatly
help to accelerate the development of the Creston deposit�.
Creston is
presently conducting an in-fill Diamond drill program, consisting of
approximately 50 holes, in order to upgrade inferred resources to the indicated
category. This program should be
completed by May 2008. Mine
Development Associates (MDA) of Reno,
Nevada has been engaged
to undertake a new resource estimate, which is projected to be available in
August 2008.
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 Creston
Molybdenum Project contains the following mineral resources at a 0.035% Mo
Cut-off grade:
Category |
Tonnes |
Mo% |
Cu% |
Mo
lbs
millions |
Cu
lbs
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 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.
On behalf of the
Board
(Signed) "Jonathan W. George"
President
For
further information please contact
Mr. Jonathan George
604-694-0005
604-684-9365 (FAX)
Website: www.crestonmoly.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.