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PROCEEDS TO FUND ADVANCEMENT OF EL CRESTON PROJECT
Creston Moly Corp. (TSXV:CMS) ("Creston") is pleased to announce that it is making application to the TSX Venture Exchange (the "Exchange") for approval of an incentive program to encourage the early exercise of 31,473,000 warrants (the "Original Warrant(s)").

The Original Warrants were issued as part of a financing completed in July 2009 with expiry dates of July 17, 2011 (as to 17,640,000 Original Warrants) and July 27, 2011 (as to 13,833,000 Original Warrants), respectively. Each Original Warrant is exercisable to purchase one common share of Creston at a price of $0.15 per share until the applicable expiry date.

In order to encourage the early exercise of such warrants, Creston will be seeking an amendment to the terms of the Original Warrants to enable the holders to receive a Unit (as defined and described below) for each Original Warrant exercised prior to the expiry date of the incentive program in lieu of the one common share of Creston they would have otherwise received under the terms of the Original Warrant. The proceeds of the financing would be used to fund the advancement of the El Creston molybdenum project in Sonora, Mexico. The incentive program is subject to Exchange approval. Provided the required approval has been received, Creston expects to give notice to the Original Warrant holders providing for exercise within a 10-trading day period thereafter.

Early Warrant Exercise

After approval of the incentive program and the resulting amendment to the Original Warrants, each holder of an Original Warrant who elects to exercise their Original Warrant prior to the expiry date of the incentive program (the "Expiry Date") will receive a unit (a "Unit") instead of a common share in the capital of Creston. Each Unit will consist of one common share and one-half of a warrant (a "New Warrant"). Each whole New Warrant will allow the holder to acquire an additional one common share of Creston at a price of $0.24 per share for two years following the date of issue of the Unit. The Warrants will be subject to a four-month hold period. If a warrant holder does not exercise their Original Warrants by the Expiry Date, the Original Warrants will continue to be exercisable for common shares on the same terms that previously existed.

The total number of warrants eligible to accept this offer is 31,473,000, which can be exercised at $0.15 per share for aggregate gross proceeds of $4,720,950.

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.