Creston Moly Corp. ("Creston" or the Company") (TSX VENTURE: CMS)
announces that anomalous rhenium (Re) values have been detected in
selected drill core samples from its El Creston Main Zone
molybdenum deposit, located in the state of Sonora, Mexico. A total
of 22 samples from various locations within the deposit were
analyzed for rhenium, and all returned anomalous values. Six
samples assayed greater than 0.40 gpt rhenium with a maximum value
returning 1.25 gpt. In general, the rhenium values correlate well
with molybdenum. Additional sampling of drill core is presently
being undertaken. A full table of all samples follows.
Nickel-based super alloys for use in jet engines contain up to
6% of rhenium, making jet engine construction the largest use for
the element, with chemical industry catalytic uses being next-most
important. Because of the low availability relative to demand,
rhenium is among the most expensive industrial metals, with an
approximate price of US$4,350 per kilogram.
(price source:
http://www.taxfreegold.co.uk/rheniumpricesusdollars.html)
"The potential for rhenium credits at El Creston will need to be
fully evaluated," said Bruce McLeod, President & CEO of
Creston. "However these initial assay results are very encouraging
and rhenium has the potential to be an economic contributor to the
overall value of the project."
Details
In early 2011, 22 pulp samples, selected from a series of holes
located within the Creston Main Zone, were sent to ALS Chemex Labs
for rhenium analysis using a 4 acid digestion with analysis by
Inductively Coupled Plasma (ICP). The samples represented various
grade combinations of molybdenum and copper. The results of the 22
samples submitted are listed below. Maps showing the sample
locations are available at www.crestonmoly.com or click the link
below to view the map showing the drill hole locations.
http://www.crestonmoly.com/i/maps/2011-03-02_Rhenium_Analysis.jpg
---------------------------------------------------------------
Hole From To Int (m) Mo (%) Cu (%) Re g/t
---------------------------------------------------------------
EC10-39 115.00 118.00 3.00 0.189 0.220 0.179
---------------------------------------------------------------
247.00 250.00 3.00 0.12 0.071 0.108
---------------------------------------------------------------
330.00 332.00 2.00 0.332 0.004 0.176
---------------------------------------------------------------
---------------------------------------------------------------
EC10-40 158.15 160.95 2.80 0.135 0.098 0.437
---------------------------------------------------------------
185.25 187.55 2.30 0.225 0.174 0.594
---------------------------------------------------------------
216.00 219.34 3.34 0.301 0.028 0.983
---------------------------------------------------------------
---------------------------------------------------------------
EC10-41 102.91 105.76 2.85 0.930 0.010 1.115
---------------------------------------------------------------
167.30 170.14 2.84 0.280 0.010 0.226
---------------------------------------------------------------
194.75 197.45 2.7 0.320 0.010 0.079
---------------------------------------------------------------
236.00 238.60 2.6 0.680 0.010 0.73
---------------------------------------------------------------
280.15 282.60 2.45 0.401 0.006 0.427
---------------------------------------------------------------
302.58 304.55 1.97 0.052 0.080 0.045
---------------------------------------------------------------
---------------------------------------------------------------
EC10-42 130.45 133.25 2.80 0.006 0.506 0.013
---------------------------------------------------------------
152.95 155.05 2.10 0.039 0.482 0.095
---------------------------------------------------------------
199.30 201.60 2.30 0.124 0.067 0.213
---------------------------------------------------------------
---------------------------------------------------------------
EC10-47 124.1 127.85 3.75 0.175 0.095 0.337
---------------------------------------------------------------
127.85 130.45 2.6 0.616 0.048 1.25
---------------------------------------------------------------
193.93 196.87 2.94 0.113 0.170 0.13
---------------------------------------------------------------
292.55 294.9 2.35 0.345 0.012 0.228
---------------------------------------------------------------
---------------------------------------------------------------
EC10-48 101.35 104.23 2.88 0.489 0.120 0.433
---------------------------------------------------------------
122 124.95 2.95 0.143 0.006 0.116
---------------------------------------------------------------
124.95 128.8 3.85 0.134 0.003 0.108
---------------------------------------------------------------
2010 Drilling
In 2010, Creston completed four phases of drilling resulting in
the completion of 45 Exploration and 17 Geotechnical Holes
respectively totaling 7,835 and 3,085 metres on its El Creston
molybdenum deposit. The drilling intersected significant above
cut-off grade mineralization along the south, west and northern
boundaries of the Main Zone resource outline. In addition, drilling
on the Red Hill Zone has encountered significant near surface
molybdenum and/or copper mineralization that could potentially be
mined as part of a larger open pit that would include both the El
Creston Main and Red Hill Zones.
Sampling and QA/QC
All of the pulp samples were collected from the Companies
warehouse and delivered by Company personnel to ALS-Chemex's prep
lab in Hermosillo, Mexico where they were logged into the computer
tracking system, and forwarded 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. Dave Visagie, P. Geo., a
Qualified Person as defined by NI 43-101 is responsible for the
technical information contained in this release.
2011 Drill Program
Currently the Company is completing a 15 hole drill program
totaling 2,100 metres in length that will test the Main Zone along
the west, north and east boundaries with the purpose of
re-classifying those inferred resources to a measured or indicated
status so that they may be included in the feasibility study
scheduled to be released midyear.
On Behalf of the Board of Directors
CRESTON MOLY CORP.
D. Bruce McLeod, President & CEO
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.
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.
Contacts: Creston Moly Corp. Mr. Bruce McLeod President &
CEO 604-687-7545 or (888) 338-2200 (TOLL FREE) Creston Moly Corp.
Chris Curran Investor Relations 604-687-7545 or (888) 338-2200
(TOLL FREE) Creston Moly Corp. Ken MacDonald 604-694-0005
604-689-5041 (FAX) www.crestonmoly.com
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