Gold Crest Mines Inc. Starts Alaskan Exploration

SPOKANE, Wash., Aug. 3 /PRNewswire-FirstCall/ — Gold Crest Mines Inc. is pleased to announce that they have begun field activities on their five claim blocks in the Kisaralik Lake area of southwest Alaska.

A new core drill, capable of taking HQ core to depths of as much as 1,500 feet, is on site. Drilling is progressing 24 hours per day, 7 days per week. Drilling conditions have been difficult due to the steep nature of the terrain and the highly altered, broken formations. However, essentially all of the coring has been in altered and mineralized rock. Samples have been shipped for laboratory analysis and we await assay results.

In addition, geologists have been mapping and sampling and have identified a significant number of new mineralized dikes. Ground geophysical traverses have been run for both magnetics and resistivity. Soil, stream and rock chips samples are being taken and submitted for assay. Based on the new geologic and geophysical work, an additional 24 claims, the Luna claims, have been staked.

To date all of the drilling has been on the Kisa group of claims, but the ground geologic work has included the other four claim blocks as well as the new Luna Claims. While no assay results have been received, the field work and visual examination of the drill core obtained thus far are encouraging and support further work. The current plan is to continue drilling as long as weather or other conditions permit.

Further releases will be made as assay results are received and drilling and exploration proceeds.

Gold Crest Mines Inc. is a junior gold exploration company with properties in Alaska and Idaho, and is a reporting company under the Securities and Exchange Act of 1934. GCMN is in the process of upgrading its listing from the Pink Sheets to the OTCBB.

“Safe Harbor” Statement under Private Securities Litigation Reform Act of 1995:

Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Information contained herein contains “forward-looking statements” which can be identified by the use of forward-looking terminology such as “believe”, “expect”, “may”, “should”, “up to”, “approximately”, “likely”, or “anticipates” or the negative thereof or given that the future results covered by such forward looking statements will be achieved. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only for the date the statement was made. Investors should carefully consider the preceding information as well as information contained in any news release before making any investment in the shares of the company. Gold Crest Mines, Inc. undertakes no obligation to update any forward-looking statements.

Gold Crest Mines Inc.

CONTACT: Tom Parker, President and CEO, +1-509-893-0171, or Terry Dunne,CFO, +1-509-462-0315, both of Gold Crest Mines Inc.