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Gold Crest Mines, Inc. Reports on Alaskan Exploration and Final Drilling Results

Posted on: Monday, 8 October 2007, 18:00 CDT

SPOKANE, Wash., Oct. 8 /PRNewswire-FirstCall/ -- Gold Crest Mines, Inc. (Pink Sheets: GCMN) is pleased to announce additional exploration drill results from its 2007 drilling campaign on its Kisa Project located in the Kuskokwim Mineral Belt of southwest Alaska. GCMN's wholly owned Alaskan subsidiary, Kisa Gold Mining, Inc. ("KGMI") conducted the exploration work.

As previously reported, KGMI completed a six-hole, 3107 feet drilling program, targeting an outcropping intrusive breccia on its Kisa claim group. The Kisa claims are situated approximately 120 miles south of the Donlin Creek gold deposit under development by Barrick Gold and NovaGold Resources and approximately 40 miles west of the Shotgun gold deposit under evaluation by TNR and NovaGold Resources. A total of 619 drill core samples were submitted for analyses. Samples were collected, handled, stored and shipped using standard chain of custody procedures. Standards and blanks were randomly submitted with the core samples for quality control and assurance. Core recovery for the season's drilling averaged 73%. Assay results have previously been reported for the first three holes (K07-1 through K07-3) and the upper portion of hole K07-4 in a press release on September 14, 2007. Final assays for the last three drill holes have now been received.

Drill holes K07-04, K07-05 and K07-06 were all drilled into the main breccia body exposed on steep cliffs and talus-covered slopes, where previous KGMI outcrop sampling outlined a several hundred square meter target area averaging over 1 gram per tonne (gpt) gold. Holes K07-04 and K07-05 were angled off the same drill platform and hole K07-06 was drilled from a platform approximately 300 feet to the southwest and 150 feet higher up the slope. All three holes cut thick intervals of highly silicified, sulfide-impregnated intrusive breccia containing coarse, angular to rounded fragments of intrusive and sedimentary rock similar to the outcropping breccia. Gold grades in the drill core correlate with silica alteration, arsenopyrite content and bleaching of the rock matrix and fragments. Based on mapping and drilling to date, the altered and mineralized breccia body (defined by values > 0.1 gpt) has a demonstrated strike length of at least 1500 feet, an estimated true width of at least 275 feet and extends down-dip at least 875 feet. All three holes bottomed in altered and gold mineralized breccia. The mineralized zone is open down dip and along strike. Higher grade intervals (> 2 gpt) appear to correlate with late faults or intensely stockwork veined zones within the breccia. The 2007 drilling program only tested a small portion of the large altered intrusive complex at Kisa defined by stream sediments, soils, rock chip sampling and geologic mapping.

The results indicate the presence of a very large disseminated gold-bearing intrusive system on the property. Assay intervals containing up to 8.6 grams per tonne suggest the possibility of higher grade zones within the intrusive breccia complex. GCMN will be analyzing the drilling results, geophysical work and assays from other samples, when they are received. Compilation of results from ground geophysical surveys, additional rock chip sampling and geologic mapping completed during the summer are in progress and results will be reported when completed. However, preliminary planning has begun for the 2008 season at Kisa as the results received to-date clearly justifies additional drilling. In addition, the Company has started planning for the 2008 exploration work on its other properties in Alaska. GCMN has approximately 93,500 acres of claims on state lands in three different and distinct areas of Alaska that cover gold opportunities along with an extensive data base of geological, geochemical and geophysical data. Additional exploration and core drilling are currently being planned for these areas next year. A summary of this season's drill core assay results are shown in Table 1 below:

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.

2007 KISA PROJECT DRILL RESULTS SUMMARY HOLE TOTAL HOLE PERCENT ID DEPTH INCLINATION/ CORE NUMBER (feet) BEARING (degrees) RECOVERY K07-01 307 -45/182 55% K07-02 603 -50/148 75% K07-03 393 -90/000 65% K07-04 871 -49/142 82% K07-05 432 -48/090 74% K07-06 501 -46/156 74% INTERCEPT INTERCEPT DOWNHOLE HIGHEST WIDTH GRADE* INTERCEPT ASSAY FEET (grams per tonne) FOOTAGE VALUE 45' 0.265 0-45' 0.427 gpt 575' 0.191 28-603' 1.703 gpt 157' 0.294 0-157' 1.28 gpt 65' 0.426 0-65' 2.86 gpt 678' 0.318 185-863' 378.5' 0.672 24.5-403' 8.655 gpt inc'l 145' 1.307 182-327' 486' 0.354 15-501' 5.165 gpt * Gold analyses by fire assay and reported in grams per tonne. Analyses by Alaska Assay Laboratories, LLC, Fairbanks, Alaska. Intercept grade is length weighted composite at 0.1 gpt cutoff and may include up to 15 feet of internal waste below cutoff.

Gold Crest Mines, Inc.

CONTACT: Tom Parker, President & CEO, or Chris Dail, Vice-president,Exploration, both of Gold Crest Mines Inc., +1-509-893-0171

Source: PRNewswire-FirstCall

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