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El Creston Molybdenum Deposit Update: Final Results Received From Infill Program-Drilling at Red Hill Zone Encounters Mineralized Porphyries

July 23, 2008

VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 23, 2008) – Creston Moly Corp. (“Creston” or the “Company”) (TSX VENTURE:CMS) is pleased to announce analytical results from the final 9 holes of a 52 hole infill drilling program, completed on the Main Molybdenum Zone of its 100% owned Creston Molybdenum deposit located in Sonora State, Mexico.

Analytical results are tabulated below. Drill hole locations are shown in the accompanying location map. The map is available at: http://www.crestonmoly.com/i/pdf/DrillPlanMap-July1808.pdf. ——————————————————————– —— ______________________Inclina-__________________________ Inter- ________ North- East-____tion__Azimuth____From______To____ val____Mo____Cu Hole______ ing__ ing (degrees)(degrees)____ (m)____ (m)____ (m)____%____ % ——————————————————————– —— EC08-043__6474__3602______-50______180____Hole aborted ——————————————————————– —— EC08-044__6349__3129______-90____________ 7.65__102.68__ 95.03__0.05__0.01

_________________________________________________________________(i) ——————————————————————– —— ________________________________________102.68__ 302.2__199.52__0.10__0.12 ——————————————————————– —— EC08-045__6391__3630______-60______180______ 0__ 27.05__ 27.05__0.15__less

________________________________________________________________than

________________________________________________________________0.01

_________________________________________________________________(i) ——————————————————————– —— ________________________________________ 27.05____51.1__ 24.05__0.27__0.03 ——————————————————————– —— __________________________________________71.7__112.25__ 40.55__0.05__0.03 ——————————————————————– —— ________________________________________146.75__ 301.2__154.45__0.06__0.01 ——————————————————————– —— EC08-046__6453__3594______- 50______180____58.9__300.76__241.86__0.11__0.02 ——————————————————————– —— EC08-047__6313__3361______-90____________36.35__ 116.4__ 80.05__0.03__0.11 ——————————————————————– —— ________________________________________124.75__ 316.2__191.45__0.08__0.04 ——————————————————————– —— EC08-048__6371__3686______-55______180______ 0__ 35.95__ 35.95__0.20__less

________________________________________________________________than

________________________________________________________________0.01

_________________________________________________________________(i) ——————————————————————– —— ________________________________________ 35.95____ 184__148.05__0.11__0.03 ——————————————————————– —— EC08-049__6292__3420______- 90____________50.65__153.91__103.26__0.07__0.04 ——————————————————————– —— ________________________________________ 169.6__266.37__ 96.77__0.10__0.03 ——————————————————————– —— EC08-050__6403__3772______-60______180____Minor values ——————————————————————– —— EC08-051__6210__3779______-90____________ 9.95__ 35.08__ 25.13__0.39__0.02 ——————————————————————– —— ______________________________includes____32.1__ 35.08____2.98__3.07__0.01 ——————————————————————– —— EC08-052__5978__3355______-50______180____Minor values ——————————————————————– —— (i) oxide zone

These results confirm the continuity of breccia – hosted, high grade mineralization in the eastern sector of the Main Zone. Significant intersections include 241.86 metres of 0.11% Mo in hole EC08-046, 199.52 metres of 0.10% Mo in hole EC08-044, 24.05 metres of 0.27% Mo in hole EC08-045 and 148.05 metres of 0.11% Mo in hole EC08-048.

Creston’s work has established that breccia-hosted mineralization extends over a strike length of over 400 metres and consistently averages in excess of 0.10% Mo. The area underlain by this style of mineralization is characterized by a thin oxide cap and is a likely candidate for the initial phase pit development.

Holes EC08-047 and EC08-049, drilled at the southern edge of the core of the deposit, both encountered good mineralization over thick intervals grading between 0.07% Mo and 0.10% Mo.

Holes EC08-050 and EC08-052, drilled to define the eastern limit of the Main Zone, intersected a barren quartz feldspar porphyry/ breccia unit containing little or no mineralization.

Hole EC08-051 was drilled vertically, 200 metres south of the lower Adit, to check for shallow mineralization in that area. The hole, terminated at 50.25 metres, intersected one very high grade interval (3.07% Mo over 2.98 metres) characterized by massive molybdenite veins cutting mafic rocks.

The Company is also pleased to report that it is now drilling the fourth hole of a widely spaced drill program aimed at outlining the lateral distribution of mineralization within the Red Hill Zone. The Red Hill Zone lies immediately below the low angle, north dipping Creston Fault which defines the lower extent of the Main Molybdenum Zone.

While no results have been received to date, visual inspection of hole EC08-054, the second hole drilled on the Red Hill Zone, shows the presence of extensively altered and mineralized high level porphyries to depths of 500 metres. These mineralized porphyries are considered to be the roots of the mineralized system which at higher levels is characterized by breccia and stockwork mineralization.

Mr. Jonathan George, President and CEO, stated: “The new style of mineralization found in hole EC08-054 is very encouraging and it may support a previously held theory by past operators that the Red Hill Zone could possibly add new tonnage to the Creston Deposit.”

Sampling and QA/QC

Drilling at El Creston is carried out by Layne Drilling employing two wireline rigs that recover HQ core. Where necessary the core is reduced to NQ size. The core is transported to a secure facility at the nearby Opodepe camp where it undergoes geotechnical and geological logging. Prior to delivering the core to ALS Chemex preparation lab in Hermosillo, the core is photographed and all mineralized zones are photographed in detail. Blanks, standards, field and coarse reject duplicates, and pulp duplicates are inserted in the stream of samples prior to delivery to the preparation lab.

Based on recommendations by Mine Development Associates (“MDA”) of Reno Nevada, the entire core is sent to the preparation lab in Hermosillo. MDA is the independent consulting firm that has been retained to oversee QA/QC procedures and to carry out the updated resource estimate of the El Creston Main Zone following the completion of the ongoing drill program.

The rationale for not sawing the core and retaining half of the sample is based on two considerations: 1) portions of the molybdenite mineralization at El Creston occur as loosely bound coarse flakes and clusters and 2) there is evidence of a nugget effect in parts of the deposit. Thus, the sampling of the entire core prevents or minimizes the loss of molybdenite due to core handling, sawing, and washing. In addition, keeping the entire core maximizes the sample volume, which should minimize any nugget effect and more accurately represent the mean grade of the deposit.

Sample preparation in Hermosillo consists of crushing the whole interval to minimum of greater than 70% of the crushed sample passing a 2 mm screen and then splitting the -2mm crushed sample to produce a representative split of 1,000 grams. Each 1,000 gram sample is then pulverized to at least 85% passing -75 microns.

The pulps are then shipped to ALS-Chemex in North Vancouver to be analyzed for total Mo% and Cu% using a four acid digestion and ICP- AES (Atomic Emission Spectroscopy) finish. Samples from the oxide zone are sent to Skyline Labs in Tucson to be analyzed for molybdenum oxide.

The drill program at El Creston is being supervised by Fabrizio Colombo, PhD, P. Geo.

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 El Creston Molybdenum Project contains the following mineral resources at a 0.035% Mo Cut- off grade:

____________________________________________________Mo lbs______Cu lbs

tegory__________Tonnes______Mo%________Cu%______millions____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.

CRESTON MOLY CORP.

Jonathan W. George, President

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.

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