VANCOUVER, Dec. 19 /CNW Telbec/ - Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) advises as a result of a technical disclosure review by the Corporate Finance Department of the B.C. Securities Commission, the Company is issuing the following News Release to clarify its disclosure. 

A number of disclosures by the Company are not in compliance with National Instrument 43-101 standards of disclosure for mineral projects, (NI 43-101) and national policy 51-201 disclosure standards (NPI-201). 

In an October 31, 2007 interview with Mr. Jonathan George, President, CEO and Director, distributed as a podcast by Agoracom Communications, it was stated that "the Creston deposit has a copper cap containing 16 million tonnes of about 0.4% copper" and that "it would be very worthwhile to put a leach pad in and get the copper out." "This could probably pay for our capital costs." 

The Company wishes to state that the copper resource estimate referred to by Mr. George is historical in nature. The work necessary to classify the historical resource estimate has not been completed and the historical resource estimate therefore, cannot be treated as NI 43-101 defined resource verified by a qualified person. 

The historical copper resource estimate should not be relied upon and there can be no assurance that any of the copper resource, in whole or in part, will ever become economically viable. Further, this copper resource estimate, which was made by AMAX in a report titled "An Analysis of the Creston Molybdenum Property, Sonora, Mexico" and written in 1978, was reported as a geological reserve of 18 million tonnes of copper grading 0.35% Cu, which used categories not permitted by NI 43-101, and might be comparable to the inferred mineral resource category. Mr. George also retracts his statement "it would be very worthwhile to put a leach pad in and get the copper out. This could probably pay for our capital costs", as no economical analysis on this historical copper resource has been undertaken by the Company and disclosure of economic analysis of historical or inferred mineral resources is prohibited by NI 43-101. 

The copper mineralization referred to by AMAX is contained within a chalcocite blanket on the southwest flank of the Creston Molybdenum deposit and is considered relevant as it may add to the value of the Creston Molybdenum deposit. 

In the October 31st, 2007 interview with Agoracom, Mr. George disclosed the Creston Moly deposit solely in terms of gross pounds of Moly combining inferred and indicated categories. Such disclosure is prohibited by NI 43-101 and is here restated as 93 million tonnes grading 0.083% Mo containing gross 169.9 million pounds in the indicated category and 84 million tonnes grading 0.076% Mo containing 141.1 million pounds in the inferred category as supported by the Company's technical report dated March 27, 2007. 

In the October 31st, 2007 interview with Agoracom, Mr. George states the Creston Molybdenum deposit in terms of gross equivalent ounces of gold, combining inferred and indicated categories. The deposit does not contain potentially recoverable gold and this statement is hereby retracted. 

The Company also retracts its disclosure of the Creston deposit, including inferred category, in terms of gross in-situ dollar metal value. Disclosure of a deposit solely in terms of gross contained metal and gross dollar value may be misleading as it does not factor in mineability and recoverabilty and fails to take into consideration operating and capital costs, recoveries, smelter costs and other factors relating to the potential mining, extraction and recovery of metals. 

The Company further wishes to state that contrary to statements made in the October 31st interview with Agoracom, until a preliminary assessment or "scoping study" of the Creston deposit has been completed, projections of net present value, daily production rates, break even molybdenum price and assumed molybdenum price are premature and unsubstantiated and are hereby retracted. 

The Company's website, and investor materials contain a quote by Mr. C.M. Miller, Exploration Manager for AMAX in 1978, who quantified the tonnage of the known exploration targets at the time, inclusive of the Creston Zone. Based on the stage of exploration at that time, Mr. Miller stated that the Red Hill zone could equal the present Cerro Creston area in size. The Red Hill Zone has been interpreted to be the faulted extension of the Main Creston Molybdenum Zone as indicated by the numerous drill hole intercepts obtained by AMAX during their various exploration programs. 

It should be emphasized that no NI 43-101 compliant estimates of the potential quantity and grade ranges of the Red Hill zone have been made and the exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource and there is no certainty that further exploration of the Red Hill zone will result in the delineation of a mineral resource. Similarly, there are no compliant estimates of potential quantity and grade ranges for additional potential exploration targets at Creston, and current mineral resource estimates have been made subsequent to the 1970's AMAX estimates of potential for Creston. The Company is presently undertaking an in-fill drill program on the Creston Molybdenum deposit in order to upgrade inferred resources to the indicated category which will form the basis for a feasibility study. 

The Company also wishes to state that the Creston project is its only material property, as it has terminated its option agreement to acquire an interest in the Serb Creek property.  

About Creston Moly Corp

Creston Moly Corp. is a Canadian mineral exploration company focused on the development of the El Creston Molybdenum deposit in Sonora, Mexico. The Creston Molybdenum Project contains the following mineral resources at a 0.035% Mo Cut-off grade:      

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 compliant technical report (the "P & E Report") prepared for the Company in March 2007 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 Dr. Luca Riccio, PhD., P. Geo, a Qualified Person as defined by NationalInstrument 43-101, is responsible for the technical information contained inthis News Release.     

On behalf of the Board    

(Signed)

"Jonathan W. George"President     

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.