Creso Exploration Reports 280 Meters of 1.15 g/t Gold From Preliminary Minto Hole 3 Drill Results in the Shining Tree Area, NE Ontario

MONTREAL, QUEBEC--(Marketwire - Oct. 29, 2010) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT) (FRANKFURT:C3X) is pleased to announce recent preliminary diamond drill results from the Minto Project, as part of its expanded exploration program in the Shining Tree area of NE Ontario, where three diamond drill rigs are currently operating. In addition, a new 5,000 meter drill contract has been awarded to Major Drilling Group International Inc.

Hole #3 clearly demonstrates that the mineralization previously reported from Holes #1 and #2 (see Press Releases of August 9, 2010 and October 5, 2010) is representative of a very strong gold hydrothermal system with a fairly broad halo of mineralization and over 800 meters of vertical expression. High grade gold, with values above 10 g/t, was encountered in four zones within the 280 meters of nearly continuous mineralization and alteration, with visible gold present in three zones. The highest single gold value encountered in this hole is 38.8 g/t over 1.37 meters beginning at 756.36 meters depth. Hole #3 was drilled in a SSE direction with an average dip of -79° and appears to have crossed approximately 25 meters beneath and at an angle of about 25° to the axis of the high grade zone of Hole MC-10-1 (Hole #1) that ran 13.3 g/t Au over 82.5 meters. The intervals indicated above do not necessarily represent true widths, as the true dimensions and orientations of the mineralized zones containing the values reported are not known.

Whole rock geochemistry from Hole #3 indicates a clear depletion of Na and a re-mobilization of K in localized zones of secondary potassic alteration. Telurium values are elevated in zones of high gold values, all of which indicates that Hole #3 has passed near the border of a very large alkalic gold system, although the dimensions and geometry of that gold system are still not fully understood. All gold analyses were run at Agat Laboratories using both metallic sieve and fire assay with atomic absorption finish techniques. The reported values were the metallic sieve results only, although the overall averages of both techniques over the full 280 meters were nearly identical.

Drilling continues at the Minto zone, with Hole MC-10-04 (Hole #4) headed in a SSW direction now down to a depth of 875 meters, and targeted to pass underneath the mineralized zones reported in Holes MC-09-01, MC-09-02, and MC-10-03b. It is also drilling toward a coincident chargeability high and resistivity low determined from gradient array surface and borehole IP data that occurs at an intersection of N10W and EW linear features located approximately 160m SSW of the Minto Pit. Drilling at the Duggan property is ongoing, with Hole DUG-10-15 heading due west across a N-S structure at a depth of 160 meters.

Drilling at the new Gold Corona JV with Platinex in Churchill Township (see Joint Press Release of October 22, 2010) has completed the first hole, CP-10-01, to 398.3 meters as part of a first-phase program of 1000 meters.
This Press Release has been reviewed and approved by Mr. Michael White, M. Sc, P. Geo., the Qualified Person under National Instrument 43-101.

About Creso

The Corporation's principal mining exploration holdings are located in the Shining Tree mining camp of Northern Ontario within 100 km of the Timmins and Kirkland mining camps, and additional interests are held in base metal properties in Guatemala.

This release contains forward-looking statements that are based on beliefs of its management as well as assumptions made by and information currently available to management of the Company. When used in this release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", and the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this release. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and Creso disclaims any intention or obligation to update or revise such information, except as required by applicable law.