CORPORATE UPDATE December 29, 2008 News Release #25-08 Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) announces that it has received the decision of the Arbitrator with respect to a dispute (previously disclosed in the Company’s Audited Financial Statements and Management Discussion and Analysis for the year ended July 31, 2008 and Interim Financial Statements and Management Discussion and Analysis for the periods ended January 31, 2008, April 30, 2008 and October 31, 2008), as to the Finders’ Fee, as approved by the TSX Venture Exchange, payable in respect of the Company’s acquisition of Creston Mining Corp. in May of 2007. The Arbitrator has found in favour of the Finder and has awarded the amount of CDN$4.14 million. The Company had reserved, prior to the arbitration award, US$1,500,000 for payment of the Finders’ Fee. The Company intends to appeal the award.