VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2009) - Creston Moly Corp. ("Creston") (TSX VENTURE: CMS.V) is pleased to provide an update on Creston Moly Corp. and its 100% owned El Creston Molybdenum Project located in the State of Sonora, Mexico.

Bruce McLeod, President and CEO of the Company said; "The merger between Creston and Tenajon is now complete and the teams have been fully integrated. During the transition period we have developed our path for moving forward and will be proceeding on a dual track approach of adding value to the assets of the Company. We will be advancing the El Creston project toward Final Bankable Feasibility while at the same time focussing on optimizing the project to enhance the economics."

The pre-feasibility study conducted by M3 Engineering & Technology Corporation (M3) and delivered to Creston in February 2009 stated that opportunities exist to enhance the project's economics, including:

- Increasing the overall resource

- Refined engineering during the feasibility study

- Inclusion of revenue from the recovery of silver

Increasing the overall resource

A work program has commenced that includes detailed mapping and surface sampling of seven areas occurring within a 5.5km by 1.2km trend identified by geochemistry and Aster satellite imaging. In addition, a 3D inversion I.P. survey will be completed over selected targets and follow-up diamond drilling will commence in early 2010. A compilation of data has shown that the El Creston Deposit is open to the north and west for expansion, and that the drilling completed on the outer boundaries of the resource in these areas is largely of a higher grade than the resource used in the pre-feasibility. This area alone could add substantial tonnage to the overall reserve and increase the life-of-mine which would favourably impact the economics of the project.

Refined engineering during the feasibility study

The pre-feasibility study was conducted during a period of extremely high input prices. Increased equipment and manpower availability, along with lower energy costs should have a positive impact on the economics of the project. The pre-feasibility study is currently being reviewed to discover areas to reduce the initial capital investment required and to optimize mine through-put. In addition metallurgical, geotechnical, and environmental testing are to be carried out.

Potential Byproduct Revenue

Multi-element assays will be conducted on samples collected during the 2008 drilling program. Silver and tungsten are known to occur at El Creston but have not been systematically assayed across the deposit and if they occur in economic quantities could provide substantial additional revenue. Rhenium occurs on a neighbouring property but the Creston core samples have not been assayed for that element. Rhenium trades at approximately US$2,700 per lb and if it occurs at the Creston deposit it could provide an additional source of revenue.

About Creston Moly Corp.

Creston Moly Corp. is focused on the development of the Creston Molybdenum Deposit located 145 kilometres north-east of Hermosillo, Sonora State, Mexico, near the village of Opodepe.

In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, the Company has delineated proven and probable reserves and measured, indicated and inferred mineral resources.

The Creston Molybdenum Deposit's reserves and resources, as determined in accordance with National Instrument 43-101, are illustrated in Tables 1 and 2 below.

Table 1 - Proven and Probable Reserves and In-Pit Inferred Resources

The Creston Molybdenum Deposit contains the following mineral reserves and inferred resources at a 0.037% Mo equivalent(i) cut-off grade:

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                                              Tonnes       Mo     lbs Mo       Cu     lbs Cu
                  Category                    (000's)      (%)    (000's)      (%)    (000's)
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                  Proven Reserves             44,736    0.079     78,024    0.053     52,217
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                  Probable Reserves          101,968    0.076    171,924    0.047    106,614
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                  --------------------------------------------------------------------------
                  Proven and probable
                   reserves                  146,705    0.077    249,948    0.049    158,831
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                  --------------------------------------------------------------------------
                  In-pit Inferred Resources    8,718    0.065     12,464    0.063     12,158
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                  (i)Mo equivalent:  Mo% + (Cu%/7.5)
                  
                  

Table 2 - Mineral Resources

The Creston Molybdenum Deposit contains the following mineral resources at a 0.03% Mo equivalent(i) cut-off grade:

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                                              Tonnes       Mo     lbs Mo       Cu     lbs Cu
                  Category                    (000's)      (%)    (000's)      (%)    (000's)
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                  --------------------------------------------------------------------------
                  Measured                    52,240    0.074     85,490    0.050     58,080
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                  Indicated                  124,650    0.070    192,720    0.044    121,060
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                  --------------------------------------------------------------------------
                  Total (M + I)              176,890    0.071    278,210    0.046    179,140
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                  --------------------------------------------------------------------------
                  Inferred                    16,300    0.051     18,320    0.061     21,860
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                  (i)Mo equivalent:  Mo% + (Cu%/7.5)
                  
                  1.  The mineral resources referred to herein have been estimated in a NI
                      43-101 technical report (the "MDA Report") prepared for the Company
                      in December 2008 by Mine Development Associates ("MDA"). The person
                      responsible for the resource estimate on behalf of MDA is Michael
                      Gustin, P.Geo, and a Qualified Person for the purposes of National
                      Instrument 43-101.The MDA Report is available at  www.sedar.com.
                  2.  Proven and probable reserves are included in the statement of
                      resources.
                  
                  

Dave Visagie, P.Geo, a Qualified Person as defined by National Instrument 43-101, is responsible for the technical information contained in this News Release.

On Behalf of the Board of Directors

CRESTON MOLY CORP.

D. Bruce McLeod, President & CEO

Forward-Looking Statements