VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE VIA US NEWSWIRE SERVICES

Creston Moly Corp. (TSX VENTURE:CMS) ("Creston") is pleased to announce that 22,423,000 warrants have been exercised under the terms of the previously announced incentive program adding $3,363,450 to Creston's treasury.

The proceeds of the financing will be used to further advance the El Creston molybdenum project in Sonora, Mexico. An 18-hole first phase drill program is expected to commence in mid January 2010. The program is primarily designed to expand the Main Zone to the North, East and West of the resource outline, where the zone is open. The Main Zone is one of seven zones identified within a 1.2 x 5 kilometer trend of anomalous molybdenum in rock chip geochemistry and Aster Satellite Images. Currently the company is completing mapping and sampling over the six additional targets to better identify additional drill targets.

"We would like to thank our warrant holders for participating in the warrant incentive program," stated Bruce McLeod, President & CEO. "The funds will allow us to proceed with the dual-track value enhancement program we have developed for our El Creston molybdenum project. We will be advancing the project toward feasibility, while at the same time focussing on optimizing and increasing the size of the project to enhance the economics."

Early Warrant Exercise

In order to encourage the early exercise of the warrants, Creston offered a Unit (as defined and described below) for each Original Warrant exercised prior to the expiry date of the incentive program. Each holder of an Original Warrant who elected to exercise their Original Warrant will receive a unit (a "Unit") instead of a common share in the capital of Creston. Each Unit will consist of one common share and one-half of a warrant (a "New Warrant"). Each whole New Warrant will allow the holder to acquire an additional one common share of Creston at a price of $0.24 per share for two years following the date of issue of the Unit. The Warrants will be subject to a four-month hold period.

On Behalf of the Board of Directors

CRESTON MOLY CORP.

D. Bruce McLeod, President & CEO

Forward-Looking Statements

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and Creston does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect Creston management's expectations or beliefs regarding future events and include, but are not limited to, statements with respect completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Creston to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Creston's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although Creston has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward looking statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Creston Moly Corp.
Mr. Bruce McLeod
President & CEO
(604) 694-0005
(604) 689-5041 (FAX)

Creston Moly Corp.
Chris Curran
Investor Relations
(604) 687-7545 or (888) 338-2200 (TOLL FREE)

Creston Moly Corp.
Ken MacDonald
(604) 694-0005
www.crestonmoly.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.