VANCOUVER, Dec. 4 - Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) is pleased to announce the following update on its Creston Molybdenum project in Sonora,Mexico.

To date, 11 diamond drill holes, comprising 2,650 metres, have been completed on and peripheral to the "main zone" utilizing HQ diameter core. Highly mineralized intervals have been observed within the confines of the main zone.

The Company submits samples to ALS Chemex, Hermosillo for preparation, after which pulps are shipped to their North Vancouver, B.C. lab for analysis. The turn around time for results is now up to two months due to extremely high sample submission volumes being experienced by the industry as a whole.

Complete analytical results for the initial six holes of the ongoing drill program are expected shortly.

Further, an additional rig under contract with Layne Drilling of Hermosillo has commenced drilling on the main zone. Jonathan George, President and CEO states "We are extremely pleased with the performance and professionalism of Layne Drilling to date, and are fortunate to have secured a second rig to accelerate our program."

Over the next few months, the Company will complete an additional 30-40 drill holes within the Creston main zone with the purpose of upgrading the 43-101 compliant inferred resource of 84,221,000 tonnes grading 0.076% Mo (141.1 million lbs Mo) to the indicated category which presently contains 170 million lbs of molybdenum grading 0.083% Mo (molybdenum presently trades at$33.00 per pound).

Upon completion of the in-fill drill program, Mine Development Associates (MDA) of Reno, Nevada will undertake a new resource calculation enabling the Company to proceed with a feasibility study for mine development.

Additional zones outside the main zone are also to be evaluated. The Red Hill Zone, located approximately 300 metres southwest of the main zone, has been interpreted as the faulted extension of the main zone, and could add substantial tonnage to the project.

The newly discovered "Alejandra Zone" located 1.5 km northeast of the main zone extends for approximately 2 kilometres and represents a prime target for exploration.

Negotiations with the Ejido of Opodepe for surface rights covering the Creston Deposit, have gone exceedingly well with formal approvals expected in early 2008.

As part of its ongoing commitment to the people of Opodepe, the Company will assist in establishing water reservoirs for livestock, maintain & upgrade medical facilities and has recently "adopted" the community school. Talks with owners of nearby water rights have also been initiated and are ongoing.

Mr. George states "with the exception of slow assay turn around times, every aspect of the Creston Project is proceeding smoothly. In just six months, we've established an excellent rapport with the community, hiring mostly locals. Two drills are turning 24 hours a day and new molybdenum zones have been discovered giving this project significant upside potential."

The Company also wishes to emphasize that it is not aware of any material change in its affairs that would account for the recent trading activity in its shares.

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.

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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.

 Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government, and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues, and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance, or achievements.