VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 7, 2009) - Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE:CMS) advises that its application to the Supreme Court of British Columbia (the "Court") seeking leave to appeal of the arbitrator's decision on the finder's fee has been denied.

In a decision handed down on December 23, 2008, an arbitrator ruled that Creston was required to pay $4,140,000 plus costs (the "Award") to Sattva Capital Corp., the finder in connection with the acquisition of Creston's molybdenum property in Mexico. The Company entered into a finder's agreement to pay a fee in the amount of US$1,500,000 in shares, or at the election of the finder, in cash. Creston received Exchange approval to pay US$1,500,000 or the equivalent amount in shares valued at $0.70 per share, which was the value of the shares issued for the acquisition and a related financing. The finder, however, sought to have the fee paid in shares at a price of $0.15 per share and referred the matter to arbitration. In December 2008, the arbitrator found in favour of the finder, however Creston sought leave to appeal the Award to the Court and today was advised that its request for an appeal has been denied.

Management of the Company are very disappointed by this development and are considering a further appeal of the decision of the Court.

The Company has sufficient funds on hand to satisfy the Award and will continue with the proposed acquisition of Tenajon Resources Corp.

On behalf of the Board

Colin K. Benner, Chairman of the Board

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 to the 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.
Investor Relations

604.694.0005
604.694.9365 (FAX)

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.