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Positive Preliminary Economic Assessment for El Creston Molybdenum Deposit

December 29, 2010

Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) announced today that it has received a Preliminary Economic Assessment (“PEA”) on its wholly-owned El Creston Molybdenum Deposit (“Creston Project”) located in Sonora, Mexico. The independent PEA, prepared by JDS Energy & Mining Inc. (“JDS”) of Vancouver, BC, estimates production, capital and operating cost parameters along with project economics.