VANCOUVER, BRITISH COLUMBIA, Oct. 15, 2009 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/15/09 -- Creston Moly Corp. ("Creston") (TSX VENTURE: CMS) 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.
