Laverton-WA; New 2km Long Anomaly

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PERTH, WESTERN AUSTRALIA--(Marketwire - Feb. 8, 2011) -
Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CRE5) -




NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES



Crescent Gold Limited is pleased to announce that soil geochemical sampling has delineated a new 2 kilometre long gold anomaly between the Pieces of Eight and Castaway projects at the Company's wholly owned Laverton Gold Project north of Kalgoorlie in Western Australia.


With gold values peaking at 414 parts per billion, the anomaly is considered a high priority target for follow-up drilling.


The Pieces of Eight gold project lies 10 kilometres northeast of the town of Laverton in the Eastern Goldfields. At Pieces of Eight, quartz vein hosted gold mineralisation was mined historically from small shafts and pits, which had been sunk on outcropping veins. These old workings have been the focus of drilling by both previous explorers and Crescent.


To the northwest of Pieces of Eight, the host stratigraphy is interpreted to correlate with the Castaway resource, 3.5 kilometres away. There has been only limited broad spaced, and often shallow, drilling over this corridor. Nevertheless, anomalous gold was intersected in drilling by previous explorers. This terrain was judged well suited to surface geochemical exploration techniques.


As an orientation exercise, Crescent extended the survey over known mineralisation at Pieces of Eight, on a 100 metre by 25 metre grid pattern. This pattern was extended 2.5 kilometres to the northwest towards the Castaway resource area. To the west of this high priority corridor, samples were collected at a broader, 200 metre by 50 metre spacing.



Crescent Gold's Acting Managing Director, Mr Mark Tory, stated:




"The results of this soil sampling campaign highlight that the Company's exploration team is continuing to achieve significant results from the broader Laverton exploration programs they are putting in place to potentially add to the Company's gold resources. An air-core drilling program will now be planned to follow up on these significant anomalies.




"The Company will continue to focus on development exploration drilling around existing resources, in addition to developing a program to test specific deep targets within the Laverton region."



Crescent collected 503 soil samples of nominal 1 kilogram weight. Collection depth was typically at 20 to 30 centimetres below surface, with the top 10 centimetres discarded to remove potential contamination. Samples were coarse sieved to reduce organic debris and larger rock fragments and submitted to Ultra Trace Bureau Veritas Laboratory in Perth for analysis by 24 hour, 0.5 kilogram, agitated bulk cyanide leach. Some 8% of the samples were duplicated in the field as a check on sampling. Repeat analyses and check standards were also carried out.


Gold anomalism was recorded over 2 kilometres of strike extent, with a peak value of 414 ppb. The anomaly is 100 to 200m wide and is considered a high priority drill target. Crescent is planning some 4,000 metres of air-core drilling on several traverses to follow-up the anomaly.



The full announcement can be viewed on the company's website at
>www.sedar.com
along with additional information related to the Company.



ABN 49 087 360 996








SHARE INFORMATION




ASX Share Price:

A$0.105




Issued Shares:

1,063.5m




Market Cap:

A$111.7m




Unlisted options:

33.2m









FOR FURTHER INFORMATION PLEASE CONTACT: Mark Tory
Crescent Gold Limited - Australia
+61 8 6380 7100
+61 8 6380 7199 (FAX)
ORRenee Brickner
Crescent Gold Limited - Canada
+1 604 802 6806
info@crescentgold.com
http://www.crescentgold.com/">www.crescentgold.com