VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 5, 2009) - Creston Moly Corp. ("Creston") (TSX VENTURE:CMS) announces that the proposed Special Meeting of Shareholders, scheduled for September 8, 2009 (the "Meeting"), will not be held.

Creston received notice from the concerned shareholders who had issued a requisition for the Meeting and applied to the OSC for orders concerning the recent private placement and the proposed Tenajon transaction, that they "... have instructed all of our legal representatives to terminate all legal actions regarding the Creston/Tenajon merger and other related legal matters." The Tenajon shareholders will vote to approve the merger on August 20, 2009 and if in favour, Creston intends to complete the Tenajon transaction promptly following receipt of the final approval of the TSX Venture Exchange.

Creston would like to also announce the addition of Alfonso Daco as an Advisor to the Board. Mr. Daco is a valuable addition to Creston's team with more than 30 years experience in mineral exploration in Mexico.

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 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
604.684.9365 (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.