VANCOUVER, BRITISH COLUMBIA -- Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE:CMS) announces that it has issued 16,950,000 units (a "Unit") at a price of $0.10 per Unit for gross proceeds of $1,695,000. Each Unit consists of one common share of Creston and one non-transferable share purchase warrant (a "Warrant"). One Warrant will entitle the holder thereof to purchase one additional common share of Creston at a price of $0.15 per share expiring July 17, 2011. Finder's Fees in the amount of $25,500 were paid in cash and Finder's Fees in the amount of $69,000 were paid by the issuance of 690,000 Units in connection with this private placement. The common shares issued as part of the Units and any common shares that may be issued upon the exercise of the Warrants are subject to a hold period expiring November 18, 2009.

In addition, Creston has issued 2,447,500 common shares to settle $244,750 in debt. The shares are subject to a hold period expiring November 10, 2009.

About Creston

Creston owns 100% of the Creston Molybdenum Deposit (Creston Project) located in Sonora, Mexico. An independent Pre-Feasibility Study, prepared by M3 Engineering & Technology Corporation of Tucson, Arizona is available at www.sedar.com and on the Company's website.

On behalf of The Board

Jonathan W. George, President & CEO

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 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.

SOURCE: Creston Moly Corp.

Creston Moly Corp. Investor Relations 604-694-0005 604-684-9365 (FAX) www.crestonmoly.com

Source: Baystreet.ca (July 20, 2009 - 9:02 PM EDT)