Creston Moly Announces NI 43-101 Preliminary Economic Assessment Filed on SEDAR

Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE:CMS) announced
today that the complete NI 43-101 Preliminary Economic Assessment ("PEA"),
prepared by JDS Energy & Mining Inc., has been filed on SEDAR and on Creston's
website at www.crestonmoly.com. The results of the PEA (previously announced on
December 16, 2010), on its wholly-owned El Creston Molybdenum Deposit ("Creston
Project") located in the state of Sonora, Mexico, estimates production, capital
and operating cost parameters along with project economics.


Highlights of the PEA Base Case include:



--  An after tax Net Present Value ("NPV") at an 8% discount rate of $561.9
    million; 

--  An after tax Internal Rate of Return ("IRR") of 22.3%; 

--  Annual processing rate of 50,000 tonnes per day; 

--  Annual production of 23.9 million pounds of molybdenum in concentrate
    for the life of mine; 

--  Annual production of 29.5 million pounds of copper in concentrate for
    the 7 years of copper production; 

--  Direct costs (inclusive of copper byproduct credits) of $4.12 per pound
    of Mo; 

--  An estimated initial capital expenditure of $655.9 million. 



Financial Evaluation

The metal prices for the base case are $15.00 per pound for molybdenum and $2.60
per pound for copper. As of December 2010 the historic 3-year trailing average
prices for molybdenum and copper were $19.54 per pound and $2.95 per pound
respectively. Current prices for molybdenum and copper are $16.15 per pound and
$4.11 per pound respectively (December 15, 2010). (All amounts are in US$ unless
otherwise stated).


Qualified Persons

JDS, a full service Engineering, Procurement, Construction & Management (EPCM)
firm, is recognized for its experience and capabilities in the development and
construction of mines and mineral processing plants. The executive summary of
the JDS PEA will be posted on the Company's website (www.crestonmoly.com) as
well as on Sedar in the near future.


The Qualified Persons ("QPs"), as defined in NI 43-101, responsible for the
preparation of this technical report include:




--  Michael Makarenko, P.Eng., JDS Energy & Mining Inc.; 
--  Ali Sheykholeslami, P.Eng., JDS Energy & Mining Inc.; 
--  Kenneth Meikle, P.Eng., JDS Energy & Mining Inc.; 
--  Gilles Arseneau, P. Geo., SRK Consulting (Canada) Inc.; 
--  David Kidd, P.E., Golder Associates Inc.; 
--  Hoe Teh, P.Eng., Hoe Teh Consulting Inc. 



On Behalf of the Board of Directors

CRESTON MOLY CORP.

D. Bruce McLeod, 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 to the estimation of
mineral reserves and resources, the realization of mineral reserve estimates,
the timing and amount of estimated future production, costs of production,
capital expenditures, success of mining operations, environmental risks,
unanticipated reclamation expenses, title disputes or claims and limitations on
insurance coverage. 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.