Creston Receives Receipt for Final Short Form Prospectus

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE VIA US NEWSWIRE SERVICES

Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE:CMS) is pleased to
announce that it has received a receipt for its final short form prospectus
dated January 6, 2011 (the "Prospectus") on January 7, 2011 (the "Qualification
Date") from the securities commissions of British Columbia, Alberta, Manitoba
and Ontario. The Prospectus qualifies the distribution of 28,750,000 common
shares in the capital of the Company upon the deemed exercise of the 28,750,000
special warrants (the "Special Warrants") issued on November 25, 2010 pursuant
to the previously announced 'bought deal' financing for gross proceeds of
$11,500,000 as disclosed in Creston's news releases dated November 4, 2010 and
November 25, 2010 (the "Financing").


In accordance with the terms of the underwriting agreement relating to the
Financing among Creston and a syndicate of underwriters co-led by Dundee
Securities Corporation and Haywood Securities Inc. that includes Scotia Capital
Inc., Paradigm Capital Inc. and Versant Partners Inc., the Special Warrants are
deemed to be exercised today, being the fifth business day following the
Qualification Date. Share certificates representing the common shares of Creston
issued upon the deemed exercise of the Special Warrants will be sent to holders
of the Special Warrants in due course.


The Prospectus also qualifies the distribution of 1,437,500 common share
purchase warrants ("Broker Warrants") upon the deemed exercise of the 1,437,500
special warrants (the "Broker Special Warrants"), which are also deemed to be
exercised today. Each Broker Warrant entitles the holder to purchase one common
share in the capital of the Company at a price of $0.50 per share until July 14,
2012.


Capitalization

Following the deemed exercise of the Special Warrants, the current
capitalization of Creston consists of 285,815,881 issued and outstanding common
shares and outstanding warrants and options exercisable to acquire up to an
aggregate of 45,234,143 common shares, for a fully diluted total of 331,050,024
shares.


Company Profile

Creston Moly Corp. is focused on the development of the El Creston Molybdenum
Deposit located 145 kilometres north-east of Hermosillo, Sonora State, Mexico,
near the village of Opodepe. Creston has filed a technical report on its
Preliminary Economic Assessment of the El Creston Molybdenum Deposit which
indicates robust project economics and supporting Creston's decision to proceed
to a Feasibility Study scheduled to be completed mid 2011.


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. 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.