Creso Exploration Announces Closing of a Non-Brokered Private Placement

Creso Exploration Inc. ("Creso" or the "Corporation") (TSX
VENTURE:CXT)(FRANKFURT:C3X) announces the closing of part of the non-brokered
private placement announced earlier this month. The Corporation issued 3,400,000
"flow-through" units (each, a "FT Unit") and 8,400,000 units (each, a "Unit").
Each of the FT Units and Units was issued at a price of $0.05 for aggregate
gross proceeds of $590,000 (the "Private Placement"). Each FT Unit is comprised
of one common share of the Corporation issued on a flow-through basis and
one-half of a common share purchase warrant of the Corporation (each whole
common share purchase warrant, a "Warrant"). Each Unit is comprised of one
common share of the Corporation (a "Unit Share") and one Warrant. Each Warrant
entitles its holder to subscribe for one additional common share at an exercise
price of $0.10 during a 24-month period following closing of the Private
Placement. All securities issued pursuant to the Private Placement have a
four-month hold period. All securities issued under or in connection with the
Offering are subject to a hold period in Canada until October 7, 2012. The
Private Placement is subject to receipt of the final approval of the TSX Venture
Exchange.


An insider of the Corporation subscribed for $300,000 of the Private Placement.
This participation constitutes a "related party transaction" under Multilateral
Instrument 61-101 ("MI 61-101"), but the Corporation was exempt from both the
formal valuation and minority shareholder approval requirements of MI 61-101 in
connection with the Private Placement as neither the fair market value of the
securities issued, nor the consideration for such securities, in so far as it
involves interested parties, exceeded 25% of the Corporation's market
capitalization as calculated pursuant to MI 61-101.


The net proceeds of the Private Placement will be used to finance the
exploration program of the Corporation and its working capital. 


About Creso 

The Corporation's principal mining exploration holdings are located in the
Shining Tree mining camp of Northern Ontario within 100 km of the Timmins and
Kirkland Lake mining camps.


FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements that address future events and conditions, which are subject to
various risks and uncertainties. Actual results could differ materially from
those anticipated in such forward- looking statements as a result of numerous
factors, some of which may be beyond the Corporation's control. These factors
include: results of exploration activities, general market and industry
conditions, and other risks disclosed in the Corporation's filings with Canadian
Securities Regulators.


Forward-looking statements are based on the expectations and opinions of the
Corporation's management on the date the statements are made. The assumptions
used in the preparation of such statements, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. The Corporation expressly
disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise,
except as required by applicable law. Depending on exploration results and
available financing, the Corporation may at any point modify its work program.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pierre R. Gauthier
Chairman and President
[phone] # 237
[phone] (FAX)
[e-mail]
www.creso.ca


Douglas Murray
Investor Relations
[phone] / [phone]
[e-mail]