Creso Exploration Closes $200,000 Private Placement Financing and Resignation of President and CEO

Creso Exploration Inc. ("Creso" or the "Corporation") (TSX
VENTURE:CXT)(OTCQX:CRXEF)(FRANKFURT:C3X) is pleased to announce the closing of a
non-brokered private placement for total consideration of $200,000 consisting of
the issuance of 4,000,000 units (each a "Unit") at $0.05. A Unit consists of one
common share (a "Common Share") and one Common Share warrant (a "Warrant"), with
each Warrant entitling its holder to purchase a Common Share at $0.10 over a
two-year period. 


All securities issued pursuant to the private placements are subject to
regulatory approval and have a hold period of four months from the date of
closing. No commission was paid in relation to the private placement. The
proceeds of the financing will be affected to the working capital 


The Units have not been and will not be registered under the U.S. Securities Act
of 1933, as amended (the "1933 Act"), or under any state securities laws, and
may not be offered or sold, directly or indirectly, or delivered within the
United States or to, or for the account or benefit of, U.S. persons (as defined
in Regulation S under the 1933 Act) absent registration or an applicable
exemption from the registration requirements. This news release does not
constitute an offer to sell or a solicitation to buy such securities in the
United States.


Resignation of President and Chief Executive Officer

Mr. Vernon Drylie has tendered his resignation as President and CEO of the
Corporation. Mr. Pierre Gauthier, Chairman of the Board, has accepted to act as
Interim President and CEO.


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 Gauthier
Chairman, Interim President and CEO
[phone] # 239
[phone] (FAX)
[e-mail]
www.creso.ca


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