CMS Creston Molly Corp

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

Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE:CMS) today
announced that it has completed the previously announced 'bought deal' financing
for gross proceeds of $11.5 million. 


Offering 

Dundee Securities Corporation and Haywood Securities Inc. co-lead a syndicate of
underwriters that included Scotia Capital Inc., Paradigm Capital Inc. and
Versant Partners Inc. in the purchase on a bought deal basis of 25 million
special warrants ("the Special Warrants") at a purchase price of $0.40 per
Special Warrant, for gross proceeds of $10 million. The underwriters also
exercised the Over-Allotment Option to purchase an additional 3,750,000 Special
Warrants on the same terms as set out above, for additional proceeds of
$1,500,000. 


The underwriters were paid a cash fee equal to 6.0% of the total gross proceeds
from the sale of Special Warrants under the offering and the Over-Allotment
Option and were issued special warrants ("Broker Special Warrants") equal in
number to 5.0% of the Special Warrants sold under the offering and
Over-Allotment Option. 


The net proceeds from the sale of the Special Warrants will be used for
completion of a new preliminary economic assessment, and for advancement of a
Feasibility Study and for general working capital.


Each Special Warrant is exercisable for one common share in the capital of the
Company (a "Special Warrant Share") for no additional consideration and all
unexercised Special Warrants will be deemed to be exercised on the earlier of
(a) the fifth business day following the date on which a receipt for a final
prospectus qualifying the Special Warrant Shares (the "Qualifying Prospectus")
has been issued by the relevant securities commission(s) (the "Qualification
Date"); and (b) March 26, 2011, being four months and one day after the date of
closing of the offering.


Each Broker Special Warrant will be deemed to be exercised on the date (the
"Deemed Exercise Date") that is the earlier of (a) the fifth business day
following the Qualification Date; and (b) March 26, 2011, for no additional
consideration. Upon deemed exercise, each Broker Special Warrant will entitle
the holder thereof to one warrant, each such warrant entitling the holder to
purchase one common share in the capital of the Company at a price of $0.50 per
share for a period of 18 months following the Deemed Exercise Date.


Creston has agreed to use its best efforts to file and obtain a receipt for the
Qualifying Prospectus qualifying the conversion of the Special Warrants in all
of the Provinces of Canada in which the Special Warrants were sold. In the event
that a final receipt for the prospectus is not obtained prior to January 22,
2011, each Special Warrant shall thereafter be exercisable into 1.1 Common
Shares (in lieu of 1.0 Common Share).


Non-Brokered Private Placement 

Creston also announces that four directors of the Company have participated in a
concurrent non-brokered private placement for the purchase of 340,000 common
shares at a price of $0.40 per share, for gross proceeds of $136,000. The common
shares issued under this non-brokered private placement are subject to a four
month hold period that expires on March 26, 2011. The net proceeds of the
non-brokered private placement will be used for completion of a new preliminary
economic assessment and for general working capital purposes.


Related Party Matters

Bruce McLeod, Colin Benner, Michael Gunning and Richard Godfrey, all of whom are
directors of the Company, acquired 125,000, 125,000, 40,000 and 50,000 common
shares respectively under the non-brokered private placement. In addition,
Brenda Nowak, corporate secretary of Creston, and a company in which Bruce
McLeod has an interest, acquired 12,500 and 50,000 Special Warrants respectively
under the offering. 


The participation by insiders in the non-brokered private placement and offering
is considered to be a "related party transaction" as defined under Multilateral
Instrument 61-101 ("MI 61-101"). The fair market value of such common shares and
Special Warrants is $161,000, being the aggregate subscription price paid for
such securities.


The transaction is exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101 as neither the fair market value of the
securities being issued nor the consideration paid exceeds 25% of Creston's
market capitalization.


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 expected use of
proceeds of the offering, completion of a preliminary economic assessment and
advancement of a feasibility study. 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.

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