Creston Moly Announces $10 Million Financing

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 entered into an agreement with a syndicate of
underwriters, led by Dundee Securities Corporation and Haywood Securities Inc.
(collectively the "Underwriters"), pursuant to which, the Underwriters have
agreed to purchase, on a bought deal basis, 25,000,000 special warrant (the
"Special Warrants") of the Company at a price of CDN$0.40 per Special Warrant,
for gross proceeds of CDN$10 million. 


The net proceeds of the Special Warrants will be used for completion of a new
preliminary economic assessment and for general working capital purposes.


Each Special Warrant will be exercisable for one common share in the capital of
the Company (a "Special Warrant Share") for no additional consideration at any
time after the Closing Date (as defined below) and all unexercised Special
Warrants (other than Special Warrants sold in the United States or the Province
of Quebec) will be deemed to be exercised on the earlier of (a) 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) (b) four months and one day after the date of closing of the
offering (the "Closing Date").


In addition, the Underwriters have also been granted an option to offer up to an
additional 3,750,000 Special Warrants on the same terms as set out above (the
"Over-Allotment Option), which may be exercised at any time up to 48 hours prior
to the Closing Date, for additional proceeds of up to $1,500,000. The
Underwriters will be 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 will be 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 Special Warrants to be sold under this offering will be offered by way of a
private placement in the Provinces of Canada (and will also be offered in the
United States on a private placement basis pursuant to an exemption from the
registration requirements of the United States Securities Act of 1933, as
amended.) All special warrants in the Province of Quebec (and the United States)
will be deemed to be exercised on the date that is four months and a day
following the closing date. 


The offering is scheduled to close on November 25, 2010 and is subject to
certain conditions including, but not limited to, the receipt of all necessary
approvals, including the approval of the TSX Venture Exchange, and other
applicable securities regulatory authorities. 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 Canada, with the exception of Quebec.
In the event that a final receipt for the prospectus is not obtained prior to
the date that is 45 days following the Closing Date, each Special Warrant shall
thereafter be exercisable into 1.1 Common Shares (in lieu of 1.0 Common Share).


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.
Creston Molly Corp (TSXV:CMS)
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