Crescent Resources Signs Drilling Contract for Oviedo Uranium Project, Paraguay

Crescent Resources Signs Drilling Contract for Oviedo Uranium Project, Paraguay

Crescent Resources Corp. announces that it has signed a contract with Compania Paraguaya de Mineria S.A. for 20,000 metres of drilling on the Oviedo Uranium Project in Paraguay. This open-hole drilling program using reverse-circulation equipment is scheduled to commence in early August.

The open-hole drilling method in conjunction with a down-hole gamma-ray probe will give immediate indications of the strength of uranium mineralization. This method will allow for rapid testing of this very large property. This work will start in areas where historical drilling intercepted significant uranium values in 21 of 65 holes previously drilled at Oviedo. This prior regional scale diamond drilling program consisted of initial drilling at 15 kilometre spacings drilled across inferred host trends. Later in the program, closer spaced holes were drilled over two areas where significant uranium mineralization had been found and the initial drilling by Crescent Resources will follow up on these two areas.

The Oviedo property is a large property covering over 504,000 hectares in central Paraguay that was subject to extensive uranium exploration between 1976 and 1983. This activity was centered on a large belt of Permo-Carboniferous age continental sandstones that represent the western flank of the Parana Basin. In neighboring Brazil these same sandstones contain numerous uranium occurrences including the Figueira Mine that reportedly produced approximately 19 million pounds of U3O8. Most of the uranium occurrences in this environment are “roll-front” type deposits similar to those being currently exploited by low-cost in-situ leach methods in the western United States. Exploration activity on the Oviedo property ceased in 1983 due to low uranium prices.

Crescent has executed a definitive agreement with the owner and operator of the property Coronel Oviedo Mining Company SA (”Coronel”) whereby Crescent can earn 50% of the Property and up to a 70% interest in the Property by completing a pre-feasibility study by May 16, 2011 (see NR 2006-7 November 3, 2006).

Crescent is a mineral exploration and development company with a defined growth strategy of adding value through discovery and rapid project advancement through exploration. Crescent is currently focused on the exploration of the Oviedo Uranium Project in Paraguay and the Boulder Lake Uranium Project in northern Manitoba. These projects were acquired based on management’s belief that they have the potential for further discovery and growth. The Company has 26.8 million common shares outstanding.

CRESCENT RESOURCES CORP.

Michael Hopley, President and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contacts: Crescent Resources Corp. Don Halliday Vice President Corporate Development Direct: (604) 899-1505 Email: info@crescentresourcescorp.com

Website: www.crescentresources.com

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