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Creso Exploration Acquires the Indian Lake Property and Expands its Holdings in the Shining Tree Area

Marketwire.com - Aug 16, 2010

Creso Exploration Acquires the Indian Lake Property and Expands its Holdings in the Shining Tree Area

MONTREAL, QUEBEC--(Marketwire - August 16, 2010) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT) (FRANKFURT:C3X) is pleased to announce the conclusion of an option agreement with a private group on the Indian Lake property. This newly acquired property is located 4.1 km south of the Minto zone (100% owned by the Corporation) where recent diamond drill results from Minto Hole #1 showed encouraging gold values: 13.3 g/t Au over 82.5 meters from 508.5m to 591.4m (see press release of August 9, 2010 for further details).

The Indian Lake property consists of 12 mining claims (totalling 16 units; 9 contiguous & 7 outliers) located in Tyrrell Township, Larder Lake Mining Division, Shining Tree Area, Ontario and covers approximately 652 acres in all. Access to the primary site is provided by a bush road extending approximately 3.5 km south from Highway 560.

The geology of the Indian Lake zone consists of upper Archean age mafic and ultramafic volcanics, and younger Timiskaming meta-sedimentary rocks (arkosic sandstone, siltstone, and lesser conglomerates) locally intruded by several generations of feldspar porphyry dikes, with much of the property covered by younger glacial deposits.

The volcanic and meta-sedimentary units are in fault contact along the N60W striking Tyrrell Structural Zone, a broad strike-slip shear zone that dips steeply to the south and projects across the main contiguous group of claims for a strike length of over 1.5 km. The structural zone is locally altered and mineralized, and at least three N-S trending lineaments, as interpreted from regional aeromagnetic data, cross-cut this feature. Prior drilling by former property owners in an area between two of these structural intersections reported several intercepts with anomalous gold, including: 5.84 g/t Au over 4m & 2.41 g/t Au over 24.5m (IL-1); 1.71 g/t Au over 6m (IL-5); 3.38 g/t Au over 7.5m (IL-6); 4.6 g/t Au over 5.19m (IL-7); and 1.77 g/t Au over 5.5m (IL-8). These intercepts were reported from a diamond drill campaign completed in late 1997 and early 1998 that totalled 1,575 meters in eight holes from variable depths ranging from 14.0m to 226.16m. The drilling and other surface exploration work was carried-out by Shining Tree Resources Ltd, an Alberta junior resource company (ASE: STO; now inactive), under a JV option agreement with Strike Minerals Inc (TSX-V: STK). Also located along the Tyrrell Structural Zone approximately 2 km to the southeast from where the above-referenced drilling took place is the Juby property, where Temex Resources Corp reports an NI 43-101 compliant Indicated Resource of 614,000 ounces of gold (14.1 Mt @ 1.36 g/t Au at a 0.5 g/t Au cut-off) and an additional Inferred Resource of 602,000 ounces of gold (18.3 Mt @ 1.14 g/t Au at a 0.5 g/t Au cut-off)(see Temex Web site www.temexcorp.com).

Creso geologists are encouraged by the amount of gold present along the Tyrrell Structural Zone within and around the Indian Lake property and hope that an upcoming fixed-wing aeromagnetic and radiometric survey will help to reveal additional N-S cross structures that cut this broad N60W shear zone and thus provide new targets to be drill-tested for high grade mineralization at depth, in a setting similar to that where the Corporation recently discovered the high values of gold in the Minto zone referred to above.

The option agreement on the Indian Lake property calls for an earn-in of 100% in favour of Creso under the following conditions:
Cash
payment Common
shares Exploration
work
commitment
$ Number $
On signature of agreement 100,000 200,000 -
In July 2011 - - 250,000
In January 2012 200,000 200,000 -
In July 2012 - - 500,000
In July 2013 300,000 300,000 43-101 report

The issuance of these common shares of the Corporation is subject to regulatory approval. The private optionors will retain a 2% NSR and Creso will have the option to buy back 1% of the NSR for an amount of $1 million.

This acquisition consolidates Creso's already large position in the Shining Tree Area where exploration work is currently concentrated on the Duggan Zone, the Tyranite Mine, and the Minto Zone. For additional information on the Minto, Tyranite, and Duggan properties, please refer to the 43-101 technical report available on www.sedar.com .

This Press Release has been reviewed and approved by Mr. Michael White, M. Sc, P. Geo., the Qualified Person under National Instrument 43-101.

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, and additional interests are held in base metal properties in Guatemala.

This release contains forward-looking statements that are based on beliefs of its management as well as assumptions made by and information currently available to management of the Company. When used in this release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", and the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this release. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and Creso disclaims any intention or obligation to update or revise such information, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact
Robert Casaceli
President and CEO
514-866-6001 # 239
514-866-6193 (FAX)
scarrasco@creso.ca
or
Douglas Murray
Investor Relations
613-882-7295
613-882-7467 (FAX)
douglas2418@gmail.com
www.creso.ca

Read Full Article from Marketwire.com

- Posted: 2010-08-17 14:11:32


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