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MONTREAL, QUEBEC -- Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE: CXT) (OTCQX:CRXEF) (FRANKFURT:C3X) announces:
Update on drilling program
The Corporation is pleased to announce that it has signed a contract to initiate up to 1,000-meter drilling contract on the Mann property. In addition, the drilling program that started on October 18, 2011 is ongoing on the Tyranite, Duggan and Minto properties. (See press release of October October 18, 2011).
Matona Option
The Corporation is pleased to announce it has reached an agreement with SAFE Resources Ltd. ("Safe") to renew its option to acquire 100% of the Matona property in consideration for an additional payment of $50,000 and the issuance of 100,000 additional common shares of the Corporation. The issuance of the common shares is subject to regulatory approvals. The other obligations of the Corporation in connection with this option are the following:
Cash Payments Work Commitments
June 16, 2012 $450,000 $100,000
June 16, 2013 $300,000 $100,000
Safe retains a 3% Net Smelter Return and Creso has the option to buy back a 2% for $2 million. An additional payment of $2 million is to be made at the time the property is brought into commercial production. (See press releases dated June 22, 2010, August 31, 2010 and August 17, 2011)
The Matona property is located 3.5 km west of the Minto property (100% owned by the Corporation) in Tyrrell Township, Shining Tree Area, Ontario.
Resignation of President and CEO
Mr. Robert Casaceli 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, and additional interests are held in base metal properties in Guatemala.
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 the work program for 2011.
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.
Creso Exploration Inc.
Douglas Murray
613-220-0569 dmurray@creso.ca
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