Creston Moly Announces Business Combination with Tenajon Resources

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Creston Moly Corp. ("Creston") (TSX VENTURE:CMS) and Tenajon Resources Corp.
("Tenajon") (TSX VENTURE:TJS) have entered into a Letter Agreement to merge, by
way of a plan of arrangement or other form of business combination (the
"Transaction"). Under the Transaction, Creston will acquire all of the issued
and outstanding shares of Tenajon in consideration for the issue of Creston
shares on the basis of 0.84 share of Creston for each share of Tenajon. The
boards of directors of Creston and Tenajon have unanimously approved the terms
of the Transaction.


Highlights of the Transaction:

(All amounts are in US$ unless otherwise stated.)

- Creation of a platform for the combined company to become a leading molybdenum
development company via organic growth and acquisition opportunities;


- Consolidation of a large reserve and resource base consisting of three
projects in favourable geographic locations (Mexico and Canada);


- 100% ownership of the Creston Molybdenum Deposit which has a pre-tax NPV8% of
US$503 million at $15/lb Moly and $1.75/lb Cu under an owner mining scenario.
Direct cash costs are estimated at $5.74/lb of Mo equivalent under an owner
mining scenario;


- 100% ownership of two Canadian development molybdenum deposits, including the
Ajax deposit and the Moly Brook deposit, both of which possess significant
43-101 Resource estimates;


- Excellent exploration potential on all three resource projects;

- Strengthened management team with extensive development experience;

- Upon completion of the transaction, the combined company will have
approximately 175 million shares outstanding.


"The combination of Creston and Tenajon creates a company that has excellent
prospects for internal growth, and the scale of resource base to take advantage
of what we believe will be an eventual turn-around in the moly space," said
Colin K. Benner, Chairman of Creston.


"We are happy to present to our shareholders the opportunity to be a part of a
new, stronger, larger moly company that provides exposure to the Creston
Project, one of the best undeveloped moly projects in North America," added
Bruce McLeod, Chief Executive Officer of Tenajon.


A presentation of the business combination is available for viewing at
www.crestonmoly.com and www.tenajon.com.


Board & Management

Following completion of the Transaction, Bruce McLeod will be appointed as
President and CEO, Colin K. Benner will continue to serve as Chairman and Wayne
Johnstone will continue serving as CFO. Upon completion of the Transaction,
Jonathan George will continue with Creston serving as an advisor to the Board.


The Board of the Directors of Creston following completion of the Transaction
will consist of Colin K. Benner, Bruce McLeod, Richard Godfrey, John McCleery,
John Robins and Michael Gunning.


Transaction

Creston and Tenajon anticipate that the Transaction will be carried out by way
of a statutory plan of arrangement whereby Creston will acquire all of the
issued shares of Tenajon and Tenajon will become a wholly owned subsidiary of
Creston. The Transaction would be subject to certain conditions including:
completion of due diligence reviews by each party, the approval of the Supreme
Court of BC and the affirmative vote of not less than 66 2/3% of the common
shares of Tenajon represented at a special meeting of the shareholders of
Tenajon. However, the parties may consider an alternative form of transaction,
such as an amalgamation or other form of business combination, as mutually
determined by Creston and Tenajon. There is no certainty that the Transaction
will be completed as presently contemplated, or at all.


Full details of the proposed transaction will be included in the definitive
arrangement agreement and Management Information Circular to be prepared and
filed with the regulatory authorities and mailed to Tenajon shareholders in
accordance with applicable securities laws. Under the terms of the Transaction,
each Tenajon shareholder will be entitled to 0.84 share of Creston for each
share of Tenajon. Tenajon's outstanding options and warrants will be adjusted in
accordance with their terms so that the number of Creston shares to be received
upon exercise and the exercise price of the warrants are adjusted
proportionately to reflect the exchange ratio described above. Based on the
current Tenajon shares outstanding, the Transaction will involve the issuance of
approximately 53.2 million Creston shares, which will equate to 30.4% of
Creston's post-Transaction shares outstanding.


The Transaction is expected to be completed early in the third quarter of 2009
and is subject to certain customary conditions, including receipt of all
necessary court and shareholder approvals and dissent rights to the Transaction
shall not have been exercised prior to the effective date of the Transaction by
holders of Tenajon shares representing in the aggregate 5% or more of
outstanding Tenajon shares at such time. It is anticipated that a special
meeting of shareholders of Tenajon will be held at a time yet to be determined
to approve the Transaction.


Creston has engaged Haywood Securities Inc. as its financial advisor and Miller
Thomson LLP as its legal advisor in respect of this transaction. Tenajon has
engaged Canaccord Capital Corporation as its financial advisor and DuMoulin
Black LLP as its legal advisor in respect of this transaction.


About Creston

Creston owns 100% of the Creston Molybdenum Deposit (Creston Project) located in
Sonora, Mexico. An independent Pre-Feasibility Study, prepared by M3 Engineering
& Technology Corporation of Tucson, Arizona ("M3"), estimated production,
capital and operating cost parameters along with project economics, and
considers both owner and contract mining scenarios.


Highlights of Creston's Pre-Feasibility Study and Base Case Mine Plan include:

(All amounts are in US$ unless otherwise stated.)

- A pre-tax Net Present Value ("NPV") at an 8% discount rate of $465.3 million
with contract mining and $502.9 million with owner mining ($15/lb Mo and
$1.75/lb Cu);


- A pre-tax Internal Rate of Return ("IRR") of 28.2% with contract mining and
27.2% with owner mining;


- Annual molybdenum and copper production of approximately 20 million pounds and
12 million pounds respectively from processing of 40k tonnes per day (ktpd) of
ore;


- Direct cash costs of $6.57 per lb of Mo equivalent with contract mining and
$5.74 per lb with owner mining;


- An estimated initial capital expenditure of $511.6 million utilizing contract
mining and $576.2 million with owner mining.


The Creston Molybdenum Deposit contains the following mineral reserves and
In-pit inferred resources at a 0.037% Mo equivalent(i) cut-off grade:




---------------------------------------------------------------------------
                               Tonnes       Mo    lbs Mo       Cu    lbs Cu
Category                       (000's)      (%)   (000's)      (%)   (000's)
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Proven Reserves                44,736    0.079    78,024    0.053    52,217
---------------------------------------------------------------------------
Probable Reserves             101,968    0.076   171,924    0.047   106,614
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Proven and Probable Reserves  146,705    0.077   249,948    0.049   158,831
---------------------------------------------------------------------------

---------------------------------------------------------------------------
In-pit Inferred Resources       8,718    0.065    12,464    0.063    12,158
---------------------------------------------------------------------------
(i) Mo equivalent: Mo% + (Cu%/7.5)

1. The mineral resources referred to herein have been estimated in a
   NI 43-101 technical report (the "MDA Report") prepared for Creston in
   December 2008 by Mine Development Associates ("MDA"). The person
   responsible for the resource estimate on behalf of MDA is Michael Gustin,
   P.Geo, and a Qualified Person for the purposes of National Instrument
   43-101. The MDA Report is available at www.sedar.com.
2. Proven and probable reserves are included in the statement of resources.



About Tenajon

Tenajon has a 100% interest in the Moly Brook Molybdenum Property, located 2.5
km from the Hamlet of Grey River on the southern coast of Newfoundland. Tenajon
also has a 100% interest in the 1,718 hectare Ajax Molybdenum Property located
13 km north of Alice Arm, BC.


The Moly Brook and Ajax Molybdenum Projects contain the following mineral
resources at a 0.04% Mo cut-off grade:




---------------------------------------------------------------------------
                             Tonnes        Mo    lbs Mo        Cu    lbs Cu
Project         Category     (000's)       (%)   (000's)       (%)   (000's)
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Moly Brook (1)  Indicated    86,781     0.065   124,600     0.034    65,800
---------------------------------------------------------------------------
                Inferred     31,263     0.056    38,600    0.0272    18,800
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Ajax (2)        Indicated    69,000     0.065    98,900       N/A       N/A
---------------------------------------------------------------------------
                Inferred    483,120     0.061   649,800       N/A       N/A
---------------------------------------------------------------------------

1. The Resource estimate for the Moly Brook Molybdenum Property was
   completed by Kirkham Geosystems Ltd under the direction of Garth Kirkham,
   an independent qualified person as defined by National Instrument 43-101.
   The Moly Brook Report is available at www.sedar.com.
2. The Resource estimate for the Ajax Molybdenum Property was completed
   under the direction of Gary Giroux, P.Eng., an independent qualified
   person as defined by National Instrument 43-101. The Ajax Report is
   available at www.sedar.com.



Moly Brook Project Highlights

- 2009 Resource Estimate of Moly Brook Zone includes an Indicated Resource of
86.8 million tonnes grading 0.065% Mo (124.6 million pounds Mo contained) and an
Inferred Resource of 31.2 million tonnes grading 0.056% Mo (38.6 million pounds
Mo contained) at a 0.04% cut-off grade (NI 43-101 compliant);


- 2009 Resource Estimate report outlines Indicated Resources of 120.0 million
pounds of molybdenum and Inferred Resources of 32.1 million pounds of molybdenum
are contained within a pit shell, which has an estimated strip ratio of 2.03:1,
including the potential for a higher grade starter pit with an estimated strip
ratio of 1.09:1 hosting Indicated Resources of 43.4 million pounds of molybdenum
and Inferred Resources of 4.3 million pounds of molybdenum;


- 2009 metallurgical work completed was successful in determining that in bench
scale tests rougher stage molybdenum recoveries in excess of 90% can be
achieved;


- In 2008, a drill program totalling 11,640 metres and a trenching program
successfully expanded the size, defined and confirmed the molybdenum
mineralization, which projects to surface and is open at strike and at depth;


The Resource estimate for the Moly Brook Molybdenum Property was completed by
Kirkham Geosystems Ltd under the direction of Garth Kirkham, an independent
qualified person as defined by National Instrument 43-101.


Ajax Project Highlights

- 2008 Mineral Resource Estimate includes an indicated mineral resource of 69.0
million tonnes averaging 0.065% Mo (98.9 million pounds Mo contained) and an
inferred resource of 483.120 million tonnes grading 0.061% Mo (649.8 million
pounds Mo contained) at a 0.04% cut-off grade (NI 43-101 compliant);


- One of North America's largest undeveloped primary molybdenum deposits - the
deposit covers a surface area approximately 650m by 600m;


- Infrastructure is very good with both tidewater access and hydro electric
power situated at Kitsault 16 km to the south;


- A 2,639 metre (13 hole) drill program was completed in October 2007 -- the
program targeted near surface higher grade mineralized zones within a potential
starter pit -- initial results include a 109.49 metre intercept averaging 0.126%
Mo;


The Resource estimate for the Ajax Molybdenum Property was completed under the
direction of Gary Giroux, P.Eng., an independent qualified person as defined by
National Instrument 43-101.


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 Moly Corp. and Tenajon Resources Corp..
(hereinafter referred to as the "Companies") do not intend, and do not assume
any obligation, to update these forward-looking statements.


Forward-looking statements relate to future events or future performance and
reflect management of the Companies' 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
the Companies 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 the Companies' 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 the
Companies have 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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