Mining Operations:

Crescent has successfully negotiated an Ore Purchase Agreement (OPA) with subsidiaries of Barrick Gold for the sale of Crescent’s gold ore to Barrick for processing at their Granny Smith mill.

On 19 April 2010 Crescent announced that it had extended its existing Laverton OPA with Barrick for a further two years, to a four-year term. For more information on the OPA please refer to the Company’s announcements dated 23 February 2009 , 15 June 2009 and 19 April 2010 .

Crescent commenced mining and haulage operations in August 2009, with the first batch of ore processed at Granny Smith in the 30 December 2009 quarter. Total gold production resulting from ore sold to Barrick in the first campaign was 27,251 ounces, demonstrating that Crescent is on track to achieve its forecast ore sales to Barrick of >100,000 ounces pa equivalent.

The Laverton Gold Project is a medium scale operation with 240 personnel on site. The target production of 100,000 ounces of gold places Crescent in the Top 10 Australian listed gold producers.

The current mine schedule provides for the mining and processing of approximately 640,000 tonnes of ore per quarter. Crescent’s mine plan takes into account that the Company will be sourcing ore from a number of different pits (a minimum of two and a maximum of four at any one time).


Exploration:

The  Laverton  Greenstone  Belt is one  of the  best gold  endowed Archaean  greenstone  belts within  the Yilgarn Craton of Western Australia. The Laverton region, rich in mining history, has seen extensive exploration, development and production with over 28 million ounces gold produced from the area.   Major gold mines include Granny Smith, Sunrise and Wallaby - all discovered in the last twenty years.  While work at Laverton has been extensive, there remains exciting potential for extending existing mines, development of known deposits into mines and exploration for new discoveries.

The majority of Crescent's exploration success to date has been achieved through relatively shallow drilling to develop open pit ore reserves. Future exploration will target mineralization at depth and along the well-established structural corridors which host the known deposits. The project contains numerous exploration opportunities including extensions to existing open pit resources, high grade underground targets, and conceptual large scale, bulk mining targets.   The Laverton area hosts several large, multi-million ounce deposits with the majority of high-grade mineralization and underground development starting at 200 metres depth.  At this time less than 2% of all drill holes drilled at Crescent’s Laverton Gold Project penetrate depths below 150 metres. 

Significant upside potential remains at many of Crescent’s deposits and advance stage exploration targets in addition to the vast potential of high-grade mineralization at depths.  There are significant acquisition opportunities for the many known deposits in the immediate region, which the company is actively pursuing.

Resources and Reserves: 

Mineral Resource and Ore Reserves were updated at Crescent’s Laverton Project as of 30 June 2010.
    

Project Development Activities

The Company continues to develop its Laverton gold assets with the strategy of accelerating the economic production of known deposits and ore sources as well as identification of “brown fields” mineralisation in order to extend overall mine life of the project and also to deliver operating flexibility in mining schedules. Current mining plans are scheduled out to December 2016 incorporating several phases of mining and development activity. Crescent is mining from proven and probable resources which allows the Company to schedule mining out to December 2016. Reconciliation of mine grades to forecast grades for the pits mined to date have been accurate to expectations.

Geoff Stanley    

Non-Executive Director & Chairman

Geoff has over 15 years experience as an analyst with major financial institutions in New York, most recently with BMO Capital Markets and Platinum Partners, and seven years as an analyst in Australia. Prior to that, he was an exploration geologist for Billiton in Australia.  He is a Fellow of the Society of Economic Geologists, a Fellow of the Aus.IMM, and a past President of the Metals Analysts Group of New York.  Geoff holds a Bachelor of Science (1980) and an Honours degree in Geology from the University of Tasmania (1982).

Roland Hill    

Director

Roland has extensive resource industry and investment, finance and funds management experience. He has been directly associated with the mining and exploration sector for over 15 years, gaining experience in the technical evaluation of several projects of both small and major listed companies. Prior to his appointment at Crescent Gold Limited, Roland was employed as a resource analyst and portfolio manager with several global investment banks and stockbroking firms over a period of 12 years.

David Keough

Non-Executive Director

David has held several senior leadership positions with companies such as Goldcorp (Brazil), Wheaton River (Asia Pacific), Minera Alumbrera Ltd (Argentina) and Placer Dome Inc (Asia Pacific). David has been involved in the mining industry for more than 20 years and brings extensive international experience in mining and exploration, project evaluation, feasibility studies and project and business development. David possesses solid expertise in occupational health and safety, community and government relations, environmental management and sustainable development projects. He holds a B.Sc (Applied Science) and Post Graduate qualifications in Mineral Economics and Mining Law and is a Registered Mine Manager in the state of Western Australia.

Simon Grenfell

Non-Executive (Nominee) Director

Simon is Managing Director Head of Commodities – Asia for Deutsche Bank. He has 16 years' experience working in a range of commodities markets, including metals, energy and soft commodities.
Prior to this, Simon was with Macquarie Bank in London, where he was an Executive Director and Global Co-Head of the Commodity Markets Division, responsible for the strategic direction and management of Macquarie's global commodities business. He has previously been an Executive Director at Goldman Sachs (J Aron) in London and a Vice President with Morgan Stanley in Singapore. He started his career at Macquarie Bank in Sydney, Australia.
Simon holds a Masters in Developmental Finance from the University of London and a Bachelor in Economics from the Australian National University, Canberra.

Theodore Backhouse
   
Non-Executive (Nominee) Director

Theodore is a Director in Deutsche Bank's Global Commodities business, based in Singapore, and Head of Environmental Financial Products, Asia. He has seven years of experience in Finance and Commodities and over the last four years has set up and managed the Emissions business for Deutsche Bank in Asia. Prior to joining Deutsche, Theodore worked as a lawyer with two of the UKs leading law firms, advising on cross border leveraged finance transactions. Theodore is a qualified solicitor (England and Wales), holds a Law Degree from Durham and a postgraduate diploma from the Oxford Institute of Legal Practice.

Mark Tory    

Interim Managing Director 

Mark Tory is a Chartered Accountant with over 20 years of professional experience in the mining and accounting professions. Mark was previously with Anglo American Exploration as Vice President of Finance. Prior to Anglo, Mark held various positions with Homestake Gold (now Barrick Gold). Mark has a Masters of Business Administration from the University of Western Australia Graduate School of Management and a Bachelor of Business Degree from Edith Cowan University.