Crescent Gold Limited: Quarterly Report 31 March 2008

PERTH, WESTERN AUSTRALIA--(Marketwire - April 30, 2008) - Crescent Gold Limited (TSX: CRA.TO)(ASX: CRE.AX)(FRANKFURT:CRE5) -

HIGHLIGHTS FOR THE QUARTER ENDED 31 MARCH 2008

- Hedge restructure - Crescent now has no committed gold and down side protection at $850 and $860.

- The original Phase 1 stage of Sickle is completed to final design of 440mRL with plans to extend to higher grade zones at 425mRL.

- Mining exceeded total material movement targets for January and February.

- Significant improvement in production throughout the quarter.

- Increased and upgraded Mineral Resource for the Craggiemore deposit of 1.5 Mt at 1.6 g/t Au for 84,000 ounces of Indicated +Measured.

- High-grade intersection of 16.4m @ 12.4g/t Au from 157.6m at Bells deposit.

- SA government has granted 29 ELs to Sturt Joint Venture covering 27,887 km2 of shallow sediments highly prospective for roll-front style uranium. Preparations for drilling of untested gamma anomalies in old petroleum wells within these granted tenements are well advanced.

- Cocky Swamp (Cu-Au-U), deep diamond drill hole at 519.6 m (end of quarter) approaching a large geophysical target at a depth of 920 m.

To view an image of Gold Bars - Laverton Gold Project please view the following link: http://media3.marketwire.com/docs/goldbars-lavertongoldproject.pdf.

The full quarterly report can be viewed on the company's website at www.crescentgold.com or at www.sedar.com along with additional information related to the Company.

SHARE INFORMATION
ASX Share Price:         A$0.26
Issued Shares:           589.8m
Market Cap:              A$153.4m
Options unlisted:        30.2m

FULLY DILUTED BASIS
Shares:                  620.0m

RESOURCES
Indicated:               0.97m ozs
                         21.3mt
                         1.5g/t

Inferred:                0.49m ozs
                         10.5mt
                         1.4g/t

RESERVES
Probable:                0.40m ozs
                         7.6mt
                         1.7g/t

RESOURCE
Market Cap/oz:           A$105/oz
EV / oz:                 A$46/oz

RESERVE
Market Cap/oz:           A$388/oz
EV / oz:                 A$171/oz

ABN 49 087 360 996

Contacts

Renee Brickner
Crescent Gold Limited - in Canada
Geologist, Corporate Communications N.A.
(604) 802-6806
Email: rbrickner@crescentgold.com

Kathleen O'Shea
Crescent Gold Limited - in Australia
Personal Assistant
+61 8 6380 7107
Email: koshea@crescentgold.com
Website: www.crescentgold.com