Crescent Gold Limited: Board Changes

PERTH, WESTERN AUSTRALIA--(Marketwire - July 7, 2008) - Crescent Gold Limited (TSX: CRA.TO)(ASX: CRE.AX)(FRANKFURT:CRE5) -

Appointment

The Board is pleased to announce that Simon Grenfell has accepted a position on the Board as a Non Executive Director effective 6 July 2008. Simon is Managing Director Head of Commodities - Asia for Deutsche Bank. Prior to his role at Deutsche, Simon held various positions with Macquarie Bank, Goldman Sachs and Morgan Stanley over 16 years.

Resignation

Renatto Barbieri has served as a Non Executive Director since June 2007.

Renatto has advised the Company that due to demands from other business interests he is unable to continue his directorship with Crescent.

The Board wishes to thank Renatto for his support over the term of his service and with regret announce that Renatto Barbieri has tendered his resignation effective 6 July 2008.

Regards

Crescent Gold Limited

Mark Tory, CFO & Company Secretary

ASX Code:  CRE
TSX Code:  CRA
FFT Code:  CRE5

SHARE INFORMATION

ASX Share Price:     A$0.195
Issued Shares:       590.7m
Market Cap:          A$115.2m
Options unlisted:    29.7m

FULLY DILUTED BASIS
Shares:              620.3m

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$79/oz
EV / oz:             A$41/oz

RESERVE
Market Cap/oz:       A$292/oz
EV / oz:             A$150/oz

ABN 49 087 360 996

Contacts

Mark Tory
Crescent Gold Limited
CFO & Company Secretary
+61 8 6380 7100
+61 8 6380 7199 (FAX)
Email: info@crescentgold.com
Website: www.crescentgold.com