Crescent Gold Limited: Resolution of Litigation-Bemex Corporation PTY Ltd

PERTH, WESTERN AUSTRALIA--(Marketwire - June 9, 2008) - Crescent Gold Limited (the company) (TSX: CRA.TO)(ASX: CRE.AX)(FRANKFURT:CRE5) is pleased to announce that as a result of a mediation between the Company and Bemex Corporation PTY Ltd (Bemex) a mutually acceptable settlement has been reached.

The settlement resolves all claims and counterclaims by Crescent and Bemex relating to disputed invoices for the Plant Refurbishment and Expansion Contract and the Processing Plant Operations and Maintenance Management Services Agreement, which was terminated by Crescent on 25 July 2007. The terms of settlement include that the Company has agreed to pay $1.9 million, and transfer a decommissioned crushing and screening plant to Bemex.

Roland Hill, Managing Director

Further information relating to Crescent Gold, can be viewed at www.sedar.com or on the Company's website at www.crescentgold.com.

Further information on Crescent Gold Limited and technical reports on the Laverton Gold Project and all aspects of the Company's activities can be found on the company's website www.crescentgold.com.

SHARE INFORMATION

ASX Share Price:         A$0.22
Issued Shares:           590.7m
Market Cap:            A$129.9m
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$89/oz
EV / oz:                A$51/oz

RESERVE
Market Cap/oz:         A$329/oz
EV / oz:               A$188/oz

Contacts

Roland Hill
Crescent Gold Limited
Managing Director
+61 8 6380 7100
+61 8 6380 7199 (FAX)
Email: info@crescentgold.com
Website: www.crescentgold.com