LAVERTON GOLD PROJECT

Crescent Gold Limited has filed its Annual Financial Report for the year ended 30 June 2009. In July 2008, Crescent temporarily suspended operations at Laverton due to rising costs, ore crushing issues and exposure from supply of a single ore source. The suspension allowed Crescent to take a step back and to implement a broader development strategy to advance a number of the company’s deposits and identify a more efficient way of processing the ore. In line with this strategy, Crescent entered into a collaborative Ore Purchase Agreement with Barrick Gold Corporation to process its ore through their nearby Granny Smith Mill in Laverton. This agreement will result in improved economics (unit costs) and operating synergies for both companies. As a result of this shift in strategy, the company’s existing Barnicoat Mill will remain on care and maintenance and has therefore incurred a write-down of $16.8 million as a result of a review of its carrying value. The company is reviewing a number of options for the future use of the mill. Crescent commenced mining operations in the third quarter of calendar year 2009, with the first batch of ore to be processed at Granny Smith in the fourth quarter.

Crescent Gold announced that mining and trucking operations have recommenced at the Company’s core asset, the Laverton Gold project, north of Kalgoorlie in Western Australia.

Crescent Gold Limited has signed an Ore Purchase Agreement (OPA) with subsidiaries of Barrick Gold Corporation (Barrick) in relation to the purchase by Barrick of ore from Crescent’s Laverton Gold Project, north of Kalgoorlie in Western Australia - and the proposed campaign treatment of that ore through Barrick’s nearby Granny Smith Mill.