announcement

• Sickle gold oxide resource of 133,000 ozs (>0.8g/t cut off), a
73% increase on previous estimate (77,000 ozs).

• 1,002,000 ozs new resource estimate at Laverton.

• 20.7mt at 1.5 g/t Au total resource.

• RC drilling underway, designed extend and infill Sickle.

Crescent Gold Limited is pleased to report an upgrade of the gold mineral
resource for the Sickle deposit, located 5 km’s south east of the
Company’s Laverton Gold Plant north of Kalgoorlie in Western Australia.
The resource estimate has been completed by independent resource
consultants, RSG Global (“RSG”) which has given its consent to the
announcement of the resource estimate.

The total Indicated and Inferred Resource at the Sickle Deposit:
6.05 mt at 1.8 g/t Au for 346,000 ounces of gold

A significant increase in contained gold has been achieved when compared
to the previous resource estimate of 6.0 million tonnes at 1.25 g/t containing
245,000 ounces of gold (18th June 2003 ASX Announcement).
This increase arises from a better definition of the mineralized boundary
from closer spaced drilling, higher intersected grades and an increase in
the dry bulk density for the Sickle Lode.
This resource is considered adequate for pit design and reserve estimation
for the feasibility study. The infill drilling is designed to improve confidence
for a Measured Resource estimate, and is expected to further enhance the
economics of the project. In the meantime, the company intends to complete
the Bankable Feasibility Study as outlined.