secures 25m financing for laverton

Sydney - Tuesday - August 29: (RWE Aust Business News) - Crescent
Gold Ltd (ASX:CRE) has secured project financing totalling $25 million to
allow an end-of-year start-up for its wholly owned Laverton gold mine in
Western Australia.
The company has just received a credit approved offer of finance
from Investec Bank (Australia) Ltd, and is now proceeding into
production.
The $25 million project loan includes $20 million project gold
loan (approximately 27,000 ozs), including a $5 million cost over-run
facility, a $5 million cash loan to buy gold puts and diesel caps and
a gold hedging facility, if required.
Laverton will produce 90,000 ounces of gold per annum for an
initial four-year mine life, based on reserves of 292,000 ounces
estimated in 2005.
Completion of loan documentation and draw down is expected in
September.
The mine's first gold production is anticipated within six
months, with progressive ramp up to full production during the first half
of 2007.