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Re: News - Friday, May 04, 2012
12-08 - Cornerstone issues first tranche of shares for Miocene
Gold-Silver-Copper project in Chile
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces that
pursuant to its news release dated February 22, 2011, wherein it
announced that it had entered into an agreement to explore the Miocene
gold-silver-copper project located in northern Chile, it has now issued
the first tranche of 307,692 common shares (CAD$20,000 value) and paid
the sum of CAD$20,000 to the licensors of a proprietary database
covering the Miocene project area.
Cornerstone, through its wholly-owned subsidiary Minera Cornerstone
Chile Limitada (MCCL), acquired the exclusive right to the proprietary
database and has already utilized the information to apply for mineral
concessions to explore several prospective areas. So far, mineral
concession applications covering a total of 41,100 hectares (41.1 km2)
have been filed which encompass areas that are highly prospective for
hosting porphyry gold-copper and epithermal gold-silver deposits. The
agreement gives Cornerstone the right to acquire an undivided 100%
interest in any concessions acquired using the database within the
Miocene project area by incurring exploration expenditures of CAD$5.0
million and making cash payments of CAD$250,000 and issuing shares of
Cornerstone valued at CAD$250,000 over a 5-year period. The acquisition
is subject to a 2.0% Net Smelter Royalty in favour of the licensors,
one-half (1.0%) of which can be purchased by Cornerstone at any time
for CAD$1,000,000.
About Miocene
The Miocene project is located in the Atacama and Antofagasta regions
of northern Chile, approximately 200 kilometres southeast of the port
city of Antofagasta. The project area is underlain by the same Miocene
and Pliocene volcanic sequences and associated high-level intrusions
that host the world class gold deposits in the Maricunga and El Indio
magmatic belts to the south. Known gold deposits in the Maricunga belt
terminate abruptly north of Kinross Gold Corporation's (TSX: K; NYSE:
KGC) La Coipa mine and the projected northward trend of the gold belts
are dominated by extensive covered areas. Geological and structural
interpretations suggest that the gold belts continue north under cover,
providing opportunities for new discoveries beneath post-mineralization
cover.
A regional exploration program was completed on the Miocene project
during the period March 2011 to April 2012. Alteration mapping using
Aster (Advanced Spaceborne Thermal Emission and Reflection Radiometer)
satellite imagery, combined with airborne magnetic survey data and
regional geological and structural data, was used to define prospective
areas for ground follow up. Reconnaissance geological mapping at a
scale of 1:25,000, rock sampling and widely spaced soil sampling (2,000
m by 500 m and 1,000 m by 250 m) were carried out over a large area of
70,000 hectares (70 km�) covering exposed and altered bedrock and
adjacent soil and gravel-covered pampas. A total of 1,312 soil and 280
rock samples were collected. Soil samples were analyzed utilizing a
combination of analytical techniques designed to detect deep and/or
buried mineralization. Geological mapping and spectrometry work better
defined the alteration zones (type, size and distribution) that were
identified by the Aster satellite imagery. Geochemical anomalies were
defined for base metals, precious metals and pathfinder elements
associated with porphyry gold-copper and epithermal gold-silver styles
of mineralization. Results of the work program are currently being
compiled and assessed, and will be announced once the evaluation is
completed.
Consistent with its prospect generator business model, Cornerstone is
actively seeking a joint venture partner to help advance exploration on
this exciting early-stage project.
Qualified Person
Yvan Crepeau, M.Ba., P.Geo, President of Minera Cornerstone Chile
Limitada and a qualified person in accordance with National Instrument
43-101, is responsible for supervising the Miocene exploration program
and has reviewed and approved the technical information contained in
this news release.
About Cornerstone:
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland and Labrador, Canada, with a
diversified portfolio of projects in Canada, Ecuador and Chile, and a
strong technical team that has proven its ability to identify, acquire
and advance properties of merit. The company's business model is based
on generating exploration projects whose subsequent development is
funded primarily through joint venture partnerships. Commitments from
JV partners constitute significant validation of the strength of
Cornerstone's projects.
Cautionary Notice:
Certain statements contained in this press release may be considered as
forward-looking. Such forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ materially
from estimated or implied results. While Cornerstone anticipates that
subsequent events may cause its views to change, it expressly disclaims
any obligation to update the Forward-Looking Statements contained
herein.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com or for investor, corporate or media
inquiries, please contact:
Investor Relations:
Email: communications@crigold.com
North America toll-free: 1 (877) 277-8377
Martti Kangas - Direct Line: 1 (647) 521-9261
Paul Benwell / Pat Kairns - Direct Line: 1 (514) 904-1333
The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0412_CRICorporate.pdf
Investors can also access Cornerstone on Twitter
Cautionary Notice:
This news release may contain 'Forward-Looking Statements' that involve
risks and uncertainties, such as statements of Cornerstone's plans,
objectives, strategies, intentions and expectations. The words
"potential," "anticipate," "forecast," "believe," "estimate," "expect,"
"may," "project," "plan," and similar expressions are intended to be
among the statements that identify 'Forward-Looking Statements.'
Although Cornerstone believes that its expectations reflected in these
'Forward-Looking Statements' are reasonable, such statements may
involve unknown risks, uncertainties and other factors disclosed in our
regulatory filings, viewed on the SEDAR website at www.sedar.com. For
us, uncertainties arise from the behaviour of financial and metals
markets, predicting natural geological phenomena and from numerous
other matters of national, regional, and global scale, including those
of an environmental, climatic, natural, political, economic, business,
competitive, or regulatory nature. These uncertainties may cause our
actual future results to be materially different than those expressed
in our Forward-Looking Statements. Although Cornerstone believes the
facts and information contained in this news release to be as correct
and current as possible, Cornerstone does not warrant or make any
representation as to the accuracy, validity or completeness of any
facts or information contained herein and these statements should not
be relied upon as representing its views subsequent to the date of this
news release. While Cornerstone anticipates that subsequent events
may cause its views to change, it expressly disclaims any obligation to
update the Forward-Looking Statements contained herein except where
outcomes have varied materially from the original statements.
On Behalf of the Board,
Brooke Macdonald
President and CEO
Further information is available on the Cornerstone Web site at
www.cornerstoneresources.com; via e-mail at communications@crigold.com;
or toll free at 1-877-277-8377.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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Copyright (c) 2012 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
mailto:info@cornerstoneresources.com
Message sent on Fri May 4, 2012 at 5:15:00 AM Pacific Time
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Cornerstone Capital Resources Inc
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DEVELOPMENT STAGE |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cornerstone is a exploration company based in Canada. Cornerstone develops uranium in Canada, and holds various exploration projects in Canada, in Chile and in Ecuador. Its main asset in development is AILLIK in Canada and its main exploration properties are CHALEUR, ANAKTALIK, AUCOIN, LABRADOR TROUGH, VOISEY'S BAY PROPERTY, DEER LAKE PROJECT, DORCHESTER, GOSHEN, EL STRATO, LONG LAKE, NOTAKWANON LAKE, TRUE GRIT, CAPE RAY, COLCHESTER, CODROY PROJECT, LONG HARBOUR, OKAK, GARLAND, KAUK, KONRAD, NOEL PAUL'S BROOK, BOBBY'S POND, LITTLE DEER, CONEY ARM and INDIAN ARM in Canada, MACARA, BELLA MARIA, MONTERREY and SIERRAMIN in Ecuador and LA FORTUNA CHILE in Chile. Cornerstone is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.2 billions as of today (US$ 934.1 millions, € 880.3 millions). Its stock quote reached its lowest recent point on March 04, 2016 at CA$ 0.02, and its highest recent level on September 18, 2020 at CA$ 6.53. Cornerstone has 299 560 000 shares outstanding. |