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Re: News - Thursday, December 08, 2011
11-37 - Cornerstone and Thundermin Commence 3,800 Metre Diamond
Drilling Program on the 100% Owned, Past-Producing, Whalesback
Copper Mine
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and 50% joint
venture partner Thundermin Resources Inc. ("Thundermin") (TSX-THR)
announce that they have commenced a diamond drilling program comprising
approximately 3,800 metres in 13-15 holes at their 100% owned,
past-producing, Whalesback Copper Mine ("Mine"). The Mine, which was in
production from 1965-1972, is located approximately 10 km north of
Springdale in north-central Newfoundland.
There is potential to outline significant copper resources at shallow
depths adjacent to the Mine below and to the west of the old mine
workings. The current drill program is designed to outline new copper
resources which could, because of their proximity to the Little Deer
Copper Deposit ("Deposit"), expand the total mineral resources
available for mining and enhance the overall economics of establishing
a new mining operation at Little Deer. At this time, the potential
discovery of additional mineral resources at the Mine is conceptual in
nature and it is uncertain whether further diamond drilling will result
in the discovery of additional mineral resources.
Cornerstone and Thundermin own a 100% interest in the Deposit located
approximately 800 m south of the Mine. Cornerstone and Thundermin have
outlined significant copper resources at the Deposit since 2007 and the
results of a Preliminary Economic Assessment ("PEA") for the Deposit,
which was completed in October 2011, indicated that there is potential
to develop the Deposit on an attractive economic basis at current metal
prices. Information on the Deposit and the PEA is available in news
releases issued between May 1, 2007 and November 1, 2011 and on
Cornerstone's and Thundermin's respective websites and on SEDAR.
Whalesback Copper Mine
A digital compilation of 107 historical holes drilled in the
mineralized zone below and to the west of the old mine workings
suggests that there is excellent potential for establishing additional
copper resources below and to the west of the areas previously mined.
Significant results from the historical drill holes include 4.5% Cu
over 6.1 m, 4.0% Cu over 3.4 m, 3.2% Cu over 5.5 m, 3.0% Cu over 4.3 m,
2.9% Cu over 8.4 m, 2.9% Cu over 6.1 m, 2.6% Cu over 4.6 m, 2.5% Cu
over 5.3 m, 2.4% Cu over 9.1 m, 2.2% Cu over 5.8 m, 2.3% Cu over 3.1 m,
2.3% Cu over 3.4 m, 2.2% Cu over 8.5 m, 2.1% Cu over 13.1 m and 2.0% Cu
over 8.5 m. These assay intervals all approach true widths as many of
the holes were drilled from underground and others are of relatively
shallow depth (see news release dated October 20, 2011 for additional
information on the historical data recovered for the Mine).
Mineral Resource Estimate - Little Deer Copper Deposit
On June 22, 2011, Cornerstone and Thundermin reported an updated
National Instrument 43-101 ("NI 43-101") compliant mineral resource
estimate for the Deposit comprising Indicated Resources of 1,911,000
tonnes at an average grade of 2.37% Cu (99.8 million pounds of copper)
and Inferred Resources of 3,748,000 tonnes at an average grade of 2.13%
Cu (175.9 million pounds of copper) (see Cornerstone and Thundermin
news releases dated June 22, 2011).
Qualified Persons
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager,
Cornerstone Resources Inc., is the qualified person ("Q.P.")
responsible for the compilation of all of the historical data on the
Mine for the purposes of NI 43-101. Mr. Hussey is also the Q.P. that is
responsible for supervising the drilling program on the property. Mr.
Hussey has reviewed the contents of this news release for accuracy and
approved its release.
The positive PEA and the updated NI 43-101 compliant mineral resource
estimate for the Deposit were prepared under the supervision of Mr.
Eugene J. Puritch, P. Eng., President of P&E. Mr. Puritch is an
independent Q.P. in accordance with NI 43-101.
Little Deer Joint Venture
Under the terms of its joint venture agreement with Cornerstone,
Thundermin has the right to increase its interest in the Little Deer
property to 75% by completing a feasibility study and by arranging 100%
of the necessary bank financing required to place the property into
commercial production.
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 Ecuador, Chile, and Atlantic
Canada, 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. The company is well funded and commitments from JV
partners constitute significant validation of the strength of
Cornerstone's projects. Further information is available on
Cornerstone's website: www.cornerstoneresources.com.
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
Investors can access and join the following Cornerstone social media
channels:
Facebook (http://www.facebook.com/cornerstoneresourcesinc)
Twitter (http://twitter.com/Cornerstone_cgp)
YouTube channel (http://www.youtube.com/user/CornerstoneResource)
Flickr (http://www.flickr.com/photos/cornerstoneresources)
The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_1111_CRICorporate.pdf
The link to a Corporate fact sheet is:
http://www.cornerstoneresources.com/i/pdf/Presentations_1111_FactSheet.pdf
The link to a virtual tour of drilling at the Gama prospect, Shyri
property in Ecuador is:
http://www.youtube.com/watch?v=Ne8XSfgLwIM
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
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) 2011 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 Thu Dec 8, 2011 at 12:15:00 PM Pacific Time
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CODE : CGP.V |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Cornerstone est une société d’exploration minière basée au Canada. Cornerstone est en développement de projets d'uranium au Canada, et détient divers projets d'exploration au Canada, au Chili et en Equateur. Son principal projet en développement est AILLIK au Canada et ses principaux projets en exploration sont 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 et INDIAN ARM au Canada, MACARA, BELLA MARIA, MONTERREY et SIERRAMIN en Equateur et LA FORTUNA CHILE au Chili. Cornerstone est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 185,0 millions (147,9 millions US$, 139,4 millions €). La valeur de son action a atteint son plus bas niveau récent le 04 mars 2016 à 0,02 , et son plus haut niveau récent le 18 septembre 2020 à 6,53 . Cornerstone possède 47 442 200 actions en circulation. |