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Re: Press Releases - Wednesday, June 11, 2008
08-23 - Cornerstone and Altius form alliance to
explore for
copper in the Labrador Trough
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and Altius Resources Inc.
("Altius") (ALS:TSX) announce that they have signed a joint venture
agreement to explore primarily for Sediment-hosted Stratiform Copper
(SSC) deposits in the Labrador Trough of western Labrador and
southeastern Quebec.
Agreement Summary
..The 50-50 Joint Venture will cover 51 mineral exploration licences
totaling 1032 km2 in the province of Newfoundland and Labrador.
..Both companies contribute their respective mineral land holdings and
have conjointly staked additional claims.
..Both companies will contribute equally to fund exploration programs.
..Primary exploration targets are Sediment-hosted Stratiform Copper
(SSC) deposits analogous to those found in the prolific Zambian
Copperbelt.
..First year program includes an airborne magnetics and radiometrics
survey and a two month field program.
..Cornerstone is the project operator.
..Major partner being sought.
The property covers a 100 km strike length of favourable stratigraphy
considered highly prospective for hosting SSC-type deposits.
The companies are soliciting expressions of interest from major mining
companies as prospective joint venture partners to undertake
exploration on this large, highly prospective and under-explored
property. View map at
http://www.cornerstoneresources.com/s/Labrador.asp?ReportID=305332.
The Labrador Trough (or New Quebec Orogen) represents a 1600 km long by
160 km wide linear fold belt that comprises predominantly
meta-sedimentary and volcanic rocks originally deposited in an Early to
Middle Proterozoic continental-rift environment, the ideal geological
setting for SSC-type deposits. The Labrador Trough represents one of
the least explored SSC opportunities within this type of environment in
the world today. Numerous copper occurrences throughout the property
support the geological model for SSC-type deposits and indicate the
potential for discovery of new mineralization is high.
Cornerstone has been exploring for SSC-type deposits for several years
and as such its technical team has developed considerable expertise in
these geological environments. Cornerstone has generated several
SSC-type projects of merit in Newfoundland and New Brunswick and been
successful in attracting senior joint venture partners such as Noranda
and Phelps Dodge to finance the exploration of these projects
(Princess, Redcliff, Codroy and Dorchester). In particular, Phelps
Dodge (Freeport McMoran) has entered into three separate joint
venture/earn-in agreements on three individual SSC-type projects.
Cornerstone will utilize this comprehensive experience to prioritize
targets and to manage and operate the exploration program on behalf of
the alliance.
This press release was prepared by Mike Basha, PEng, PGeo,
Cornerstone's Executive VP and a Qualified Person in accordance with
National Instrument 43-101.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company
with 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 operates exploration programs in Atlantic Canada and
Ecuador.
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 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.
On Behalf of the Board,
Colin B. McKenzie
President & 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.
The common shares of the Company are currently listed on the TSXV in
Canada (symbol CGP), the OTC in the USA (symbol CTNXF) and the
Frankfurt Stock Exchange (symbol GWN)
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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Copyright (c) 2008 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 Wed Jun 11, 2008 at 2:00:00 PM Pacific Time
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