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Re: News - Thursday, July 16, 2009
09-15 - Cornerstone and Thundermin extend option on the Little
Deer copper deposit, Newfoundland
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Mount Pearl, NL, Canada: Cornerstone Resources Inc. ("Cornerstone")
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and 50% joint venture partner
Thundermin Resources Inc. ("Thundermin") (THR:TSX) announce that they
have extended the option with Weyburn Investments Limited ("Weyburn")
to earn a 100% interest in the Little Deer copper deposit (the
"Deposit") located approximately 10 km north of Springdale in
north-central Newfoundland.
Under the terms of the agreement with Weyburn, in order to extend the
option beyond the second anniversary of the agreement, Cornerstone and
Thundermin agreed to pay Weyburn a total of $115,000 ($57,500 in cash
and/or shares at each company's election) on or before July 12, 2009.
Thundermin elected to issue 342,262 shares, at a price of $0.168 per
share, and Cornerstone elected to pay $57,500 in cash. By electing to
make the $115,000 payment to Weyburn, Thundermin and Cornerstone are
now committed to make a further $200,000 total payment ($100,000 each
in cash and/or shares) to Weyburn on or before July 12, 2010, which
will keep the option on the Deposit in good standing until July 12,
2011. Further details on the terms of the agreement with Weyburn can be
found in a news release dated May 1, 2007 and on Cornerstone's and
Thundermin's respective websites and on SEDAR.
Diamond drilling programs undertaken since July 2007 have greatly
expanded the known copper mineralization within the Deposit. To date,
the Deposit has been intersected over a strike length of approximately
1,050 m and to a vertical depth of 895 m. The Deposit remains open to
the east, west and at depth and the potential for discovery of
additional mineral resources is believed to be high. Further details on
the Deposit and the exploration results to date can be found in news
releases dated June 21, July 9, October 30, December 11, 2007 and
January 24, April 9, May 15, June 17, July 25, November 26, 2008 and
February 25, May 12 and June 16, 2009.
On July 7, 2009, Cornerstone and Thundermin reported a National
Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for
the Deposit comprising Indicated Resources of 1,087,000 tonnes at an
average grade of 2.9% Cu and Inferred Resources of 1,950,000 tonnes at
an average grade of 2.3% Cu. The mineral resource estimate was prepared
by Mr. Reno Pressacco, M.Sc.(A), P.Geo., Senior Geologist for Micon
International Limited ("Micon") of Toronto, Ontario, an independent
Qualified Person ("Q.P.") in accordance with NI 43-101. A NI 43-101
Technical Report for the mineral resource estimate is currently being
prepared by Micon and will be filed on SEDAR on or before August 21,
2009.
Diamond drilling, designed to expand the reported initial mineral
resource estimate on the Deposit, is on-going as part of a $900,000
exploration program for the first half of 2009. Results from all
unreported holes will be released once assays are received and results
compiled. Mr. Andrew Hussey, P.Geo., Project Geologist and Lands
Manager, Cornerstone Resources Inc., is the Q.P. responsible for
supervising the drilling program on the Deposit for the purposes of NI
43-101.
Thundermin and Cornerstone would like to acknowledge the financial
support received from the Junior Exploration Assistance (JEA) Program
of the Province of Newfoundland and Labrador in carrying out a portion
of their work on the Little Deer property.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland & Labrador, Canada, with a
diversified portfolio of projects in Canada and Ecuador 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.
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.
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.
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) 2009 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 Jul 16, 2009 at 5:15:00 AM Pacific Time
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VanEck Vectors Global Alternative Energy ETF
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EN DÉVELOPPEMENT |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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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. |