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Re: News - Tuesday, May 04, 2010
10-08 - Cornerstone options sediment-hosted stratiform copper
projects in Newfoundland
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces that it has signed an
option agreement with Vale Exploration Canada Inc. ("VEC"), a
wholly-owned subsidiary of Vale S.A. (NYSE-VALE) ("VALE"), respecting
its Red Cliff and Deer Harbour copper properties in eastern
Newfoundland. VEC will make an initial payment of C$25,000 and has
committed to a minimum first year expenditure of C$165,000.
Thereafter, VEC may elect to make further cash payments totaling
C$75,000 over the first two years of the option and incur additional
exploration expenditures totaling C$2,850,000 over three years in order
to earn a 60% interest in the properties. The parties will then form a
joint venture to further explore and develop mineral resources on the
properties, with each party contributing to approved exploration
programs as per their interest. VEC will operate the exploration
programs during the option period in consultation with Cornerstone.
"We are extremely pleased to be working with Vale on these copper
projects," said Colin McKenzie, Cornerstone's President & CEO.
"Cornerstone has been exploring for copper in this area since the
company's inception, and VEC's recent interest through its own claim
staking and optioning of our properties confirms our view of the
potential of this environment to host significant copper deposits".
The Red Cliff and Deer Harbour properties are located on the Bonavista
Peninsula in eastern Newfoundland, approximately 270 road km west of
St. John's. Collectively the properties comprise 181 mineral claims
(45.25 km2) with potential for sediment-hosted stratiform copper (SSC)
deposits.
SSC mineralization on the Bonavista Peninsula was first recognized by
Cornerstone in late 1999 occurring in red and grey bed sequences of the
Late Neoproterozioic Crown Hill Formation. Exploration work carried out
on the Red Cliff property between 2000 and 2005 included geological
mapping and prospecting, detailed stratigraphic and petrographic
studies, geochemistry and geophysical surveys, and diamond drilling (9
holes totaling 1,596 m). This work resulted in the discovery of a
number of new copper showings, the most significant being the Blue
Point prospect in the northeast part of the property. Continuous chip
sampling across the reduced mineralized zone and portions of the lower
and upper red beds at Blue Point returned 0.54% Cu and 7.2 g/t Ag over
25.5 m, including 0.93% Cu and 13.02 g/t Ag over 13.5 m. In 2001 and
2002, the southwest strike extension of the Blue Point zone was drill
tested, with two holes intersecting significant copper grades including
0.8% Cu and 7.7 g/t Ag over 9.69 m in hole RC-01-01 and 1.0% Cu and
12.1 g/t Ag over 14.25m in hole RC-01-02. Although other holes
encountered narrower and weaker mineralized zones, the drilling
confirmed very good continuity and thickness (30-37m) in the favourable
reduced units which have been tested only over 3.5 km of their
approximately 20 km total strike length.
The Deer Harbour claims located approximately 65 km south of Red Cliff
cover a number of SSC copper showings hosted in similar reduced members
of the Crown Hill Formation. Outcrop grab samples from the copper
showings generally return between 0.1 and 1.6% Cu. The showings have
received only limited prospecting, and none have been drill-tested.
Dr. Jon Thorson, Cornerstone's consulting geologist and expert on SSC
deposits, sees many favourable comparisons between the Red Cliff area
and the prolific Central African Copperbelt, also of Late
Neoproterozoic age. Given the existing level of exploration,
Cornerstone feels the area continues to hold good potential for
discovery of a significant SSC deposit.
This press release was prepared by Terry Brace, P.Geo., Cornerstone's
VP Exploration and a Qualified Person in accordance with National
Instrument 43-101.
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 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.
About VEC
VEC is a wholly-owned subsidiary of VALE, the world's second largest
mining company by market capitalization with its headquarters in
Brazil. VALE is committed to the pursuit of sustainable growth by
operating with respect for the natural environment and being an
ethically and socially responsible company.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com or for investor, corporate or media
inquiries, please contact:
Martti Kangas,
Investor Relations
North America toll-free: 1 (877) 277-8377
Direct Line: 1 (647) 521-9261
Email: communications@crigold.com
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 except where outcomes have varied materially from the original
statements.
On Behalf of the Board,
Colin B. McKenzie
President & CEO
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) 2010 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 Tue May 4, 2010 at 5:15:00 AM Pacific Time
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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. |