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MOUNT PEARL, NEWFOUNDLAND--(Marketwire - June 9, 2011) - Cornerstone Capital Resources Inc. ("Cornerstone") (News - Market indicators) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) announced today that it has commenced a planned 1,100 metre, 10 hole, diamond drilling program on the El Strato gold property in north-central Newfoundland. The drilling program is expected to take approximately 1 month to complete, and results will be announced once all assays have been received, compiled and interpreted.
The drilling program will primarily test near-surface anomalies generated by work completed in 2010 that included an Induced Polarization (IP) survey, soil geochemistry survey, prospecting and a follow-up mechanical trenching program. The IP survey identified the Rocky Bottom trend, a 1.75 km long IP chargeability anomaly and the DD trend, a 1.25 km long IP chargeability anomaly. The Rocky Bottom trend contains anomalous gold-in-soil over its entire strike length with some soil samples assaying 1,211 ppb, 1,453 ppb and 2,098 ppb Au in the southwest. The DD trend contains a single gold-in-soil anomaly but trenching in the area last year identified a thick till layer which may have impeded the mobility of gold from the underlying bedrock. Trenching along the DD trend indentified a 55 m wide zone of iron carbonate alteration and quartz veining with assay results of 0.3 g/t Au over 1.0 m from channel samples and 1.4 g/t Au from grab sampling. This alteration zone sits at the southwestern end of this newly discovered trend with no previous drilling. Other drill targets, developed from trenching and prospecting during 2010, include 0.6 g/t Au over 4.0 m from channel sampling and 61.7 g/t Au from grab sampling.
Additional drill targets to be evaluated are the Arrowhead gold showing which is a >1 m wide sub-cropping mineralized quartz vein that has returned values of 54.3 g/t Au in grab samples, the plunge extent of the 8.0 m wide Mega Vein and 4.2 g/t Au from grab sampling on the Triple N trench.
Historical assay results from the project area include 239.6 g/t Au (grab sample) and 17.5 g/t Au over 0.55 m (channel sample) from the El Strato showing and 79.1 g/t Au (grab sample) and 12.0 g/t Au over 0.5 m (channel sample) from the Voodoo showing. Some other significant grab sample assay results are 105.3 g/t Au, 72.0 g/t Au, 71.6 g/t Au, 70.9 g/t Au and 67.1 g/t Au. Previous drilling campaigns have tested only to a typical vertical depth of 100 m and have intersected mineralized quartz veins and alteration zones assaying 10.6 g/t Au over 1.13 m, 4.7 g/t Au over 0.9 m, 7.4 g/t Au over 0.45 m, 11.2 g/t Au over 0.3 m, 3.6 g/t Au over 0.67 m, 2.1 g/t over 1.41 m, 338 ppb Au over 7.1 m and 143 ppb Au over 17.55 m.
Brad Dyke, P.Geo., Project Geologist for Cornerstone, is the Qualified Person in accordance with National Instrument ("NI") 43-101 responsible for supervising the diamond drilling program on the El Strato property. Mr. Dyke has reviewed and approved the technical contents of this news release.
In other news, Cornerstone announces that ground exploration surveys have re-commenced on the Cascabel property located in northern Ecuador, approximately 120 km north of Quito. Cascabel is one of two Ecuadorian projects acquired through Cornerstone's March 2011 acquisition of Santa Barbara Copper and Gold S.A. ("SBCG"), a wholly-owned subsidiary of Santa Barbara Resources Limited (TSXV-SBL). The Cascabel property is underlain by Cretaceous – Tertiary volcanic and sedimentary rocks which are intruded by a granodioritic stock. The property hosts porphyry and skarn-style mineralization with associated multi-element (gold-copper-lead-zinc) stream sediment and rock geochemistry anomalies (see News Release dated February 17, 2011 for further details). Current exploration work will consist of a first phase reconnaissance geological mapping and sampling program designed to identify and characterize the source of the strong stream sediment anomalies. Second phase work will include gridding, detailed geological mapping and rock sampling, soil geochemistry sampling and ground geophysical surveys in the most prospective areas. Drill targets will be defined and tested during the first half of 2012.
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. The company is well funded and commitments from JV partners constitute significant validation of the strength of Cornerstone's projects.
Investors can access and join the following Cornerstone social media channels:
YouTube channel (http://www.youtube.com/user/CornerstoneResource)
The link to recent CEO audio interviews is: http://www.cornerstoneresources.com/s/Interviews.asp
The link to a recent Corporate presentation with narration is: http://rblcommunications.com/resources/CGP/1/CGPmay2011.html
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