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Rosanne Williams, B.Sc., B.B.A
Manager Corporate Communications
mailto:williams@crigold.com
Direct Line: (709) 745-4455
Toll Free: 1-877-277-8377
Fax: (709) 747-1183
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Re: Press Releases - Monday, February 26, 2007
07-02 - Cornerstone signs Mountain Lake to joint venture on
Bobby's Pond VMS project
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNFN) today announced that a Letter
Agreement has been signed with Mountain Lake Resources Inc. ("Mountain
Lake") to conclude a joint venture agreement for exploration of
Cornerstone's 100% owned Bobby's Pond property in Central Newfoundland.
The property partially surrounds Mountain Lake's 2.4 sq km Bobby's
Pond Mining Lease where ongoing drilling is defining a significant
polymetallic massive sulphide deposit.
Mountain Lake recently reported (http://www.mountain-lake.com) the results of
a January 2007 resource estimate update that increased NI43-101
compliant resources in the Bobby's Pond deposit to an Indicated
resource of 860,000 tonnes grading 0.93% Cu, 6.30% Zn, 0.53% Pb, 20.0
g/t Ag, and 0.24 g/t Au, and an Inferred resource of 480,000 tonnes
grading 1.07% Cu, 6.36% Zn, 0.38% Pb, 15.0 g/t Ag, and 0.18 g/t Au.
Mountain Lake also recently reported intersecting significant new
mineralization up to 65 m vertically below known mineralization,
demonstrating that the deposit remains open for extension.
Cornerstone's Bobby's Pond property comprises 62 claims (15.5 sq km)
and hosts VMS-style alteration, disseminated and stringer base metal
sulphide mineral occurrences, and airborne electromagnetic anomalies
along the interpreted extension of the mineralized horizon which hosts
the Bobby's Pond deposit, approximately 4 km and 2 km to the northeast
and southwest respectively of the deposit. A map of the property is
available at http://www.cornerstoneresources.com.
The joint venture agreement will grant Mountain Lake the right to earn
a 51% interest in the property by spending $2.75 million on exploration
over five years. The first year's $150,000 expenditure is a firm
commitment and includes completion of a
Diamond drilling program. The
agreement also calls for Mountain Lake to issue 200,000 common shares
to Cornerstone over five years, including 25,000 to be issued on
signing of the Letter agreement. With an active exploration program
already underway on its Bobby's Pond Mining Lease, Mountain Lake will
be operator of the joint venture during the earn-in period.
On Mountain Lake earning a 51% interest, a Joint Venture will be formed
whereby both parties will have the right to maintain their respective
interests by funding their respective share of exploration costs. Under
certain conditions Mountain Lake may increase its interest by up to
75%. Either party may dilute its interest, based on exploration
expenditures. If either party's interest falls to 10% or less, its
interest will convert to a 2% NSR.
Bobby's Pond is one of a number of active projects in the Buchans area
of Central Newfoundland known for its base and precious metal-rich VMS
deposits, most notably the renowned and historic Buchans deposits
themselves. The Bobby's Pond project is 25 km to the west of Aur
Resources' Duck Pond deposit, which is commencing commercial
production, and 50 km northeast of Messina Minerals' Tulks South
property, the site of their 2004 Boomerang and subsequent discoveries.
Cornerstone's business model is based on maximizing the potential for
exploration success with multiple high quality exploration projects
that are financed primarily through joint venture partnerships and that
have the potential to yield outstanding returns to the company and its
shareholders. Current joint venture projects target nickel, gold,
silver, uranium and VMS base-metal deposits with partners Cash
Minerals, Phelps Dodge, Coastport, Cogitore, Kermode, Celtic, and
Agnico Eagle.
This press release was prepared by Bruce Mitton, PGeo, Exploration
Manager Canada for Cornerstone and a Qualified Person as per National
Instrument 43-101.
On Behalf of the Board,
Glen H. McKay
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 TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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Copyright (c) 2007 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 Mon Feb 26, 2007 at 5:00:00 AM Pacific Time
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