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Re: News - Tuesday, September 29, 2009
09-20 - Cornerstone acquires new Rare Metals and REE properties
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces the staking of 148
mineral claims in the Letitia Lake area of central Labrador. The
Letitia Lake area is underlain by Middle Mesoproterozoic peralkaline
volcanic and intrusive rocks of the Letitia Lake Group and Red Wine
Intrusive Suite respectively, which are prospective for hosting rare
metal deposits of Beryllium (Be), Niobium (Nb) and Rare Earth Elements
(REE).
During the 1950's and 1960's, exploration in the Letitia Lake area led
to discovery of several Be -- Nb � REE showings including the Mann #1
and Mann #2, Michelin #1 and Two Tom Lake prospects. The largest of
these is the Mann #1, with historically reported average grades of
0.35-0.40% BeO and 0.24% Nb2O5. Insufficient drilling has been
completed to adequately estimate a mineral resource. By comparison,
historic surface grab samples from the Two Tom Lake prospect located
16.5 km to the east have returned generally similar grades of Be and
Nb, but significantly higher concentrations of REE (average of 2% REE,
maximum of 3.95% REE). No significant industry exploration has been
carried out on these prospects since the 1960's, and several have never
been drill-tested.
The newly-staked Cornerstone claims cover rare metals (Be, Nb, Zr, Hf,
Ta) and REE anomalies in regional till samples that were collected,
generally at 2 km centers, by the Geological Survey of Newfoundland and
Labrador. Claims were staked in two separate areas: 1) east of Two Tom
Lake; and 2) south of Letitia Lake. None of the historic prospects are
located within Cornerstone's claims, and the till anomalies are
considered to be un-sourced, although of local derivation as indicated
by ice direction and glacial dispersal studies by the government
survey.
Cornerstone plans to complete a digital compilation of historical
exploration and government geoscientific data for the Letitia Lake
area. A follow-up exploration program consisting of airborne magnetics
and radiometrics, till geochemistry and biogeochemical surveys, and
prospecting and geological mapping is proposed. Cornerstone is inviting
expressions of interest from potential joint venture partners to carry
out exploration on the Letitia Lake project.
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 extend 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 Tue Sep 29, 2009 at 5:15:00 AM Pacific Time
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Cornerstone Capital Resources Inc
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DEVELOPMENT STAGE |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cornerstone is a exploration company based in Canada. Cornerstone develops uranium in Canada, and holds various exploration projects in Canada, in Chile and in Ecuador. Its main asset in development is AILLIK in Canada and its main exploration properties are CHALEUR, CAPE RAY, DORCHESTER, GOSHEN, ANAKTALIK, AUCOIN, LABRADOR TROUGH, VOISEY'S BAY PROPERTY, DEER LAKE PROJECT, NOEL PAUL'S BROOK, OKAK, COLCHESTER, EL STRATO, LONG HARBOUR, GARLAND, KAUK, KONRAD, CODROY PROJECT, TRUE GRIT, NOTAKWANON LAKE, LONG LAKE, LITTLE DEER, BOBBY'S POND, CONEY ARM and INDIAN ARM in Canada, MACARA, MONTERREY, BELLA MARIA and SIERRAMIN in Ecuador and LA FORTUNA CHILE in Chile. Cornerstone is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.2 billions as of today (US$ 934.1 millions, € 818.3 millions). Its stock quote reached its lowest recent point on March 04, 2016 at CA$ 0.02, and its highest recent level on September 18, 2020 at CA$ 6.53. Cornerstone has 299 560 000 shares outstanding. |