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Re: News - Tuesday, February 16, 2010
10-03 - Cornerstone options Labrador 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 that it has signed a
binding option agreement with Rare Earth Metals Inc. (TSXV-RA) ("Rare
Earth") respecting its 155 mineral claims in the Letitia Lake area of
central Labrador. Rare Earth will make an initial payment of $10,000
and 20,000 shares and guarantees minimum first year expenditures of
$50,000, sufficient to maintain the property in good standing.
Thereafter, Rare Earth will make further payments of cash and shares
totaling $30,000 and 60,000, respectively over the first two years of
the option and incur additional exploration expenditures totaling
$300,000 over three years in order to earn a 51% interest in the
claims. The parties will then form a joint venture to further explore
and develop mineral resources on the property. Rare Earth will operate
the exploration programs during the option period in consultation with
Cornerstone. The agreement is subject to approval by Rare Earth's board
of directors and receipt of regulatory approval.
"We are very pleased to be working with Rare Earth in this potential
new REE district," said Colin McKenzie, Cornerstone's President & CEO.
"They are well financed and will take an aggressive approach to
exploring our property."
The Cornerstone claims cover rare metals (Be, Nb, Zr, Hf, Ta) and REE
regional till geochemical anomalies in areas underlain by Middle
Mesoproterozoic peralkaline volcanic and intrusive rocks of the Letitia
Lake Group and Red Wine Intrusive Suite, respectively. 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. Recent sampling by
Rare Earth has returned assay results up to 4.99% total rare earth
oxides (TREO), 0.97% BeO and 2.35% Nb2O5 at the Mann #1 prospect and
3.24% TREO 0.93% BeO and 4.19% Nb2O5 from the Two Tom Lake prospect
(see East Energy Corp. news release dated November 06, 2009). While the
historic prospects are not located within Cornerstone's claims, the
aforementioned till anomalies are considered to be un-sourced and of
local derivation.
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.
Other News
A senior employee was issued 60,000 share purchase options on February
11, 2010 in accordance with the Cornerstone's stock option plan. The
exercise price is $0.135 and the options expire February 11, 2015.
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.
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 Feb 16, 2010 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, 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 and INDIAN ARM in Canada, MACARA, BELLA MARIA, MONTERREY 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. |