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Re: News - Wednesday, August 31, 2011
11-29 - Cornerstone and Thundermin Exercise Their Option to
Acquire a 100% Interest in the Little Deer Copper Deposit,
Springdale Area, Newfoundland
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and 50% joint
venture partner Thundermin Resources Inc. ("Thundermin") (TSX-THR)
announce that they have exercised their option to acquire a 100%
interest in the Little Deer Copper Deposit (the "Deposit") and certain
adjoining property from Weyburn Investments Limited ("Weyburn"). The
Deposit is located approximately 10 km north of Springdale in
north-central Newfoundland.
In order to fully exercise the option and acquire a 100% interest in
the Deposit and certain adjoining property, Cornerstone will issue
2,351,916 shares and Thundermin will issue 5,075,188 shares to Weyburn.
Further details on the terms of the agreement with Weyburn can be found
in a news release dated May 1, 2007 and on Cornerstone's and
Thundermin's respective websites and on SEDAR.
H. Brooke Macdonald, President of Cornerstone said "We are extremely
pleased with the continued advancement of the Little Deer project over
the past four years, and acquisition of a 100% interest in the deposit,
along with our partner Thundermin, represents another significant
milestone. Results of an internal scoping review currently being
carried out by P&E Mining Consultants Inc. are expected to be received
shortly, and will provide management with preliminary information on
the economic viability of developing a new copper mine at Little Deer".
Mineral Resources
On June 22, 2011, Cornerstone and Thundermin reported a National
Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for
the Deposit comprising Indicated Resources of 1,911,000 tonnes at an
average grade of 2.37% Cu (99.8 million pounds of copper) and Inferred
Resources of 3,748,000 tonnes at an average grade of 2.13% Cu (175.9
million pounds of copper). The mineral resource estimate was prepared
under the supervision of Mr. Eugene J. Puritch, P. Eng., President of
P&E Mining Consultants Inc. of Brampton, Ontario. Mr. Puritch is an
independent Qualified Person in accordance with NI 43-101.
Metallurgy
On October 19, 2010, Cornerstone and Thundermin announced excellent
metallurgical results from scoping level test work on core samples from
the Deposit. This work, which was undertaken at SGS Lakefield Research
Limited of Lakefield, Ontario, indicates that a clean, high grade
copper concentrate grading over 28% copper with over 97% recovery can
be produced from the Deposit.
Little Deer Joint Venture
Under the terms of its joint venture agreement with Cornerstone,
Thundermin has the right to increase its interest in the Little Deer
property to 75% by completing a feasibility study and by arranging 100%
of the necessary bank financing required to place the property into
commercial production. Details on the Deposit and the terms of the
agreement with Cornerstone can be found in numerous news releases
between May 1, 2007 and June 22, 2011 and on Cornerstone's and
Thundermin's respective websites and on SEDAR.
Project Infrastructure
The Little Deer Copper Deposit is located on a brownfield site and is
well situated to take advantage of Newfoundland's developed
infrastructure. The Deposit lies approximately 16 km from the
Tran-Canada Highway and is easily accessed by a 10 km network of paved
and gravel roads north of Springdale, where there is an available
skilled mining workforce. The site is approximately 8 km from a major
power substation and there is a plentiful supply of fresh water in the
area. The former tailings impoundment facility for the Whalesback Mine,
which may be able to be upgraded and used to store additional tailings,
is located only 1.2 km north of the Deposit. There is also good access
to several deep water ports for any future shipment of copper
concentrates. The Duck Pond base metal concentrator, which is owned by
Teck Resources Inc., is located approximately 165 km by paved and
gravel roads from the Little Deer site, 70 km of which is along the
Trans-Canada Highway and 65 km of which is on a secondary paved road.
The recovery of a substantial quantity of archived data has also given
Cornerstone and Thundermin a better understanding of the underground
infrastructure that exists on the property. This infrastructure dates
from 1966 to 1972 and 1972 to 1974 when a portion of the upper part of
the Deposit was developed and mined by British Newfoundland Exploration
Limited ("BRINEX") and Green Bay Mining Company ("Green Bay"),
respectively. BRINEX accessed the Deposit from the adjoining Whalesback
Mine, which is also controlled by Cornerstone and Thundermin, and Green
Bay accessed the Deposit via a ramp. Three ventilation raises and
substantial lateral development in unmined copper mineralization are
known to exist on the property. This existing infrastructure may
potentially afford substantial cost savings for access underground for
future definition drilling and mining.
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 Ecuador, Chile, and Atlantic
Canada, 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. Further information is available on
Cornerstone's website: www.cornerstoneresources.com.
For investor, corporate or media inquiries, please contact:
Investor Relations:
Email: communications@crigold.com
North America toll-free: 1 (877) 277-8377
Martti Kangas - Direct Line: 1 (647) 521-9261
Paul Benwell / Pat Kairns - Direct Line: 1 (514) 904-1333
Investors can access and join the following Cornerstone social media
channels:
Facebook (http://www.facebook.com/cornerstoneresourcesinc)
Twitter (http://twitter.com/Cornerstone_cgp)
YouTube channel (http://www.youtube.com/user/CornerstoneResource)
Flickr (http://www.flickr.com/photos/cornerstoneresources)
The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0711_CRICorporate.pdf
The link to a virtual tour of drilling at the Gama prospect, Shyri
concession in Ecuador is:
http://www.youtube.com/watch?v=Ne8XSfgLwIM
Cautionary Notice:
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
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) 2011 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 Wed Aug 31, 2011 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. |