Cornerstone Capital Resources Inc

Published : April 10th, 2012

12-06 - Cornerstone and Solomon Gold sign letter of intent for the Cascabel gold-copper-silver prope

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=======================================================================
Re:   News - Tuesday, April 10, 2012
      12-06 - Cornerstone and Solomon Gold sign letter of intent for
      the Cascabel gold-copper-silver property, Ecuador
=======================================================================

Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and Solomon Gold
Plc ("Solomon Gold") (AIM code: SOLG) announce that they have signed a
binding letter of intent (LOI) outlining the terms of an option/joint
venture arrangement for Cornerstone's 100% owned 5,000 hectare Cascabel
gold-copper-silver property in northern Ecuador. Cascabel is one of two
new high potential projects acquired by Cornerstone in Ecuador during
2011.

Under the terms of the LOI, Solomon Gold has the ability to earn an
initial 65% interest in the Cascabel property by:

(1) making an initial CAD$200,000 private placement in Cornerstone
common shares based on the TSXV 30 day volume weighted average price
("VWAP") within 30 days of the execution of a definitive option
agreement embodying the terms of the LOI;
(2) spending US$7.8 million over 4 years (including US$800,000 in the
first year if drilling commences);
(3) within 60 days of the commencement of drilling on Cascabel, making
a private placement in Cornerstone shares of CAD$150,000 and issuing
Solomon Gold ordinary (i.e., common) shares to Cornerstone with a value
equal to CAD$150,000 (both based on 30 day VWAP); and
(4) making a final private placement in shares of Cornerstone of
CAD$500,000 priced at 30 day VWAP plus 20% on or before the 4th
anniversary of the execution of the definitive option agreement.
All private placements shall be subject to Exchange approval, and
proceeds of all private placements will be used for general corporate
purposes.

Prior to Solomon Gold earning its initial 65% interest, Cornerstone
will be the operator of the property on a cost plus 10% basis, and
Solomon Gold will direct the technical program.

Following Solomon Gold's earning of its initial 65% interest,
Cornerstone and Solomon Gold will enter into a joint venture and will
fund their respective proportionate shares of ongoing expenditures and
be subject to dilution according to a standard formula. After the
entering into of the joint venture, Solomon Gold will have the option
for one year to elect to earn an additional 20% interest in Cascabel by
funding exploration towards the completion of a National Instrument
43-101 ("NI 43-101") bankable feasibility study ("BFS") within 18
months of making such election. The cost to Solomon Gold of the BFS is
capped at US$20 million, after which the parties will contribute on a
pro-rata basis. If Solomon Gold timeously exercises its right to earn
the additional 20% interest, then any amounts spent by Cornerstone
prior to that exercise and post Solomon Gold earning its initial 65%
interest will be reimbursed to Cornerstone by Solomon Gold at 200% of
expenditures incurred. Within 90 days of completion of the BFS, subject
to Exchange approval, Solomon Gold shall issue to Cornerstone, at no
cost to Cornerstone, ordinary (common) shares of Solomon Gold equal to
2% of the ordinary (common) shares of Solomon Gold then issued and
outstanding. If Cornerstone fails to fund its proportionate share of
ongoing expenditures and its interest is diluted below 10%, such
interest will be converted to a 1% assignable Net Smelter Return
("NSR") on the property. Solomon Gold may purchase the NSR from
Cornerstone on the following terms: Half of the NSR for US$1.5 million
within 90 days following completion of the BFS; and the remaining half
of the NSR for US$2.0 million within 90 days following a production
decision.

"We are very pleased to have Solomon Gold as our partner on the
Cascabel project, their technical team brings solid expertise gained in
similar geological environments, and both companies have complementary
skills that will benefit the project," said Brooke Macdonald,
Cornerstone's President & CEO. "This partnership highlights
Cornerstone's project generator business model -- finding and acquiring
high potential properties, and then securing a cost and risk sharing
partnership with a value-added partner such as Solomon, and in the case
of Cascabel doing so within one year of property acquisition."

Malcolm Norris, CEO of Solomon, said, "This is an exciting time for
Solomon Gold. The Cascabel property demonstrates all the features that
we would like to see in an early stage gold-copper porphyry project,
and to partner with a highly respected company such as Cornerstone
enhances the probability of success. We will commence field work in May
and move the project towards the drilling stage as soon as possible."

About Cascabel

The Cascabel property is located approximately 120 km north of Quito
and 20 km south of the Colombian border. Access is very good via a
paved road from the provincial capital city of Ibarra to San Lorenzo
city, on the Pacific coast, and secondary gravel roads to the central
part of the 50 km2 property. An environmental license for the initial
exploration phase was granted by the Ministry of Environment on July
12, 2011. Exploration work including geology, geochemistry, geophysics
and hand-dug trenching and pitting, is allowed for a 4-year period
under this environmental license. Cornerstone has complied with all
regulations on this project and no further authorization is necessary
to initiate field work.

Maps showing the geology and exploration results to date may be viewed
at http://www.cornerstoneresources.com/s/Ecuador.asp?ReportID=478495. Highlights of assay results for the
179 rock samples (grabs and representative rock chips) announced on
September 13, 2011 show that precious and base metals are anomalous
over most of the property area:

Gold    > 0.1 g/t          > 0.5 g/t          Max. value         Average of all values
      93 samples (52%)   26 samples (14%)       5.93 g/t              0.32 g/t

Silver  > 5.0 g/t         > 30.0 g/t          Max. value         Average of all values
      43 samples (24%)   10 samples (5%)       150.0 g/t              7.25 g/t

Copper  > 0.01%             > 0.1%            Max. value         Average of all values
      144 samples (80%)  36 samples (20%)        3.23%                0.13%

Free gold has been identified by panning in most of the streams of the
area (49 pan concentrates out of 64 show the presence of gold) with
higher amounts of gold grains (10-30) concentrated in the headwaters of
the Rio Parambas, Rio Cachaco and Rio Cristal. Some of the streams have
not yet been surveyed and/or followed up.

Regional geology and mineralization

The Cascabel area is underlain by Upper Cretaceous sedimentary rocks
which are overlain by Oligocene to Miocene andesitic flows and
breccias. These units are intruded by Miocene age batholiths and stocks
of granodiorite and diorite. Major regional tectonic structures in the
area strike northeast. One such structure, the Apuela regional fault,
transects the southeast part of the Cascabel property. Several mineral
prospects which are hosted in the same geological belt, have been
identified in the Cascabel district including the Chical (Au-Ag) and
Rio Amarillo (Au-Ag-Cu) epithermal prospects located 12 km to the
northwest and 12 km to the south of the property respectively. Cascabel
is located upstream from an extensive alluvial gold district, Playa de
Oro, located 50 km to the west. The Junin porphyry copper-molybdenum
deposit (undeveloped NI 43-101 compliant inferred resource of 982 Mt @
0.89% Cu, 0.04% Mo and 1.9 g/t Ag) lies 65 km to the southwest.
Qualified Person

Yvan Crepeau, M.Ba., P.Geo, President of Cornerstone Ecuador SA and a
qualified person in accordance with National Instrument 43-101, is
responsible for the Cascabel exploration program and has reviewed and
approved the technical information contained in this news release.

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, 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. 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  or 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 (416) 367-5124
Paul Benwell / Pat Kairns - Direct Line: 1 (514) 904-1333

The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0412_CRICorporate.pdf

Investors can also access Cornerstone on Twitter

About Solomon Gold

Solomon Gold's exploration projects are located in Queensland,
Australia and the Solomon Islands. In Australia, they comprise the
Rannes, Mt Perry, Cracow West and Normanby Projects. In the Solomon
Islands they comprise the Fauro Project (located on Fauro Island), and
the Guadalcanal Joint Venture with Newmont Mining Corporation.

At the Rannes project Solomon Gold has announced Inferred resources of
25.5 million tonnes at 1.0 g/t gold equivalent (gold + silver) for
812,000 ounces of gold equivalent (486,935 ounces of gold and
13,014,294 ounces of silver; see announcement dated 30 November 2011
for details of the resource statement and gold equivalent ratios). The
2012 exploration program, including drilling to define new ore
positions and grow the resource, has commenced.

Exploration continues at Mt. Perry, Normanby and Cracow West with
drilling expected to commence in Q2 2012.

In the Solomon Islands, final data from the 2011 exploration program on
the Fauro project has been reviewed and plans for 2012 are being
prepared. The 2012 Guadalcanal Joint Venture exploration program with
NVL Solomon Islands Limited (a subsidiary of NYSE;listed Newmont
Mining Corporation) has commenced with drilling on highly prospective
goldcopper porphyry targets expected to resume in April 2012.

Solomon Gold's strategy is to be an integrated gold and copper
explorer, developer and miner.

Solomon Gold's Board includes accomplished professionals with strong
track records in the areas of exploration, mine development in
Australasia and Melanesia, investment, finance and law. Board and
Management have significantly vested interests in the Company holding
approximately 16.3% of its issued share capital.

Solomon Gold is based in Brisbane, Queensland, Australia. The Company
listed on London's Alternative Investment Market in 2006, under the AIM
Code 'SOLG' and currently has 313,381,934 shares on issue and
11,264,000 options exercisable at 50p on issue. Further details
concerning the Company's key projects and personnel can be found at
www.solomongold.com.

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 and 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.

=======================================================================
Copyright (c) 2012 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 Apr 10, 2012 at 5:00:00 AM Pacific Time
=======================================================================
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Data and Statistics for these countries : Australia | Canada | Chile | Ecuador | Solomon Islands | All
Gold and Silver Prices for these countries : Australia | Canada | Chile | Ecuador | Solomon Islands | All

Cornerstone Capital Resources Inc

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CODE : CGP.V
ISIN : CA21922J2083
CUSIP : 21922J208
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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$ 1.3 billions as of today (US$ 1.1 billions, € 944.2 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.

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11/14/201212-24 - Cornerstone Recovers Rights to Ca=F1a Brava Gold-Sil...
11/14/2012Recovers Rights to Caña Brava Gold-Silver Property, Ecuador
11/8/2012Announces Completion of Airborne Geophysical Survey and Prov...
10/15/2012Provides Exploration Update
10/15/2012Provides Exploration Update
10/3/2012Announces Prospecting Results on La Encrucijada Project, Ecu...
9/27/2012Announces Phase 3 Drilling Program at the Gama Prospect, Ecu...
9/20/2012(Cape Ray)12-19 - Cornerstone and Benton Resources sign letter of inte...
7/26/201212-16 - Cornerstone and Thundermin announce significant copp...
7/18/2012(Cape Ray)12-14 - Cornerstone Announces Initial NI 43-101 Compliant Mi...
6/29/20122012 AGM Presentation and Remarks
6/28/201212-13 - Cornerstone and Thundermin Retain P&E Mining Consult...
5/10/2012(Little Deer)12-10 - Cornerstone and Thundermin Extend Copper Mineralizat...
1/18/201212-02 - Wall Street Reporter Senior Analyst Interviews Corne...
1/13/201212-01 - Cornerstone Grants Incentive Stock Options
1/12/2012$5m Cornerstone Investment Agreement
12/30/201111-39 - Cornerstone Announces Management Changes
12/20/2011(Little Deer)11-38 - Cornerstone and Thundermin File NI 43-101 Technical ...
12/2/2011d Cornerstone Fact Sheet
9/26/2011Interview With the President, Brooke Macdonald
9/21/2011Corporate Update- September 21, 2011
9/13/201111-30 - Significant Porphyry Copper-Gold mineralization disc...
8/30/201111-28 - Cornerstone Reports 1.34% Copper and 58.0 g/t Silver...
5/25/2011Exploration Update
4/26/2011(Little Deer)11-15 - Cornerstone and Thundermin continue to intersect hig...
4/26/2011(Little Deer)and Thundermin Continue to Intersect High Grade Copper Over ...
4/15/2011Exploration Update
2/18/2011- No Material Change
1/25/2011CEO Letter to Shareholders
5/19/2010Options New Brunswick REE property
5/18/2010Corporate Update
5/17/201010-09 - Cornerstone reports significant progress on Ecuador ...
5/3/2010Intersect 4.6% Cu over 5.9 metres, including 14.5% copper ov...
4/16/2010Corporate Update
3/30/201010-05 - Cornerstone announces Phase II of Macar=E1 Strategic...
2/16/201010-03 - Cornerstone options Labrador rare metals and REE pro...
11/17/200909-26 - Cornerstone engages Investor Relations consultant
11/5/200909-24 - Ecuador Mining Regulations signed into law
10/16/2009Government of Ecuador confirms date of approval of Mining Re...
10/14/200909-21 - Cornerstone acquires new Lithium and Rare Metals pro...
9/29/200909-20 - Cornerstone acquires new Rare Metals and REE propert...
6/9/2009Corporate Update
6/4/200909-12 - Cornerstone to resume work on Macar=E1 project=2CEcu...
5/26/200909-11 - Cornerstone update on recommencement of work in Ecua...
3/3/200909-04 - Cornerstone updates mining law in Ecuador
2/27/2009Corporate Update
1/15/2009Cornerstone Update
1/13/2009 New Mining Law Approved in Ecuador
11/21/2008Cornerstone Update
9/30/2008approves new constitution, clears way for new mining law
9/25/2008Cornerstone Update
8/11/2008Monthly Update - Monday, August 11, 2008
7/14/2008personnel change
6/19/2008Update on Little Deer
6/11/2008and Altius form alliance to explore for copper in the Labrad...
5/22/2008adds claims in the Bay St. George evaporite basin
5/20/2008Report on the drilling on the Little Deer Copper project
5/7/2008acquires new uranium property
4/29/2008acquires property with potash potential
4/25/2008Participates in Industry- Canadian Government Meeting With E...
4/23/2008 Evaluates Impact of Mining Mandate in Ecuador
4/23/2008 Update
2/12/2008 and Newmont Sign Definitive Agreement on Ecuador Strategic ...
2/4/2008John C. Crosbie resigns from Cornerstone's Board. Mr. Crosb...
1/10/2008Monthly review
12/6/2007 Monthly Review
11/8/2007 Monthly Review
10/22/2007and Newmont to Explore Southern Ecuador
10/17/2007La Plata Update
10/16/2007provides update on the La Plata VMS project, Ecuador
10/11/2007September Update
9/10/2007August Update
8/29/2007partners with Phelps Dodge Corporation of Canada, Limited to...
8/3/2007July Update
7/26/2007announces 4.7% Zinc intercept in drilling by Mountain Lake R...
7/10/2007 and Thundermin Commence Drill Program on the Little Deer Co...
6/11/2007 May update - the Drills start turning
6/7/2007(Shyri)Provides update on geophysics at GAMA, Shyri project, southe...
5/15/2007Signs JV Agreement and Commences Drill Program on Cornerston...
5/7/2007plans to drill 26,000 metres on five projects in Canada and ...
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