Cornerstone Capital Resources Inc

Published : May 10th, 2012

12-10 - Cornerstone and Thundermin Extend Copper Mineralization at the Whalesback Copper Deposit and

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Keywords :   Canada | Chile | Climatic | Copper | Diamond | Ecuador | Report |


=======================================================================
Re:   News - Thursday, May 10, 2012
      12-10 - Cornerstone and Thundermin Extend Copper Mineralization
      at the Whalesback Copper Deposit and Plan the Next Phase of
      Exploration at Whalesback and Little Deer
=======================================================================

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 a recently completed, 6,198 m, 14 hole drill program on
the 100%-owned, past-producing Whalesback Copper Deposit
("Whalesback") has extended the deposit to a vertical depth of 625 m
below surface and from 50-100 m to the east and west of the historical
deposit strike length at depths of 400-525 m below surface (see Figure
1
http://www.cornerstoneresources.com/i/pdf/properties_WB_12-10Section.pdf and Table 1). This new mineralization is expected to increase the
total mineral resource available for mining and enhance the economics
of establishing a new copper mining and milling operation at the
adjacent Little Deer Copper Deposit ("Little Deer") which is estimated
to contain National Instrument 43-101 ("NI 43-101") compliant Indicated
Resources of 1,911,000 tonnes grading 2.37% Cu (99.8 million pounds of
copper) and Inferred Resources of 3,748,000 tonnes grading 2.13% Cu
(175.0 million pounds of copper). Whalesback is located approximately
10 km north of Springdale in north-central Newfoundland and
approximately 800 m north of Little Deer.

The results of the drilling program at Whalesback include: 1.1% Cu over
a core length of 8.4 m and 3.4% Cu over 2.3 m in hole WB-12-108,
approximately 75 m below historical hole 11-11 which intersected 1.7%
Cu over 8.4 m; 1.2% Cu over 5.6 m in hole WB-12-106A, approximately 100
m east of hole 11-11; and 2.7% Cu over 3.1 m, 2.1% Cu over 4.4 m and
1.6% Cu over 1.9 m in hole WB-12-111, approximately 50 m east of
historical hole 11-2 which intersected 1.9% Cu over 2.6 m.  Previously
reported hole WB-12-105 intersected 7.5% Cu over 0.4 m, 1.6% Cu over
7.0 m and 2.2% Cu over 3.0 m approximately 40 m east of historical hole
11-12 which intersected 1.6% Cu over 5.8 m.  In addition, previously
reported hole WB-12-104, which intersected 2.8% Cu over 18.2 m,
including 5.2% Cu over 4.2 m, 3.4% Cu over 3.5 m and 2.6% Cu over 2.0
m, confirmed historical grades of 4.0% Cu over 3.4 m and 4.5% Cu over
6.1 m in hole 9-43 for the purposes of NI 43-101. The results of this
drilling suggest that the copper mineralization at Whalesback remains
open to the east, west and at depth.

Future work at Whalesback will include borehole Pulse EM surveys on 5-6
of the recently completed drill holes to help direct future drilling at
depth, GPS surveying and a NI 43-101 compliant mineral resource
estimate for the deposit. This work is scheduled to commence in the
next couple of weeks.

Little Deer Copper Property Exploration Plan

A 223 line kilometre VTEM airborne survey carried out in 2008 east of
the Little Deer and Whalesback copper deposits identified a number of
untested conductors that appear to be within geology favorable as a
host to base metal deposits. Cornerstone and Thundermin intend to
undertake ground geophysical surveys over these conductors this summer
and have budgeted for approximately 2,000 m of follow-up Diamond
drilling to test the best of these conductors.

Little Deer Copper Deposit Plans

On November 1, 2011, Cornerstone and Thundermin announced positive
results from a Preliminary Economic Assessment ("PEA") for Little Deer.
The PEA indicated that there is potential to develop Little Deer on an
attractive economic basis at current copper prices (see news release
dated November 1, 2011 and Technical Report filed on SEDAR on December
15, 2011).

Table 1: Whalesback Drill Results (2011-12)

Hole No.    NAD 83 UTM Zone 21    Dip (o)    Az (o)    From (m)    To (m)    Interval (m)*    Cu (%)
           East (m)    North (m)
                            Previously Released Drill Intersections
WB-11-100  571,528     5,493,983   -43.9     329.9       51.4       51.8          0.4          0.9
WB-11-101  571,560     5,493,911   -43.0     336.1      122.8      124.5          1.7          3.4
WB-11-102  571,560     5,493,911   -62.5     334.9      163.8      164.0          0.2         12.6
and                                                     169.0      170.0          1.0          1.5
WB-11-103  571,534     5,493,873   -48.8     332.6      172.7      173.6          0.9          1.4
WB-12-104  571,725     5,493,778   -62.8     324.6      376.9      395.1         18.2          2.8
including                                               376.9      381.1          4.2          5.2
including                                               390.1      393.6          3.5          3.4
and                                                     403.0      405.0          2.0          2.6
WB-12-105  571,725     5,493,778   -65.9     332.9      402.8      403.2          0.4          7.5
and                                                     468.0      475.0          7.0          1.6
including                                               472.0      475.0          3.0          2.2
and                                                     483.7      484.4          0.7          1.3
                                     New Drill Intersections
WB-12-106  571,725     5,493,778   -70.5     331.7                No Significant Values
WB-12-106A 571,725     5,493,778    N/A       N/A       559.1      564.7          5.6          1.2
WB-12-107  571,682     5,493,730   -57.6     324.8      441.9      442.4          0.5          2.1
WB-12-108  571,614     5,493,669   -69.8     337.1      649.6      658.0          8.4          1.1
and                                                     668.8      671.1          2.3          3.4
WB-12-109  571,614     5,493,669   -60.5     316.9      578.6      580.8          2.2          1.1
WB-12-110  571,614     5,493,669   -47.4     316.1                No Significant Values
WB-12-111  571,725     5,493,778   -65.2     340.0      373.7      376.8          3.1          2.7
and                                                     437.9      442.3          4.4          2.1
and                                                     452.4      454.3          1.9          1.6
WB-12-112  571,751     5,493,605   -60.3     329.3                No Significant Values

Notes:
1) * The reported copper intersections are core lengths. The true
thicknesses of the various copper intersections are undetermined and
highly variable due to the stringer nature of the mineralization.
2) Hole WB-12-106A was wedged from hole WB-12-106 at 500 m depth.

Cornerstone and Thundermin plan, subject to financing, to initiate an
infill Diamond drilling program at Little Deer commencing in September
2012. This program will consist of approximately 7,000 m of drilling in
9-10 holes in the eastern, higher grade, portion of Little Deer to be
followed up by additional infill drilling in 2013 in other areas of the
deposit. This work is designed to upgrade the Inferred Resources to the
Indicated Resource category in order that a pre-feasibility study can
be undertaken on the deposit.
 
Qualified Persons

The mineral resource estimate and PEA referred to above were 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 ("Q.P.") in accordance with NI 43-101.

Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager,
Cornerstone Resources Inc., is the Q.P. responsible for supervising the
drilling program at Whalesback for the purposes of NI 43-101. All holes
drilled by Cornerstone and Thundermin are NQ in size. Bulk density
measurements, rock quality designations and photographic logging of
significant mineralized intersections are performed systematically
prior to assaying. The core is logged and the mineralized sections,
where appropriate, are sawn in half at a core logging facility in
Springdale. Half of the core is submitted for analyses to Eastern
Analytical Limited, an independent and qualified assayer located in
Springdale, Newfoundland and the remaining half of the core is kept for
future reference. Blanks, duplicates and standards are routinely used
as part of the assay procedures.

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 Little Deer and Whalesback and the
terms of the agreement with Cornerstone can be found in numerous news
releases between May 1, 2007 and February 23, 2012 and on Cornerstone's
and Thundermin's respective websites and on SEDAR.

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.

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.

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 (647) 521-9261
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

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 Thur May 10, 2012 at 5:15:00 AM Pacific Time
=======================================================================
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Cornerstone Capital Resources Inc

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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$ 1.0 billions, € 885.4 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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5/1/201313-08 - Cascabel Project Update - 3D Geophysical Modeling, C...
4/1/201313-07 - Cornerstone Provides Corporate Update
3/25/201313-06 - Cornerstone reports 56.93 m at 1.16 g/t Gold and 0.3...
2/19/201313-04 - Cascabel Copper Porhyry Earn-In Agreement Re-negotia...
1/31/2013Provides Exploration Update
1/24/201313-02 - Cornerstone reports 46 m at 0.81 g/t Gold and 0.59% ...
1/11/2013Announces Results for Phase 3 Drilling at the Gama Prospect,...
1/11/2013Announces Results for Phase 3 Drilling at the Gama Prospect,...
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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