Cornerstone Capital Resources Inc

Published : September 20th, 2012

12-19 - Cornerstone and Benton Resources sign letter of intent for the Cape Ray Gold-Silver Property

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Keywords :   Canada | Chile | Climatic | Copper | Ecuador | Gold | Nickel | Platinum | Report | Silver |


=======================================================================
Re:   News - Thursday, September 20, 2012
      12-19 - Cornerstone and Benton Resources sign letter of intent
      for the Cape Ray Gold-Silver Property, Newfoundland
=======================================================================

Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announced today
that it has signed a binding letter of intent ("LOI") with Benton
Resources Inc. (TSXV -- BEX) ("Benton") outlining the terms of an
option/joint venture agreement for Cornerstone's Cape Ray gold-silver
property located in southwestern Newfoundland.

Under the terms of the LOI, Benton has the ability to earn an initial
70% interest in the Cape Ray property by making the following payments
and work commitments:

                                             Cash    Shares   Work Commitment
On signing                                 $20,000   25,000         --
On or before 1st Anniversary (Year 1)      $25,000   30,000      $250,000
On or before 2nd Anniversary (Year 2)      $30,000   40,000      $400,000
On or before 3rd Anniversary (Year 3)      $50,000   60,000      $600,000
On or before 4th Anniversary (Year 4)         --       --        $750,000
TOTAL                                     $125,000  155,000    $2,000,000

Benton can earn an additional 5% (taking their interest to 75%) by
incurring an additional $1 million in exploration expenditures at its
sole election but such election must be made within a period not
exceeding 18 months from the date that Benton's interest vests at 70%.

Brooke Macdonald, Cornerstone's President and CEO said "We are
extremely pleased to have Benton Resources as our partner on the Cape
Ray project. The consolidated land package represents a district-scale
exploration play which we feel offers excellent opportunities for new
gold discoveries, as well as expansion of existing resources".

On July 18, 2012, Cornerstone announced the results of a National
Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for
two gold-silver deposits on the Cape Ray property: 1) the 51 Zone of
the Cape Ray gold deposit ("51 Zone"); and 2) the Windowglass Hill
deposit ("Windowglass Hill"). Mineral resources for the 51 Zone and
Windowglass Hill were reported, respectively, on the basis of assumed
underground (2.5 g/t gold cut-off) and open pit (0.5 g/t gold cut-off)
development potential. The 51 Zone contains Inferred Resources of
530,000 tonnes grading 6.10 g/t Au and 15.86 g/t Ag (103,943 ounces of
gold and 270,253 ounces of silver) and Windowglass Hill contains
Inferred Resources of 1,810,000 tonnes grading 1.77 g/t Au and 11.28
g/t Ag (103,001 ounces of gold and 656,415 ounces of silver). The
supporting technical report entitled "Mineral Resource Estimate
Technical Report for the Cape Ray Au-Ag Property, Isle Aux Morts Area,
Newfoundland and Labrador, Canada, July 16th, 2012" was filed on SEDAR
on August 31st, 2012 and is available on the company's website at:
http://www.cornerstoneresources.com/i/pdf/Properties_CR_43-101.pdf. The
report was prepared by Mr. Paul T�ni�re, P.Geo., and Mr. Andrew
Hilchey, P.Geo., of Mercator Geological Services Limited, both being
independent Qualified Persons in accordance with NI 43-101.

The consolidated Cape Ray land package, which comprises Cornerstone's
183 claims (45.75 km2) and Benton's contiguous 510 claims (127.5 km2)
to the east and 54 claims (13.5 km2) to the southwest, covers a 70 km
strike length of the Cape Ray Fault Zone, a major crustal-scale
tectonic suture which is one of the most significant gold-bearing
structures in the Appalachians.
 
This press release has been reviewed and approved 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 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.

About Benton:
Benton Resources Inc. is a newly listed Canadian based junior with
multiple joint ventures and a diversified property portfolio in Gold,
Nickel, Copper, and Platinum group elements. Benton Resources Inc.
currently has approximately $5.7 million in cash, owns 348,000 shares
of Stillwater Mining Company (NYSE:SWC), holds 1.6 million shares in
Puget Ventures (TSX-V.PVS), holds approximately 8.5 million shares of
Mineral Mountain Resources Ltd. (TSX-V.MMV), holds 815,000 shares of
Bell Copper Corporation (TSX-V.BCU), holds 1.67 million shares of
Trillium North Minerals (TSX-V.TNM), holds 1.55 million shares of
Golden Dory Resources (TSX-V.GDR) and 3.0 million shares of Parkside
Resources (TSX-V.PKS).

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: ir@cornerstoneresources.ca
North America toll-free: 1 (877) 277-8377

The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0912_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 Thu Sep 20, 2012 at 6:30:00 AM Pacific Time
=======================================================================
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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$ 1.0 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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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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TSX-V (CGP.V)Other OTC (CTNXF)
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11,113 22.67%
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