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Re: Press Releases - Sunday, March 02, 2008
08-06 - Cornerstone and Cash Minerals Announce 2008 Uranium
Exploration Program at Aillik Property, Central
Mineral Belt,
Labrador
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and partner Cash Minerals Ltd.
(TSXV-CHX) today announce the 2008 exploration program for the highly
prospective Aillik uranium property, located in the
uranium-rich
Central Mineral Belt, Labrador. The planned program will consist of a
ground induced polarization (IP) survey and additional mapping,
followed by a 2,000
metre drill program.
On January 29, 2007, Cornerstone Capital Resources and Cash Minerals
entered a joint-venture agreement to explore the Aillik uranium
property, which is located adjacent to uranium properties held by
Aurora Energy Resources Inc. Under the terms of this agreement, Cash
Minerals may earn a 51% interest in the Aillik property by spending $3
million on exploration and paying Cornerstone a total of $300,000 cash
and issuing 300,000 stock warrants to Cornerstone over a four-year
period. Cash Minerals is the operator during the earn-in period.
In 2007, Cash Minerals conducted an airborne radiometric and magnetic
survey of the Aillik property. In the north portion of the property
they delineated a large east-west trending magnetic anomaly plus
east-west trending radiometric anomalies that reflect the main
east-west structural trend mapped in strongly altered rhyolite. The
source of the radiometric anomalies has not yet been located in the
northern area due to an extensive glacial till cover. The magnetic
anomaly highlighted apparent curvilinear structural features
interpreted to be similar to structures associated with uranium
mineralization at the Jacques Lake prospect, held by Aurora Energy
Resources Inc. Potassic altered meta-igneous rocks cut by magnetite
veins, identified south of the magnetic anomaly, are similar to the
host rocks at the Jacques Lake prospect. Samples collected from outcrop
returned elevated uranium of up to 0.02% uranium oxide (U3O8).
Cash Minerals plans to begin the next phase of the exploration program
by second quarter 2008. The planned work will focus on the curvilinear
structures identified in the northern magnetic anomaly.
The Aillik property is interpreted by the Geological Survey of
Newfoundland and Labrador to be underlain by
the same, or similar,
package of rocks that host the Michelin and Jacques
Lake deposits, as
well as the White Bear Lake and Otter Lake
uranium systems. The Aillik
claims are immediately east of and on trend from Aurora's
Otter Lake
uranium system and its associated radiometric anomaly. According to
Cash, the systems identified on Aurora's
property appear to continue
onto the Aillik claims. Aillik consists of a single block of 162 claims
covering approximately 40.5 square kilometres. The property was staked
in November 2006 by Cornerstone after the area was released from Exempt
Mineral Lands status that had prohibited staking since 1995.
This press release was prepared by Bruce Mitton, P.Geo.,
Exploration
Manager Canada for Cornerstone who is a Qualified Person as per
National Instrument 43-101.
About Cornerstone Capital Resources Inc.
Cornerstone Capital Resources Inc. is a mineral exploration company
with 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.
Through its wholly owned subsidiaries, Cornerstone Resources Inc. and
Cornerstone Ecuador S. A., the company operates in Canada
and Ecuador.
Cornerstone's current and past joint venture partners include Agnico
Eagle, Celtic, Cash Minerals, Candente, Coastport, Cogitore,
Falconbridge, Inmet, Kermode, Mountain Lake, Moydow, Newmont, Noranda,
Phelps Dodge, and Thundermin.
On Behalf of the Board,
Glen H. McKay
President & 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.
The common shares of the Company are currently listed on the TSXV in
Canada (symbol CGP), the OTC
in the USA
(symbol CTNXF) and the
Frankfurt Stock Exchange (symbol GWN)
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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Copyright (c) 2008 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 Sun Mar 2, 2008 at 4:30:00 AM Pacific Time
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