- Cornerstone acquires new Gold-Silver-Copper project in
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces it has
signed an agreement to explore the Miocene gold-silver-copper project
located in the Regions of Atacama and Antofagasta of northern Chile,
approximately 200 kilometres southeast of the port city of Antofagasta.
The Miocene project covers a large area of 14,770 km2, measuring
approximately 75 km wide x 185 km long. It is underlain by the same
Miocene and Pliocene volcanic sequences that host the world class gold
deposits in the Maricunga and El Indio magmatic belts to the south. A
map showing the location of the Miocene project may be viewed on
Cornerstone's website at
http://www.cornerstoneresources.com/i/pdf/Properties_ChileMiocene_11-08Map1.pdf.
World class gold deposits occur in north-central Chile in two principal
magmatic belts, Maricunga and El Indio (see:
http://www.cornerstoneresources.com/i/pdf/Properties_ChileMiocene_11-08Table1.pdf), associated with high level Miocene volcanic to
sub-volcanic centers. These magmatic belts extend north-south through
eastern Chile near the border with
Argentina and host numerous porphyry
gold-copper and epithermal gold-silver deposits. In the Maricunga belt,
mineralization is associated with porphyries of two sets of radiometric
ages (24-22 Ma and 16-10 Ma). Several of these porphyries have a
superposition (or telescoping) of high sulphidation epithermal systems.
This belt contains a number of undeveloped advanced stage projects and
two producing gold mines - Kinross Gold's (TSX-K, NYSE-KGC) Maricunga
and La Coipa open pit mines. Recently, Andina Minerals (TSXV-ADM)
announced completion of a positive pre-feasibility study on its Volcan
gold project, which contains proven and probable mineral reserves of
6.6 million ounces of gold. Deposits within the El Indio belt to the
south are hosted within complex, fault--controlled vein systems but
also within breccias orebodies. Hydrothermal alteration systems are
both structurally and lithologically controlled.
The known gold deposits in the Maricunga belt abruptly terminate north
of the La Coipa mine and the projected northward trend of the gold
belts are dominated by extensive covered areas. The Eocene -- Oligocene
magmatic arc and Domeyko fault system is located west of and parallel
to the gold belts, extending northward through La Escondida copper
mine, suggesting the continuation of the gold belts to the north under
cover. This presents an opportunity for explorers to discover gold
deposits below post-mineralization cover.
A review of Landsat and ASTER (Advanced Spaceborne Thermal Emission and
Reflection Radiometer) data shows areas of exposed and altered bedrock
adjacent to the large pampas covering the projected gold belt. Strongly
elevated base metal values occur in stream silt samples adjacent to
these covered areas, further highlighting the possibility that
undiscovered deposits may exist below the cover sequence. Initial
targeting of areas for staking and follow-up exploration programs are
based on airborne magnetic surveys to identify structures and locate
precursor plutons that are associated with the development of volcanic
centers. Large soil geochemistry surveys will be carried out over the
selected target areas utilizing analytical techniques designed to
detect buried mineralization. In addition, regional prospecting and
stream silt surveys will be carried out along the projected extent of
the gold belts to define new targets for follow-up.
"We are very pleased to announce our second international venture and
our first project in Chile", said Glen H. McKay, Cornerstone's
President & CEO. "For the past two years, we have been carefully
reviewing opportunities throughout South America. Chile is a
politically stable and mining-friendly country that offers tremendous
exploration potential. We are extremely excited about the Miocene
project acquisition, and look forward to initiating exploration
programs in this area of northern Chile. Based on our interpretation of
the technical information, we feel strongly that the same rocks which
host world class gold deposits further south extend northwards under
cover onto the Miocene project area. Our immediate goal is to advance
the project to the drill-ready stage for potential joint venture
participation. In addition to Miocene, Cornerstone expects to announce
a second Chilean project acquisition in the very near future."
Cornerstone, through its wholly-owned subsidiary, Minera Cornerstone
Chile Limitada (MCCL), has entered into an agreement to acquire
exclusive rights to a proprietary database covering the Miocene project
area, and has already utilized the information to apply for mineral
concessions to explore several prospective areas. So far, mineral
concession applications covering a total of 46,500 hectares (465 km2)
have been filed which encompass highly prospective ground within the
Miocene project area. The agreement gives Cornerstone the right to
acquire an undivided 100% interest in any concessions acquired using
the database within the Miocene project by incurring exploration
expenditures of C$5.0 million and making cash payments of C$250,000 and
issuing shares of Cornerstone valued at C$250,000 over a 5-year period.
Requirements to maintain the agreement through the first year include a
cash payment of C$20,000, issuance of shares of Cornerstone valued at
C$20,000 and exploration expenditures of C$500,000. The acquisition is
subject to a 2.0% Net Smelter Royalty ("NSR"), one-half (1.0%) of which
can be purchased by Cornerstone at any time for C$1,000,000.
Yvan Crepeau, M.Ba., P.Geo, President of MCCL and a qualified person in
accordance with National Instrument 43-101, 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. The company is
well funded and 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
Investors can access and join the following Cornerstone social media
channels:
Facebook (http://www.facebook.com/pages/Cornerstone-Resources-Inc/152481978112151)
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 CEO video interview is:
http://www.cornerstoneresources.com/i/media/SHCornerstone.asx
The link to recent CEO audio interviews is:
http://www.cornerstoneresources.com/s/Interviews.asp
The link to a recent Corporate presentation with narration is:
http://www.cornerstoneresources.com/s/Presentations.asp
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.
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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