Cornerstone Capital Resources Inc

Published : February 17th, 2011

Cornerstone acquires new Gold-Silver-Copper projects in Ecuador

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- Cornerstone acquires new Gold-Silver-Copper projects in   Ecuador


Mount Pearl, NL, Canada:  Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces it has
signed a binding letter of intent to acquire 100% of the shares of
Santa Barbara Copper and Gold S.A. ("SBCG"), a wholly-owned Ecuadorian
subsidiary of Santa Barbara Resources Limited (TSXV-SBL). A definitive
agreement is expected to be signed by March 15, 2011 following a period
of due diligence.

The key assets of SBCG are the La Encrucijada and Cascabel projects.

LA ENCRUCIJADA PROJECT
The La Encrucijada project is located in Loja province in southern
Ecuador, approximately 70 km south of the city of Cuenca and midway
between Cornerstone's Shyri and Ca�a Brava properties. The property
lies within a northeast trending belt which hosts high-sulphidation
epithermal gold-silver systems and associated porphyry systems at
depth. It is underlain by flat-lying Tertiary intermediate to felsic
volcanic rocks which are locally intruded by diorite plugs. Extensive
areas of felsic hydrothermal breccias have been mapped in the central
part of the property, and porphyry-style potassic alteration underlies
silica-alunite advanced argillic alteration. Anomalous gold (>0.1 g/t
Au) and silver (>10 g/t Ag) is widespread throughout the area. Higher
grade gold (7 samples >1 g/t Au, up to 5.23 g/t Au) and silver (18
samples >30 g/t Ag, up to 1,110 g/t Ag) is commonly associated with
silica alteration and veins, as well as breccias and structures (faults
and mylonite zones). Very little work has been carried out on the
property. Channel sampling of rock outcrops by SBCG along the Alumbre
River, 2 km to the north, returned 110 m averaging 0.67 g/t Au and 1.7
g/t Ag, including a higher grade 45 m-wide section averaging 0.95 g/t
Au and 2.4 g/t Ag. A limited soil geochemistry survey (531 samples) has
been carried out in the central part of the property. Results define a
northwest-striking gold and silver soil anomaly which is more than 1 km
in length, and is open to the southeast.

Three concessions (31.25 km2) located in the central part of the
property are optioned from a 3rd party, with SBCG holding the right to
earn a 100% interest in return for cash payments of $60,000 per year
beginning in year 4 and a final payment of $400,000 to exercise the
option.  The option agreement had been in effect for 18 months when
exploration work was suspended by the Mining Mandate. SBCG owns a 100%
interest in two additional concessions covering 49.6 km2 which surround
and are contiguous with these optioned concessions.

CASCABEL PROJECT
The Cascabel project is located in the Imbabura province in northern
Ecuador, approximately 120 km north of Quito. The property comprises a
single 50 km2 concession which is 100% owned by SBCG. The area is
underlain by Cretaceous -- Tertiary volcanic and sedimentary rocks
which are intruded by a granodioritic stock. Very limited field work
has been carried out by SBCG. Historic exploration includes stream
sediment geochemistry surveys comprising approximately 340 samples
which were collected in and around the property. A well defined
multi-element (gold-copper-lead-zinc) anomaly measuring approximately
10 km2 has been identified with associated large areas of
silica-sericite-pyrite-clay alteration. Several secondary stream
sediment anomalies have also been identified within the property
limits. Historic stream sediment samples have returned assay results
ranging from trace up to 3.36 g/t Au and 456 ppm Cu. Rock grab samples
of floats and outcrops collected by previous owners have returned assay
results ranging from trace up to 1.03 g/t Au, 4.4 g/t Ag, 1.90% Cu and
0.71% Zn. Coarse free gold occurs in most streams throughout the
property. Recent rock sampling (14 samples) by SBCG returned anomalous
gold (5 samples > 0.1 g/t Au, up to 1.8 g/t Au), silver (2 samples > 15
g/t Ag, up to 80.7 g/t Ag), copper (12 samples > 130 ppm Cu, up to
0.21% Cu) and zinc (8 samples > 130 ppm Zn, up to 1.0% Zn). SBCG
considers the area to be prospective for both porphyry and skarn-style
mineralization.

The La Encrucijada and Cascabel properties are not located in
environmentally sensitive areas, and delays are not anticipated in
acquiring permits to resume exploration. Preliminary Environmental
Impact Studies ("PEIS") have been approved for both projects,
Environmental Audits ("AA") have been socialized and internally
approved at the Ministry of Environment ("ME"), and Environmental
Licenses ("EL") should be granted in the near future.

"We are very pleased to announce the acquisition of SBCG and the
Encrucijada and Cascabel projects", said Glen H. McKay, Cornerstone's
President & CEO. "It is our intention to acquire additional projects in
Ecuador, a country that offers tremendous exploration potential. The
Encrucijada and Cascabel projects are the type of early-stage projects
that fit well with Cornerstone's business model of prospect generator,
and we're excited about initiating additional work programs in this
under-explored area. Our immediate goal is to advance the projects to
the drill-ready stage for potential joint venture participation."

Cornerstone will acquire a 100% interest in SBCG and all its assets for
a cash payment of $20,000 and a 2% Net Smelter Return ("NSR") royalty
on any future mineral production on each property. Cornerstone retains
the right to purchase one-half (1%) of the NSR for $1,000,000 within 3
months following completion of a feasibility study, and the remaining
one-half (1%) NSR for $3,000,000 within 3 months following a production
decision.


Yvan Crepeau, MBa., P.Geo, President of Cornerstone Ecuador S.A.
("CESA") and a qualified person in accordance with National Instrument
43-101, has reviewed and approved the technical information contained
in this new release.

Other News
As previously announced, during the past two years CESA's team has been
actively examining exploration opportunities in other mining friendly
South American jurisdictions. Currently we have reached agreement on
one such opportunity and full details of the earn-in agreement will be
announced in the near future. We have signed a letter of intent on
another and expect to sign a definitive agreement on it shortly.

Cornerstone is pleased to report that it has received $1,700,000 cash
to date from warrant exercises as a result of the Company's notice to
warrant holders earlier in January 2011. The final date for exercise of
these warrants is March 7, 2011. If the remaining warrants are
exercised the Company will receive a further $100,000.

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 and Ecuador, 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 direct link to a recent CEO video interview is:
http://www.cornerstoneresources.com/i/media/SHCornerstone.asx

The link to recent CEO audios interviews is:
http://www.cornerstoneresources.com/s/Interviews.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.


Data and Statistics for these countries : Ecuador | All
Gold and Silver Prices for these countries : Ecuador | All

Cornerstone Capital Resources Inc

DEVELOPMENT STAGE
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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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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