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Re: News - Wednesday, May 19, 2010
10-10 - Cornerstone options New Brunswick REE property
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces that it has signed an
option agreement with Great Western Minerals Group Ltd. (TSXV-GWG)
("Great Western") for its 200 claim Chaleur East property in northern
New Brunswick. Great Western will make an initial payment of 25,000
shares and guarantees minimum 2010 expenditures of $50,000, sufficient
to maintain the property in good standing. Thereafter, Great Western
may elect to make further payments of cash and shares totaling $100,000
and 200,000 respectively over the next three years and incur additional
exploration expenditures totaling $950,000 in order to earn a 51%
interest in the claims. The parties will then form a joint venture to
further explore and develop mineral resources on the property. Great
Western will operate the exploration programs during the option period
in conjunction with their on-going Benjamin River REE project adjacent
to the Chaleur East property.
"We are very pleased to be working with Great Western in this potential
new REE district," said Colin McKenzie, Cornerstone's President & CEO.
"This is in keeping with our strategy to develop prospective
properties and bring in strategic partners to provide funding through
the early exploration stages."
States Jim Engdahl, President of Great Western, "This project is an
excellent addition to our current Benjamin River project and could
significantly add to the total number of heavy rare earth enriched
occurrences in the project area once followup exploration work on the
existing anomalies is undertaken."
The Chaleur East claims are underlain by the Siluro-Devonian Chaleurs
Group which comprises bimodal felsic and mafic volcanic rocks with
minor intercalated sedimentary units. Locally these rocks are intruded
by small bodies of Silurian or Devonian granites. In the district, a
number of copper-iron skarn prospects are known in the metamorphic
aureole of these intrusions. Great Western has been exploring its
Benjamin River project immediately to the north of Chaleur East where a
number of heavy rare earth element enriched, apatite-diopside-magnetite
dykes occur adjacent to one such intrusion. Cornerstone's geochemical
surveys on the Chaleur East property identified several strong total
rare earth element anomalies indicating this prospective environment
may continue to the south.
This press release was prepared 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 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.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com or for investor, corporate or media
inquiries, please contact:
Martti Kangas,
Investor Relations
North America toll-free: 1 (877) 277-8377
Direct Line: 1 (647) 521-9261
Email: communications@crigold.com
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 except where outcomes have varied materially from the original
statements.
On Behalf of the Board,
Colin B. McKenzie
President & CEO
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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Copyright (c) 2010 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 Wed May 19, 2010 at 5:05:00 AM Pacific Time
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Cornerstone Capital Resources Inc
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DEVELOPMENT STAGE |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
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$ 1.2 billions as of today (US$ 934.1 millions, € 818.3 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. |