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Rosanne Williams, B.Sc., B.B.A
Manager Corporate Communications
Direct Line: (709) 745-4455
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Re: Press Releases - Monday, May 07, 2007
07-10 - Cornerstone plans to drill 26,000 metres on five projects
in Canada and Ecuador
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced record
exploration activity for 2007, including an estimated 26,000 metres of
drilling on five projects. Detailed planning of the drill programs is
underway in consultation with the company's joint venture partners.
Cornerstone anticipates total exploration expenditures for 2007 of
approximately $12 Million CDN, about 88% of which will be contributed
by the company's joint venture partners. Cornerstone currently has a
treasury position of approximately $6.0 million.
JV Projects to be drilled:
Shyri Gold -- Ecuador - Shyri concessions, collectively a 450 km2 area
under option to Coastport Capital Inc: 15,000 metres. The proposed
diamond drill program, to occur over a 12 month period, is expected to
start following receipt of drill permits. Public consultations on the
drill permit applications are underway in compliance with Ecuadorian
law. Upon receipt of the permits, drilling will commence to test
targets defined at the Gama, Ca�aribamba and Vetas Grandes prospects.
Work to date on these concessions indicates potential for intermediate
and high sulphidation precious metal deposits in several target areas
as well as potential for porphyry-style mineralization. The Shyri
concessions straddle the Ga�arin Belt and are immediately adjacent to
IAMGold Corporation's Quimsacocha high sulphidation gold project. The
Ga�arin Belt is a 50 km long feature with several volcanic centres,
related intrusives and numerous epithermal gold-silver prospects.
Quimsacocha is the most advanced project in the Ga�arin Belt. IAMGOLD
first announced significant drill intersections at Quimsacocha in
December 2004 and in September 2006 they reported an indicated resource
of 3.4 million ounces of gold in the deposit (IAMGold Corporation press
release, 27 September 2006).
La Plata VMS -- Ecuador - under Option to Coastport Capital Inc: 4,585
metres. Nine drill holes have been completed to date in Phase II
drilling, comprising 3,415 m of a proposed 8,000 m drill program on the
La Mina, Guatuza and San Pablo targets. Drilling was suspended in
February 2007 to permit further data review and field assessments. The
La Plata property hosts gold-rich, VMS mineralization including the La
Mina deposit that comprises two lenses extending from near surface to
300 m in depth on the eastern flank of a fold. The lenses, which are
approximately 100 m apart, include drilled intersections from limited
historical exploration drilling such as 11.4 m grading 14.5 g/t Au,
103.6 g/t Ag, 9.35% Cu and 3.9% Zn. On June 22, 2006 Cornerstone
announced results from Phase I drilling that included drill hole
LP-06-01 which intersected 8.9 m of massive sulphide averaging 31.61
g/t Au, 289.39 g/t Ag, 18.16% Zn, 5.86% Cu and 1.61% Pb over 8.90 m
core length, including 5.2 m averaging 51.11 g/t Au, 243.47 g/t Ag,
17.58% Zn, 4.88% Cu and 1.77% Pb.
Garland Nickel -- Labrador - under option to Celtic Minerals: 750
metres (minimum). Cornerstone and joint venture partner Celtic Minerals
completed an airborne gravity gradiometry survey over the project in
2006, part of an AGG survey of a larger area conducted in cooperation
with CVRD Inco. The AGG survey was undertaken to detect high density
zones (gravity highs) possibly reflective of underlying troctolitic
rocks similar to those which host the nearby Voisey's Bay deposit. The
survey identified a series of gravity anomalies including an east-west
elongated gravity high measuring 1.5 km x 2.5 km on the northern claim
block, and a 3 km x 2 km anomaly on the southern claim block that
straddles the joint venture's southern boundary with CVRD Inco claims.
Magnetotelluric (MT) surveys over the two gravity anomalies have also
been completed. Drilling is expected in late Q3 or early Q4.
Bobby's Pond VMS -- Newfoundland - under option to Mountain Lake: 750
metres. Bobby's Pond consists of 62 claims (15.5 km2) partially
surrounding Mountain Lake Resources' Bobby's Pond deposit, formerly
owned by Inco Limited, located 20 km west of Aur Resources' Duck Pond
mine. Cornerstone's claims cover the potential northeast and southwest
strike projections of the deposit's host geology.
Little Deer VMS -- Newfoundland - under JV (the "LDJV") with
Thundermin: 5,000 metres. The Little Deer property, located 10 km north
of Springdale, NL, covers the past-producing Whalesback and Little Deer
copper deposits plus the Duck Pond Zn-Au showing and other base metal
and gold occurrences. Historic exploration work at the Little Deer
deposit indicates potential to outline a significant resource of
economic grade copper mineralization below and along strike from the
area of the Little Deer deposit that was previously mined. Four holes,
drilled between 1998 and 2000, each intersected significant copper
mineralization over mineable widths for a distance of approximately 450
m on the -550 m elevation, which include drill intersections of 9.6 m
grading 4.3% Cu. Preparation work for the minimum $850,000 commitment
to be spent on exploration within the first two years has commenced. A
5000 m drill program is expected to begin in the 3rd Quarter.
Other JV Projects:
Aillik Uranium -- Labrador - under option to Cash Minerals: The Aillik
property comprises 162 claims (40.5 km2) adjoining Aurora Energy
Resources' holdings in the Central Mineral Belt (CMB), an emerging
uranium district. The 2007 exploration program at Aillik includes a
firm commitment by Cash to conduct a detailed geophysical survey.
Radiometric geophysical surveys have proven to be highly effective in
uranium exploration, including the CMB. 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 hosts the
Michelin and Jacques Lake deposits, as well as the White Bear Lake and
Otter Lake uranium systems. The Aillik property lies on trend and
immediately east of the Otter Lake uranium system and its associated
radiometric anomaly. Occurring in similar geological formations,
immediately along trend from a known uraniferous system makes Aillik
highly prospective for the discovery of new uranium mineralization. Any
anomalies detected by the survey are expected to be drill tested in
2007, subject to equipment availability.
Long Lake VMS -- Newfoundland - under option to Cogitore: The Long Lake
project consists of 69 claims covering an area of 17.25 km2. The
project is located less than 60 km southwest of Aur's Duck Pond mine,
which was put in production last year. The 2006 drill program tested a
1.2 km long geophysical conductor associated with a broadly coincident
base metal--in-till geochemical anomaly. The drilling returned broad
intersections of altered and mineralized felsic volcanics including
several narrow sulphide stringers that gave assays up to 3.2% Zn over
0.2 m. The partners are planning to conduct a down-hole EM survey,
subject to equipment availability.
Coney Arm Gold -- Newfoundland - under JV with Kermode: The Coney Arm
property consists of 12 claims covering an area of 3 km2 located in
western Newfoundland. The property is part of a broader Kermode project
targeting Carlin-type, sediment-hosted gold mineralization. A current
drill program on Kermode's adjoining property is moving in the
direction of the Coney Arm property.
Cornerstone has also initiated work programs on several 100% wholly
owned properties aimed at advancing the properties to the joint venture
stage. Included is work on:
The Caymatan Gold-Silver and Rinconada Gold Projects in Ecuador.
The recently announced Elgin Uranium-Copper Project in New Brunswick.
The Burin Gold Project on the island of Newfoundland. Cornerstone is
earning a 100% interest in the claims optioned from a local prospector
and has a 100% ownership of the claims recently staked.
The Deer Lake Uranium Project in western Newfoundland will be surveyed
by airborne radiometrics.
The Codroy Project, also in Newfoundland and underlain by similar
geology to the Deer Lake project, is being evaluated for its uranium
For further information on these and other Cornerstone projects please
Glen McKay, President & CEO, stated: "The exploration that we will
conduct this year on these highly prospective properties, together with
the risk sharing nature of our joint venture approach to exploration
and our strong treasury position, gives Cornerstone's shareholders
exposure to the considerable upside potential of the largest and most
varied exploration program that the company has ever undertaken. The
program will grow further if discussions underway with potential JV
partners on several other projects are successful. The commitments
from our partners, who are expected to contribute approximately $10.5
million in 2007, are clear validation of our approach to exploration in
regions of high potential such as Newfoundland and Labrador, New
Brunswick and Ecuador."
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland & 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. Cornerstone's current
and past joint venture partners include Agnico Eagle, Celtic, Cash
Minerals, Candente, Coastport, Cogitore, Falconbridge, Inmet, Kermode,
Mountain Lake, Moydow, Noranda, Phelps Dodge, and Thundermin.
This press release was prepared by Mike Basha, PEng, PGeo, and
Vice-President of Exploration for Cornerstone and a Qualified Person as
defined by National Instrument 43-101.
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 firstname.lastname@example.org;
or toll free at 1-877-277-8377.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Copyright (c) 2007 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
Message sent on Mon May 7, 2007 at 1:00:00 PM Pacific Time