Re: Press Releases - Wednesday, May 07, 2008
08-17 - Cornerstone acquires new uranium property
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNFN) today announced the staking of
1564 claims (250.2 sq km) located approximately 40 km west of Bathurst
in northern New Brunswick. The large semi-contiguous claim block is
100% owned by Cornerstone and covers Silurian-aged volcanic rocks of
the Chaleur Group with potential for hosting uranium mineralization.
The Chaleur property is situated over subaerial felsic volcanic rocks
which are associated with strong airborne radiometric anomalies from a
regional-scale survey carried out in 1983 by the Geological Survey of
Canada. Government geochemical surveys over a portion of the property
indicated elevated uranium values in stream sediments coincident with
the airborne radiometric anomalies. Documented mineral occurrences in
the area have associated Mo-W-Pb-F mineralization typical of a volcanic
uranium environment. Similar Silurian-aged volcanic rocks in
Newfoundland recently have been found to host significant uranium
occurrences and are the focus of active exploration programs; however,
no uranium exploration has been previously recorded in the Chaleur
The uranium potential of this volcanic environment has only been newly
identified in Eastern Canada. It may be analogous to the Streltscovska
uranium ore fields in Russia where subaerial felsic volcanic rocks host
approximately 600 million pounds of U3O8 in ore grading over 0.25%
Colin McKenzie, Cornerstone's President and CEO, stated "Cornerstone
continues to acquire high potential properties in favourable geological
environments and mining-friendly jurisdictions. This under-explored
environment for uranium offers an excellent opportunity to develop
significant exploration targets."
This press release was prepared by Mike Basha, PEng., PGeo, Executive
Vice President for Cornerstone and a Qualified Person as per National
The Board of Directors of Cornerstone has authorized, and in subsequent
consultation with those affected, proceeded with the cancellation of
4,030,000 options which had been issued to Directors, Management, Staff
and consultants. The Board has further authorized the issuance of
1,007,000 new options to participating Directors, Management, Staff and
Consultants at an exercise price of $0.30, as calculated by the
trailing 30 day average share price from May 1, 2008. The new options
will vest according to exchange regulations and Cornerstone's stock
option plan. In addition 4,375,000 share purchase warrants exercisable
at $1.10 per share will expire on May 26, 2008 if not exercised on or
before that date.
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. The company operates
exploration programs in Atlantic Canada and Ecuador.
This news release may contain 'Forward-Looking Statements' that involve
risks and uncertainties, such as statements of Cornerstone's plans,
objectives, strategies, intentions and expectations. The words
"potential," "anticipate," "forecast,"
"believe," "estimate," "expect,"
"may," "project," "plan," and similar expressions
are intended to be
among the statements that identify 'Forward-Looking Statements.'
Although Cornerstone believes that its expectations reflected in these
'Forward-Looking Statements' are reasonable, such statements may
involve unknown risks, uncertainties and other factors disclosed in our
regulatory filings, viewed on the SEDAR website at www.sedar.com. For
us, uncertainties arise from the behaviour of financial and metals
markets and from numerous other matters of national, regional, and
global scale, including those of an environmental, climatic, natural,
political, economic, business, competitive, or regulatory nature.
These uncertainties may cause our actual future results to be
materially different than those expressed in our Forward-Looking
Statements. Although Cornerstone believes the facts and information
contained in this news release to be as correct and current as
possible, Cornerstone does not warrant or make any representation as to
the accuracy, validity or completeness of any facts or information
contained herein and these statements should not be relied upon as
representing its views subsequent to the date of this news release.
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.
On Behalf of the Board,
Colin B. McKenzie
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) 2008 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
Message sent on Wed May 7, 2008 at 4:00:00 AM Pacific Time