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Re: News - Tuesday, September 21, 2010
10-18 - Update on initial prospecting results by Rare Earth
Metals Inc. on Cornerstone's Two Tom Lake Optioned Claims
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (CGP: TSX-V, GWN: F, GWN: B, CTNXF: OTC) is pleased to
provide an update on initial prospecting results by Rare Earth Metals
Inc. ("Rare Earth Metals") (RA: TSX-V) on Cornerstone's Two Tom Lake
optioned claims in west-central Labrador. The Two Tom Lake area is
located at the eastern end of Rare Earth Metals' Red Wine/Letitia Lake
project which covers approximately 340 km2 and 50 km of strike length
prospective for hosting rare metal deposits of Rare Earth Elements
(REE), Beryllium (Be), Niobium (Nb) and Zirconium (Zr).
As originally reported by Rare Earth Metals in its news release dated
August 31, 2010, a total of 33 rock samples were collected during
initial prospecting on four of six airborne radiometric anomalies
(thorium highs) identified on Cornerstone's Two Tom Lake claims. Assay
results ranged from 0.21% to 8.00% TREO (Total Rare Earth Oxides) with
1.5% to 42.1% HREO (Heavy Rare Earth Oxides)/TREO*, 0.004% to 0.55%
BeO, 0.049% to 1.66% Nb2O5 and 0.005% to 5.82% ZrO2. Of particular
note, 27 of the 33 samples (82%) collected returned greater than 1%
TREO. A brief description of the results is provided below. Note that
all anomaly areas are extensively drift-covered with little or no
outcrop exposure, and samples have been substantially collected from
unsourced boulders ranging in size up to 2 to 3 m.
* HREO/TREO = proportion of HREO (including Y2O3) expressed as a
percentage of the TREO content of the rock
Anomaly TT-04 (1.6 km long x 0.3 km wide): Assay results for 18 gneiss
samples ranged from 0.63-4.92% TREO with 1.5-8.7% HREO/TREO, 0.08-0.55%
BeO, 0.11-1.66% Nb2O5 and 0.005-0.07% ZrO2. The highest grades were
from a single syenite sample which returned 8.00% TREO with 42.1%
HREO/TREO, 0.38% BeO, 0.37% Nb2O5 and 5.82% ZrO2.
Anomaly TT-05 (0.6 km long** x 0.2 km wide): Assay results for 3
gneiss samples ranged from 1.33-3.50% TREO with 2.8-7.6% HREO/TREO,
0.32-0.55% BeO, 0.19-1.09% Nb2O5 and 0.01-0.03% ZrO2.
** Approximate size on Cornerstone's Two Tom Lake claims; actual size
may be larger.
Anomaly TT-07 (1.3 km long x 0.1 km wide): Assay results for 5 syenite,
2 quartz feldspar porphyry and 1 felsic dyke sample ranged from
0.21-3.55% TREO with 6.7-31.6% HREO/TREO, 0.004-0.04% BeO, 0.05-0.20%
Nb2O5, 0.73-2.37% ZrO2.
Anomaly TT-08 (0.9 km long x 0.1 km wide): Assay results for 2 granitic
/ gneiss samples ranged from 0.69-1.73% TREO with 3.3-6.9% HREO/TREO,
0.05-0.07% BeO, 0.59-0.73% Nb2O5, 0.02-0.03% ZrO2.
The airborne radiometric anomalies are generally elongated in a west to
east direction which is consistent with the regional glacial flow
direction, and the relatively large length-to-width ratio of the
anomalies is believed to largely reflect glacial dispersion. Rare Earth
Metals will be carrying out additional follow up prospecting and
sampling in the anomalous areas as time permits during the current
field season, and results will be announced as they become available.
Glen McKay, Cornerstone's President & CEO, commented "We are very
encouraged by these initial prospecting results on our Two Tom Lake
claims. Rare Earth Metals are carrying out a well-planned exploration
program, and are having tremendous success in identifying new targets
on this large and underexplored REE belt. Worldwide demand for rare
earth elements is expected to exceed supply by 2012 unless major new
production sources are developed. Demand is expected to continue to
boom, but new mines and processing facilities require about ten years
from discovery to production, so supplies are likely to get very tight
in the interim. For those reasons conditions seem to be ripe for
escalation in the rare earth sector during the next year or so. We are
very pleased that Cornerstone is well positioned to potentially be a
participant in this growing sector".
As announced on February 16, 2010, Rare Earth Metals has the right to
earn a 51% interest in Cornerstone's 155 mineral claims in the Letitia
Lake area of west-central Labrador. Rare Earth Metals has made initial
payments of $10,000 and 20,000 shares and guarantees minimum first year
expenditures of $50,000, sufficient to maintain the property in good
standing. Thereafter, Rare Earth will make further payments of cash and
shares totaling $30,000 and 60,000, respectively over the first two
years of the option and incur additional exploration expenditures
totaling $300,000 over three years. The parties will then form a joint
venture to further explore and develop mineral resources on the
property. Rare Earth will operate the exploration programs during the
option period in consultation with Cornerstone.
All rock samples were delivered by Rare Earth Metals personnel to
Activation Laboratories Ltd.'s sample preparation facility in Happy
Valley-Goose Bay. The samples were processed and representative pulps
sent to Activation Laboratories Ltd.'s analytical facility in Ancaster,
Ontario for analysis. The digestion technique was total digestion that
employs a lithium metaborate/tetraborate fusion and the analysis is
completed using ICP/MS.
This press release was prepared by Terry Brace, P.Geo., Cornerstone's
VP Exploration and a Qualified Person (QP) in accordance with National
Instrument 43-101. The Red Wine/Letitia Lake project is being carried
out under the supervision of Reginald Felix, Rare Earth Metals' VP
Exploration.
Other News
The Resource Investors Forum ("RIF"), an annual conference organized
and hosted by the Newfoundland and Labrador Chamber of Mineral
Resources, will be held in St. John's, NL on September 28 and 29.
Cornerstone is scheduled to make a presentation on the afternoon of
Wednesday September 29 at 2:45 PM. For those who would like more
information please check the following links:
http://www.investorsforum.ca/index.html or RIF Invitation Flyer
2010.pdf.
About Cornerstone
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.
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.
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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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 Tue Sep 21, 2010 at 5:15:00 AM Pacific Time
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Cornerstone Capital Resources Inc
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CODE : CGP.V |
ISIN : CA21922J2083 |
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Cornerstone est une société d’exploration minière basée au Canada. Cornerstone est en développement de projets d'uranium au Canada, et détient divers projets d'exploration au Canada, au Chili et en Equateur. Son principal projet en développement est AILLIK au Canada et ses principaux projets en exploration sont 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 et INDIAN ARM au Canada, MACARA, BELLA MARIA, MONTERREY et SIERRAMIN en Equateur et LA FORTUNA CHILE au Chili. Cornerstone est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 1,2 milliards CA$ (934,1 millions US$, 880,3 millions €). La valeur de son action a atteint son plus bas niveau récent le 04 mars 2016 à 0,02 CA$, et son plus haut niveau récent le 18 septembre 2020 à 6,53 CA$. Cornerstone possède 299 560 000 actions en circulation. |