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Re: News - Thursday, July 26, 2012
12-16 - Cornerstone and Thundermin announce significant copper
resources at the Whalesback Copper Deposit in Newfoundland
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and 50% joint
venture partner Thundermin Resources Inc. ("Thundermin") (TSX-THR)
announce a National Instrument 43-101 ("NI 43-101") compliant mineral
resource estimate for the 100% owned, past-producing Whalesback Copper
Deposit ("Whalesback") located approximately 10 km north of Springdale
in north-central Newfoundland. The resource estimate, which was
prepared by P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario,
Canada, is comprised of Indicated Resources of 797,000 tonnes grading
1.67% Cu (29.3 million lbs. Cu) and Inferred Resources of 443,000
tonnes grading 1.57% Cu (15.3 million lbs. Cu) (see Table 1).
Brooke Macdonald, President and CEO of Cornerstone said "We are very
encouraged with this initial resource estimate for Whalesback which
adds significant copper resources to those already identified at Little
Deer. Future work plans will focus on upgrading and increasing these
resources as we continue to advance the project towards the
pre-feasibility stage".
Whalesback remains open along strike to the east and west as well as
down dip/plunge and downhole Pulse EM surveys will commence shortly to
assist in determining the best locations for future drilling. A
Preliminary Economic Assessment carried out on the Little Deer Copper
Deposit ("Little Deer") in 2011 indicated that there is potential to
develop it on an attractive economic basis at current copper prices.
Little Deer is also open to depth and along strike and additional
resource delineation will be carried out as well as in-fill drilling
prior to carrying out a pre-feasibility study on the Little
Deer/Whalesback Resources.
Table 1: Summary of Whalesback and Little Deer Mineral Resources at
1.0% Copper Cut-Off (P&E, July 9, 2012 (Whalesback) and June 20, 2011
(Little Deer))
Resource Classification/Zone Tonnes Cu % Cu lbs (M)
Indicated Mineral Resources
Whalesback 797,000 1.67 29.3
Inferred Mineral Resources
Whalesback 443,000 1.57 15.3
Indicated Mineral Resources
Little Deer Zone 1,911,000 2.37 99.8
Inferred Mineral Resources
Little Deer Zone 1,240,000 1.93 52.8
Little Deer Footwall Zone 1,711,000 2.04 77.0
Little Deer Footwall Zone Splay 797,000 2.64 46.2
TOTAL INDICATED RESOURCES 2,708,000 2.16 129.1
TOTAL INFERRED RESOURCES 4,191,000 2.07 191.3
Notes:
1) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues.
2) The quantity and grade of reported Inferred resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these Inferred resources as an Indicated or
Measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an Indicated or Measured mineral
resource category.
3) The mineral resources in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council.
4) Ordinary Kriging was used for Cu grade interpolation.
5) Grade capping of 5% and 15% Cu, respectively, utilized on composites
for Whalesback and Little Deer.
6) A variable bulk density based on numerous field measurements was
used for tonnage calculations.
7) Domain models were generated from successive polylines spaced every
five metres (Whalesback) and 10 metres (Little Deer) and oriented
perpendicular to the trend of the mineralization. The outlines of the
polylines were determined by selecting copper grades equal to or
greater than 1.0% Cu with demonstrated continuity along strike and down
dip.
8) Whalesback: A copper price of US$3.82/lb (June 30, 2012 two year
trailing average) and an exchange rate of US$0.99=C$1.00 was utilized
to derive the 1% Cu cut-off grade. Mining costs were C$45/t, process
costs were C$16/t and G&A was C$6/t. Concentrate freight and smelter
treatment charges were C$10/t mined. Concentrate mass pull was 7%,
process recovery was 97%, smelter payable was 96% and Cu refining was
US$0.07/lb.
9) Little Deer: A copper price of US$3.42/lb (May 31, 2011 24 two year
trailing average) and an exchange rate of US$0.95=C$1.00 was utilized
to derive the 1% Cu cut-off grade. Mining costs were C$40/t, process
costs were C$15/t and G&A was C$5/t. Concentrate freight and smelter
treatment charges were C$10/t mined. Concentrate mass pull was 7%,
process recovery was 97%, smelter payable was 96% and Cu refining was
US$0.07/lb.
10) All Cornerstone and Thundermin assays were analyzed at Eastern
Analytical Limited of Springdale Nfld. A QAQC program of field and lab
duplicates, certified standards and blanks was put in place.
11) The mineral resource estimate for Whalesback is based on diamond
drill hole records from 316 surface and underground drill holes
totalling 37,163 m of drilling. Fourteen of these holes were drilled
recently by Cornerstone and Thundermin (see news releases dated October
20, 2011 and February 23 and May 10, 2012) and the remainder were
drilled by British Newfoundland Exploration Company between 1961 and
1970.
12) The mineral resource estimate for Little Deer was initially
disclosed in a news release dated June 22, 2011 and the technical
report was filed on SEDAR August 5, 2011.
Qualified Persons
The Whalesback mineral resource estimate was prepared under the
supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E. Mr.
Puritch is an independent Qualified Person ("Q.P.") in accordance with
NI 43-101 and has reviewed and approved the contents of this news
release. Mr. Andrew Hussey, P.Geo., Senior Project Geologist and Lands
Manager, Cornerstone Resources Inc., was the Q.P. responsible for
supervising the drilling program at Whalesback for the purposes of NI
43-101. Mr. Hussey has also reviewed and approved the contents of this
news release.
Little Deer Joint Venture
Under the terms of its joint venture agreement with Cornerstone,
Thundermin has the right to increase its interest in the Little Deer
property to 75% by completing a feasibility study and by arranging 100%
of the necessary bank financing required to place the property into
commercial production. Details on Little Deer and Whalesback and the
terms of the agreement with Cornerstone can be found in numerous news
releases between May 1, 2007 and June 28, 2012 and on Cornerstone's and
Thundermin's respective websites and on SEDAR.
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, Ecuador and Chile, 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. Commitments from
JV partners constitute significant validation of the strength of
Cornerstone's projects.
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
The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0412_CRICorporate.pdf
Investors can also access Cornerstone on Twitter
Cautionary Notice
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, predicting natural geological phenomena 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 except where
outcomes have varied materially from the original statements.
On Behalf of the Board,
Brooke Macdonald
President and 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) 2012 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 Thu Jul 26, 2012 at 5:15:00 AM Pacific Time
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Cornerstone Capital Resources Inc
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EN DÉVELOPPEMENT |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
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. |