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Re: News - Thursday, November 04, 2010
10-23 - Cornerstone announces start of diamond drilling on the
Red Cliff copper property in Newfoundland
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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
announce that Vale Exploration Canada Inc. ("VEC"), a wholly-owned
subsidiary of Vale S.A. (NYSE: VALE and VALE.P; BM&F BOVESPA: Vale3 and
Vale5; Euronext Paris: Vale3 and Vale5) ("Vale"), has commenced a 1,500
metre diamond drilling program on the Red Cliff copper property. As
previously announced (see news release dated May 04, 2010), VEC has the
option to acquire a 60% interest in Cornerstone's Red Cliff and Deer
Harbour properties which are located on the Bonavista Peninsula in
eastern Newfoundland. VEC is the operator of the exploration programs
during the option period in consultation with Cornerstone. The
properties are targeting sediment-hosted stratiform copper (SSC)
deposits similar to those of the prolific Central African Copperbelt,
also of Late Neoproterozoic age.
The drilling program is testing the prospective Blue Point Horizon in
three separate areas: 1) North of Duntara; 2) South of Duntara; and 3)
east of Swibbs Cove Pond. Previous drill testing of the Blue Point
Horizon in 2001 returned significant copper grades and thicknesses
including 0.8% Cu and 7.7 g/t Ag over 9.69 m in hole RC-01-01 and 1.0%
Cu and 12.1 g/t Ag over 14.25 m in hole RC-01-02. A map showing the
location of the planned holes is provided below in Figure 1:
http://www.cornerstoneresources.com/i/pdf/NRFigure1_10-23.pdf. The drilling
program will take approximately three weeks to complete, and results
will be released upon receipt of final analytical results expected by
mid-December 2010.
Following completion of the drilling, a brief prospecting and soil
geochemistry sampling program is planned to evaluate similar SSC
horizons and showings on the Deer Harbour property located on the
western side of Trinity Bay, approximately 65 km south of Red Cliff.
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. Exploration work on the Red Cliff project is being
carried out under the supervision of Cameron Bowie, P.Geo., VEC's
Principal Geologist for North American 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.
About VEC
Vale is the second largest metals and mining company in the world, one
of the 30 largest publicly traded companies in the world and the
largest private sector company in Latin America. Vale has a market
capitalization of around US$ 165 billion, with approximately 500,000
shareholders from all continents. Vale is committed to the pursuit of
sustainable growth by operating with respect for the natural
environment and being an ethically and socially responsible company.
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
Investors can access and join the following Cornerstone social media
channels:
Facebook
(http://www.facebook.com/pages/Cornerstone-Resources-Inc/152481978112151)
Twitter (http://twitter.com/Cornerstone_cgp)
YouTube channel (http://www.youtube.com/user/CornerstoneResource)
Flickr (http://www.flickr.com/photos/cornerstoneresources)
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,
Glen H. McKay
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 Thu Nov 4, 2010 at 5:15:00 AM Pacific Time
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