Cornerstone acquires La Fortuna Copper-Silver-Gold
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces it
has
signed an agreement to acquire the La Fortuna copper-silver-gold
project located in the Valpara�so Region of central Chile,
approximately 100 km north of Santiago.
The La Fortuna property covers an area of approximately 2,900 hectares,
measuring 10 km north-south by 3 km east-west. The project is
favourably located in an established mining district
at relatively low
elevations (1200 to 1800 m above sea level), and is easily accessed by
existing roads. The property is partly contiguous with the Cerro Negro
copper (silver) mine, a manto-type deposit
immediately to the west
which combines open pit and underground operations and produces copper
cathodes via heap leach SX-EW and copper-silver concentrates via
flotation. The El Bronce epithermal gold-silver
district is located 30
km to the north. The region is sparsely populated, and has a hot and
dry climate which is well-suited for leaching operations. A map showing
the location of the La Fortuna property may be viewed on Cornerstone's
website at
http://www.cornerstoneresources.com/i/pdf/Properties_ChileLaFortuna_11-12LocMap.pdf.
At La Fortuna, manto-type copper-silver
mineralization similar to that
at Cerro Negro is hosted by volcanic breccias and interbedded
sediments. This mineralization is overprinted by epithermal
gold-silver-base metal veins and alteration zones along regional
north-northwest striking structures. During a property evaluation visit
by Cornerstone, a total of 18 rock grab samples were collected on the
northern half of the property and immediately adjacent areas. Fifty
percent (50%) of the samples returned > 1% Cu, with values in these 9
samples ranging from 1.01% to 9.31% Cu. Eight (8) samples returned
silver values > 15 g/t Ag, and 3 of these assayed > 100 g/t Ag with a
maximum of 143 g/t Ag. Two samples collected from epithermal type
mineralization returned 1.18 - 1.43 g/t Au with associated anomalous
silver, base metals (copper, lead and zinc), arsenic and mercury. The
gold potential of the La Fortuna area has not been previously
recognized, and the area has not seen any systematic modern exploration
or drill testing of surface mineralization.
Glen H. McKay, Cornerstone's CEO commented "We are very pleased to add
La Fortuna to our portfolio of projects. The close proximity of this
underexplored area to established copper and gold mining districts at
Cerro Negro and El Bronce respectively, make it an
exciting
acquisition. Our initial goal at La Fortuna is to evaluate the various
target areas and advance these to the drill-ready stage for potential
joint venture participation."
Cornerstone, through its wholly-owned subsidiary, Minera
Cornerstone
Chile Limitada (MCCL), has entered into an agreement
with a Chilean
individual to acquire the La Fortuna property. The agreement gives
Cornerstone the right to acquire an undivided 100% interest in the La
Fortuna property by incurring exploration expenditures of C$3.0 million
and making cash payments totalling C$600,000 over a
4-year period.
Requirements to maintain the agreement through the first year include a
cash payment of C$100,000 and exploration expenditures of C$500,000.
The acquisition is subject to a 1.5% Net Smelter Royalty ("NSR"), and
to advance payments of the NSR on each anniversary following the date
the option is exercised. Cornerstone has a right of first refusal to
purchase the NSR if the holder decides to sell it.
All rock samples collected by Cornerstone during its property
evaluation visit were grab samples which were prepared at Acme
Analytical Laboratories Ltd (ACME) in Santiago, Chile. Samples were
prepared by crushing 1 kg to 70% passing 2 mm (10 mesh), splitting 250
g and pulverizing it to 95% passing 0.106 mm (150 mesh) (ACME code
R150). All samples were analyzed for Cu (Santiago) and Au, Ag, Pb, Zn,
As and Hg (ACME, Vancouver, Canada). Total Cu was determined by atomic
absorption spectrometry (AAS) after ore grade aqua regia
digestion
(ACME code 8AR), and sulphuric soluble Cu (CuSH) was determined by AAS
following 5% sulphuric acid digestion (ACME code G9).
Gold was
determined by fire assay on a 30 g sample with AAS finish (ACME code
G6), and Ag, Pb, Zn, As and
Hg were determined by ICP-MS analysis after
aqua regia digestion (ACME code 1F). Samples which
returned Ag values
exceeding the ICP-MS upper detection limit of 100 g/t Ag (i.e.
over-limits) were re-analyzed by fire assay on a 50 g sample with
gravimetric finish (ACME code G6). ACME follows strict QA/QC protocols
which includes the insertion of blanks, duplicates and standard
reference materials into the sample stream.
Yvan Crepeau, M.Ba., P.Geo, President of MCCL and a qualified person in
accordance with National Instrument 43-101, has reviewed and approved
the technical information contained in this news release.
Other News:
Cornerstone announces that it is notifying participants in the November
2009 private placement financing (see news releases dated November 12
and December 2, 2009) who hold warrants that the expiry date will be
accelerated to April 21, 2011 and any warrants not exercised by that
date will expire. The total of potential proceeds to Cornerstone's
treasury if all remaining unexercised warrants are exercised
approximates $700,000.
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. The company is
well funded and commitments from JV partners constitute significant
validation of the strength of Cornerstone's projects.
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.
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
Martti Kangas - Direct
Line: 1 (647) 521-9261
Paul Benwell / Pat Kairns -
Direct Line: 1 (514) 904-1333
Investors can access and join the following Cornerstone social media channels:
Facebook (http://www.facebook.com/cornerstoneresourcesinc)
Twitter (http://twitter.com/Cornerstone_cgp)
YouTube channel (http://www.youtube.com/user/CornerstoneResource)
Flickr (http://www.flickr.com/photos/cornerstoneresources)
The link to a recent CEO video interview is:
http://www.cornerstoneresources.com/i/media/SHCornerstone.asx
The link to recent CEO audio interviews is:
http://www.cornerstoneresources.com/s/Interviews.asp
The link to a recent Corporate presentation with narration is:
http://rblcommunications.com/webcasts/Cornerstone/CGPmarch2011/CGPmarch2011.html
On Behalf of the Board,
H. Brooke Macdonald
President
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) 2011 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 Mar 15, 2011 at 5:15:00 AM Pacific Time
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