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Cornerstone and Thundermin Report Final Drill Results for the First Half of 2011 at Little Deer and Anticipate the Completion of an Updated NI 43-101 Mineral Resource Estimate by June 30, 2011
Published : June 16, 2011
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Mots clés associés :   Copper | Cornerstone | Ecuador | Facebook | Mineral Resources | Thundermin |

MOUNT PEARL, NEWFOUNDLAND--(Marketwire - June 16, 2011) - Cornerstone Capital Resources Inc. ("Cornerstone") (News - Market indicators) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) and 50% joint venture partner Thundermin Resources Inc. ("Thundermin") (TSX-THR) announce that a 25 hole, 12,690 m diamond drilling program that commenced on the Little Deer Copper Deposit ("Deposit") on December 1, 2010 was completed on May 28, 2011. Assay results for the last 10 holes of the program are presented in Table 1 (see below). Results for the first 15 holes of the program were presented in news releases dated January 20, March 22 and April 26, 2011. The Deposit is located approximately 10 km north of Springdale in north-central Newfoundland.

Table 1: Little Deer Drill Results (2011)

Hole No.   East
(m
)   North
(m
)   Dip
)   Az
)   From
(m
)   To
(m
)   Interval
(m) *
  Cu
(%
)
LD-11-53   13,817     4,277     -54.5     326.6     596.5     597.0     0.5   3.3  
and                           603.7     605.2     1.5   1.7  
and                           628.9     629.8     0.9   3.4  
                                               
LD-11-54   13,754     4,228     -55.6     324.2     782.2     786.9     4.7   1.0  
and                           817.7     823.2     5.5   0.9  
                                               
LD-11-55   13,517     4,131     -55.6     337.3     973.8     977.9     4.1   1.1  
                                               
LD-11-56   13,754     4,228     -55.8     332.2     728.1     729.6     1.5   1.3  
                                               
LD-11-57   13,517     4,131     -56.2     326.5     nsv  
                                               
LD-11-58   13,765     4,920     -42.0     154.8     149.9     150.5     0.6   2.5  
and                           173.0     175.9     2.9   3.5  
                                               
LD-11-59   13,812     4,900     -44.7     134.2     178.0     179.0     1.0   3.0  
and                           185.1     191.1     6.0   2.1  
incl.                           189.0     190.1     1.1   8.6  
                                               
LD-11-60   13,881     4,820     -42.4     100.4     abandoned  
                                               
LD-11-61   13,865     4,832     -40.2     99.4     86.7     87.3     0.6   1.2  
                                               
LD-11-62   13,865     4,832     -40.5     116.8     73.4     74.8     1.4   2.2  
and                           87.0     89.7     2.7   1.6  

Notes:

(1) * The reported copper intersections are core lengths. The true thicknesses of the various copper intersections are highly variable due to the stringer nature of the mineralization. Management, however, believes that the true thicknesses of the drill intercepts of the reported holes average approximately 70 - 75% of core lengths.

(2) Hole LD-11-58 also intersected 18.6 g/t Ag and 0.4 g/t Au over 2.9 m from 173.0 to 175.9 m.

(3) nsv – no significant values.

The primary purpose of the current drill program was to increase the estimated mineral resources in the Deposit to the five to six million tonne range and to confirm the continuity of the copper mineralization in certain areas of the Deposit. The potential increase of the current mineral resources is conceptual in nature and it is uncertain whether the recently completed exploration drilling will result in an expansion of this mineral resource.

Holes LD-11-53, 54, 55 and 56, which were drilled to further define the eastern margin of the Deposit, all intersected variable amounts of copper mineralization over varying widths. Hole LD-11-57, which was drilled at depth along the eastern margin of the Deposit, intersected an extensive chlorite alteration zone but failed to intersect any significant copper mineralization.

Holes LD-11-58, 59, 61 and 62, which were drilled approximately on the -100 m elevation to confirm historical drill data in the upper central portion of the Deposit, all intersected variable amounts of copper mineralization over varying widths. The best intersections were 3.5% Cu over a core length of 2.9 m in hole LD-11-58 and 2.1% Cu over 6.0 m, including 8.6% Cu over 1.1 m, in hole LD-11-59. Hole LD-11-60 was abandoned due to drilling difficulties.

Brooke Macdonald, President of Cornerstone, said "We are encouraged by the results of the recently completed drill program, which show the continuity of copper mineralization at grades similar to those in the existing mineral resource estimate, and confirm the historical drilling data for the shallow portion of the deposit. We anticipate completion of the updated National Instrument 43-101 ("NI 43-101") mineral resource estimate in the coming weeks."

P&E Mining Consultants Inc.

As announced on April 26, 2011, P&E Mining Consultants Inc. of Brampton, Ontario ("P&E") has been retained to complete an updated NI 43-101 compliant mineral resource estimate for the Deposit. This updated resource estimate will include results from 48,432 m of drilling in 82 holes completed by Cornerstone and Thundermin since June 2007 and all assay information from a total of 86 surface and 122 underground historical drill holes that were recovered from the archives of the Newfoundland and Labrador Department of Natural Resources. The historical holes were all drilled by British Newfoundland Exploration Company between 1961 and 1970. Additional details on the Deposit can be found in numerous Cornerstone and Thundermin news releases dated between May 1, 2007 and April 26, 2011 which are on each company's website and on SEDAR.

P&E has also been retained to complete an internal scoping review for the Little Deer project. This review will evaluate a range of potential mining and operating scenarios for the project and provide the management of Cornerstone and Thundermin with preliminary information on the economic viability of developing a new copper mine at Little Deer. 

Mineral Resource Estimate

On October 13, 2010, Cornerstone and Thundermin announced that an updated NI 43-101 compliant mineral resource estimate had been completed by Scott Wilson RPA under the supervision of Mr. Reno Pressacco, M.Sc. (A), P.Geo., Senior Geologist for Scott Wilson RPA and an independent Qualified Person ("Q.P.") in accordance with NI 43-101. Scott Wilson RPA estimated that the Deposit contains Indicated Resources of 1,150,500 t at an average grade of 2.8% Cu within the Little Deer Zone and additional Inferred Resources of 1,227,300 t at an average grade of 2.2% Cu within the Little Deer Zone and 1,108,200 t at an average grade of 1.9% Cu within the Footwall Zone. An NI 43-101 compliant Letter Report entitled "Mineral Resource Update for the Little Deer Project" dated September 30, 2010, to support the updated mineral resource estimate, is available on Cornerstone's and Thundermin's websites.

Metallurgy

On October 19, 2010, excellent metallurgical results from scoping level test work on core samples from the Deposit were announced. This work, which was undertaken at SGS Lakefield Research Limited ("Lakefield") of Lakefield, Ontario, indicates that a saleable, high grade copper concentrate grading over 28% copper with over 97% recovery and free of any deleterious elements can be produced from the Deposit.

Qualified Person

Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc., is the Q.P. responsible for supervising the drilling program and the compilation of all of the historical data on the Deposit for the purposes of NI 43-101. Mr. Hussey has also reviewed the contents of this news release for accuracy. All holes drilled by Cornerstone and Thundermin are NQ in size. Bulk density measurements, rock quality designations and photographic logging of significant mineralized intersections are performed systematically prior to assaying. The core is logged and the mineralized sections, where appropriate, are sawn in half at a core logging facility in Springdale. Half of the core is submitted for analyses to Eastern Analytical Limited, an independent and qualified assayer located in Springdale, Newfoundland and the remaining half of the core is kept for future reference. Blanks, duplicates and standards are routinely used as part of the assay procedures.

Little Deer Joint Venture

Thundermin, the operator, and Cornerstone have the option, on a 50/50 basis to earn a 100% interest in the Little Deer Copper Deposit and adjacent property from Weyburn Investments Ltd. Thundermin, under its joint venture agreement with Cornerstone, 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 the Deposit and the terms of the agreement with Weyburn can be found in numerous news releases and on Cornerstone's and Thundermin's respective websites and on SEDAR.

Junior Exploration Assistance Program

Cornerstone and Thundermin would like to acknowledge the financial support received from the Junior Exploration Assistance (JEA) Program of the Province of Newfoundland and Labrador in carrying out a portion of their work on the Little Deer property.

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. 

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 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/resources/CGP/1/CGPmay2011.html

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,

H. Brooke Macdonald, President

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.

Cornerstone Capital Resources Inc.
Martti Kangas
Investor Relations
(647) 521-9261 or North America toll-free: 1 (877) 277-8377
or
Cornerstone Capital Resources Inc.
Paul Benwell / Pat Kairns
Investor Relations
(514) 904-1333 or North America toll-free: 1 (877) 277-8377
communications@crigold.com
www.cornerstoneresources.com
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CODE : CGP.V
ISIN : CA21922J2083
CUSIP : 21922J208
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02/12/2011d Cornerstone Fact Sheet
18/10/2011Interview Questions & Answers for President, Brooke Macdonal...
26/09/2011Interview With the President, Brooke Macdonald
21/09/2011Corporate Update- September 21, 2011
13/09/201111-30 - Significant Porphyry Copper-Gold mineralization disc...
30/08/201111-28 - Cornerstone Reports 1.34% Copper and 58.0 g/t Silver...
25/05/2011Exploration Update
26/04/2011(Little Deer)11-15 - Cornerstone and Thundermin continue to intersect hig...
26/04/2011(Little Deer)and Thundermin Continue to Intersect High Grade Copper Over ...
15/04/2011Exploration Update
23/03/2011CEO Letter to Shareholders
18/02/2011- No Material Change
25/01/2011CEO Letter to Shareholders
21/09/201010-18 - Update on initial prospecting results by Rare Earth ...
19/05/2010Options New Brunswick REE property
18/05/2010Corporate Update
17/05/201010-09 - Cornerstone reports significant progress on Ecuador ...
03/05/2010Intersect 4.6% Cu over 5.9 metres, including 14.5% copper ov...
16/04/2010Corporate Update
30/03/201010-05 - Cornerstone announces Phase II of Macar=E1 Strategic...
16/02/201010-03 - Cornerstone options Labrador rare metals and REE pro...
17/11/200909-26 - Cornerstone engages Investor Relations consultant
05/11/200909-24 - Ecuador Mining Regulations signed into law
16/10/2009Government of Ecuador confirms date of approval of Mining Re...
14/10/200909-21 - Cornerstone acquires new Lithium and Rare Metals pro...
29/09/200909-20 - Cornerstone acquires new Rare Metals and REE propert...
09/06/2009Corporate Update
04/06/200909-12 - Cornerstone to resume work on Macar=E1 project=2CEcu...
26/05/200909-11 - Cornerstone update on recommencement of work in Ecua...
03/03/200909-04 - Cornerstone updates mining law in Ecuador
27/02/2009Corporate Update
15/01/2009Cornerstone Update
13/01/2009 New Mining Law Approved in Ecuador
21/11/2008Cornerstone Update
30/09/2008approves new constitution, clears way for new mining law
25/09/2008Cornerstone Update
11/08/2008Monthly Update - Monday, August 11, 2008
14/07/2008personnel change
19/06/2008Update on Little Deer
11/06/2008and Altius form alliance to explore for copper in the Labrad...
20/05/2008Report on the drilling on the Little Deer Copper project
07/05/2008acquires new uranium property
29/04/2008acquires property with potash potential
25/04/2008Participates in Industry- Canadian Government Meeting With E...
23/04/2008 Evaluates Impact of Mining Mandate in Ecuador
23/04/2008 Update
12/02/2008 and Newmont Sign Definitive Agreement on Ecuador Strategic ...
04/02/2008John C. Crosbie resigns from Cornerstone's Board. Mr. Crosb...
10/01/2008Monthly review
06/12/2007 Monthly Review
08/11/2007 Monthly Review
22/10/2007and Newmont to Explore Southern Ecuador
17/10/2007La Plata Update
16/10/2007provides update on the La Plata VMS project, Ecuador
11/10/2007September Update
10/09/2007August Update
29/08/2007partners with Phelps Dodge Corporation of Canada, Limited to...
03/08/2007July Update
26/07/2007announces 4.7% Zinc intercept in drilling by Mountain Lake R...
10/07/2007 and Thundermin Commence Drill Program on the Little Deer Co...
11/06/2007 May update - the Drills start turning
07/06/2007(Shyri)Provides update on geophysics at GAMA, Shyri project, southe...
15/05/2007Signs JV Agreement and Commences Drill Program on Cornerston...
07/05/2007plans to drill 26,000 metres on five projects in Canada and ...
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