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I agree I also sense an overwhelming desire to disagree
No need of speculating what will be done at Long Harbour it is clear.
Hydromet Plant for Long Harbour
Hydromet Process for Long Harbour Plant
The Government of Newfoundland Labrador announced on November 12, 2008 that Vale Inco NL will be constructing a commercial hydromet plant at Long Harbour. Vale Inco notified government that they will be using the hydromet process instead of the traditional matte refinery. Hydromet processing involves using water-based chemical treatment to extract nickel from the concentrate and refining it to finished nickel. The traditional matte plant would see concentrate from Voisey's Bay shipped to Ontario or Manitoba for processing before being refined at Long Harbour.
Yes this plant is set up to process nickle.
And what ore from Lucky are you talking about not any lucky in the NL LOL LOL
What is all the talk about VALE about they are going to process nickle at Long Harbour.
If they find copper somewhere in NL sure they will process that because the NL government won't allow them to processs it some where else, so then maybe they have to add on to the plant at Long Harbour to do that, so what is the problem. Also what do Long Harbour plant have to do with KATX or KATG ...........NOTHING
B402 I know but some people just don't get it. Listen to this interview. Move the cursor about a 1/4 inch from Rogers tie and listen from the horses mouth him self.
http://archives.cbc.ca/politics/provincial_territorial_politics/clips/5479/
ops ops what is this another one from Roger Grimes on ONLY in the NL.... Golly Gee Poor VALE lol
Government Home Search Sitemap Contact Us
NLIS 7
October 7, 2002
(Executive Council)
(Mines and Energy)
--------------------------------------------------------------------------------
Voisey’s Bay Project legal agreements completed
The Government of Newfoundland and Labrador and Inco Ltd. today signed a Development Agreement and an Industrial and Employment Benefits Agreement for the Voisey’s Bay Project. These agreements contain the undertakings and commitments that both parties agreed to in the Statement of Principles signed on June 11, 2002.
Participating in the announcement were Premier Roger Grimes, Mines and Energy Minister Lloyd Matthews, representing the Government of Newfoundland and Labrador, and Scott Hand, Chairman and CEO of Inco Ltd., and Stewart Gendron, President of Voisey’s Bay Nickel Company Limited.
"On June 11, 2002, government delivered on its commitment to the people of the province that the Voisey’s Bay nickel deposit would only be developed in a manner that maximizes benefits for Newfoundland and Labrador. These contracts ensure that Voisey’s Bay nickel concentrate will be processed in the province to a finished nickel metal product and that any concentrate shipped out will be replaced for processing," said Premier Grimes.
"Today’s announcement confirms that this government will only sign deals that achieve maximum benefits for the people of Newfoundland and Labrador. It also demonstrates that this province continues to be an attractive place to invest and to conduct business," said the Premier.
Over the life of the project, the total capital investment in the province will exceed $2.9 billion and total employment benefits are estimated to be 76,000 direct and indirect person-years. Provincial Gross Domestic Product impact over the 30-year period is estimated to be approximately $11 billion.
Minister Matthews said that the Voisey’s Bay Project has already had a positive impact on the mining industry in Newfoundland and Labrador. "My office has experienced an upsurge in inquiries, not only in respect to mining, but also regarding other development opportunities as well. The Voisey’s Bay Project has attracted international attention and has resulted in renewed interest in Newfoundland and Labrador," said Minister Matthews. "Government anticipates that this project will also encourage new exploration in the province that will lead to new discoveries and developments."
Work has commenced at the Voisey’s Bay site with road construction and building of a temporary dock. To date, 12 contracts have been awarded valued at over $30 million, and 250 direct and indirect jobs have been created.
"Inco and VBNC have already demonstrated their commitment to Labrador in training, employment and business opportunities for the Innu, Inuit and the people of Labrador in general," said Labrador and Aborigianl Affairs Minister Ernie McLean. "The work that is currently taking place at Voisey’s Bay involves significant participation by Labrador interests and it is expected in the years to come that participation by Labradorians will increase."
Project highlights include:
Project Development
Construction of the mine and mill/concentrator at Voisey’s Bay ($710 million, 550 jobs)
Hydromet demonstration plant ($85 million, 200 jobs)
Hydromet processing facility ($800 million, 1,000 jobs)
Inco Innovation Centre in St. John’s ($10 million)
Underground exploration at Voisey’s Bay ($95 million, 85 jobs)
Project Operations
Mine and mill/concentrator at Voisey’s Bay (400 jobs, increasing to 800 jobs)
Processing facility (400 jobs)
Inco Innovation Centre (50-60 students per year)
For more information regarding the Voisey’s Bay Project and copies of the legal agreements signed today, please visit the Government of Newfoundland and Labrador Web site at www.gov.nl.ca/voiseys
Photo #1:Premier Roger Grimes (L) signing the Voisey's Bay legal agreements
Photo #2:Scott Hand Chairman and CEO of Inco Ltd. (R) signing the Voisey's Bay legal agreements
Media contact:
News Out more drilling... drill baby drill
December 08, 2011
11-37 - Cornerstone and Thundermin Commence 3,800 Metre Diamond Drilling Program on the 100% Owned, Past-Producing, Whalesback Copper Mine
--------------------------------------------------------------------------------
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 that they have commenced a diamond drilling program comprising approximately 3,800 metres in 13-15 holes at their 100% owned, past-producing, Whalesback Copper Mine ("Mine"). The Mine, which was in production from 1965-1972, is located approximately 10 km north of Springdale in north-central Newfoundland.
There is potential to outline significant copper resources at shallow depths adjacent to the Mine below and to the west of the old mine workings. The current drill program is designed to outline new copper resources which could, because of their proximity to the Little Deer Copper Deposit ("Deposit"), expand the total mineral resources available for mining and enhance the overall economics of establishing a new mining operation at Little Deer. At this time, the potential discovery of additional mineral resources at the Mine is conceptual in nature and it is uncertain whether further diamond drilling will result in the discovery of additional mineral resources.
Cornerstone and Thundermin own a 100% interest in the Deposit located approximately 800 m south of the Mine. Cornerstone and Thundermin have outlined significant copper resources at the Deposit since 2007 and the results of a Preliminary Economic Assessment ("PEA") for the Deposit, which was completed in October 2011, indicated that there is potential to develop the Deposit on an attractive economic basis at current metal prices. Information on the Deposit and the PEA is available in news releases issued between May 1, 2007 and November 1, 2011 and on Cornerstone's and Thundermin's respective websites and on SEDAR.
Whalesback Copper Mine
A digital compilation of 107 historical holes drilled in the mineralized zone below and to the west of the old mine workings suggests that there is excellent potential for establishing additional copper resources below and to the west of the areas previously mined. Significant results from the historical drill holes include 4.5% Cu over 6.1 m, 4.0% Cu over 3.4 m, 3.2% Cu over 5.5 m, 3.0% Cu over 4.3 m, 2.9% Cu over 8.4 m, 2.9% Cu over 6.1 m, 2.6% Cu over 4.6 m, 2.5% Cu over 5.3 m, 2.4% Cu over 9.1 m, 2.2% Cu over 5.8 m, 2.3% Cu over 3.1 m, 2.3% Cu over 3.4 m, 2.2% Cu over 8.5 m, 2.1% Cu over 13.1 m and 2.0% Cu over 8.5 m. These assay intervals all approach true widths as many of the holes were drilled from underground and others are of relatively shallow depth (see news release dated October 20, 2011 for additional information on the historical data recovered for the Mine).
Mineral Resource Estimate - Little Deer Copper Deposit
On June 22, 2011, Cornerstone and Thundermin reported an updated National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the Deposit comprising Indicated Resources of 1,911,000 tonnes at an average grade of 2.37% Cu (99.8 million pounds of copper) and Inferred Resources of 3,748,000 tonnes at an average grade of 2.13% Cu (175.9 million pounds of copper) (see Cornerstone and Thundermin news releases dated June 22, 2011).
Qualified Persons
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc., is the qualified person ("Q.P.") responsible for the compilation of all of the historical data on the Mine for the purposes of NI 43-101. Mr. Hussey is also the Q.P. that is responsible for supervising the drilling program on the property. Mr. Hussey has reviewed the contents of this news release for accuracy and approved its release.
The positive PEA and the updated NI 43-101 compliant mineral resource estimate for the Deposit were prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E. Mr. Puritch is an independent Q.P. in accordance with NI 43-101.
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.
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 Ecuador, Chile, and Atlantic Canada, 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. Further information is available on Cornerstone's website: www.cornerstoneresources.com.
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
Here's another 1 from Brian Tobin.
Government Home Search Sitemap Contact Us
January 11, 2000
(Executive Council)
--------------------------------------------------------------------------------
Voisey’s Bay talks off
Premier Brian Tobin said today that after meetings this past weekend, the province has decided to suspend negotiations with Inco on the development of Voisey’s Bay Project.
"We have come to the mutual conclusion that - for now - discussions on the development of Voisey’s Bay during the 2000 construction season will be suspended," said Premier Tobin. "At this time the elements we require to make this deal viable for the province are just not there. We require a commitment to full processing in the province, from ore to finished nickel metal whether or not the hydrometallurgical process is determined to be a success. At this point, Inco cannot make that commitment, and we will not agree to less."
The premier noted that the proposed hydromet process is new and has not been commercialized on sulfide ore such as will be mined at Voisey’s Bay. He encouraged Inco to increase their own comfort level with this leading-edge technology through further research and development.
"Hydromet processing for this type of ore is new, and no one knows for sure if it will be successful," said the premier. "While we would gladly participate in Inco’s pilot project, we could not enter into an open-ended deal that did not provide a commitment to traditional processing should the hydromet process fail. With further testing and development, this leading-edge technology may prove to be highly successful, and we look forward to the results of Inco’s research."
"It is a positive sign that Inco intends to continue its exploration plan this summer, and continue developing the hydromet technology," said the premier. "It is proof the Inco recognizes the potential of the Voisey’s Bay deposit."
Voisey’s Bay remains one of the richest, low-cost nickel deposits in the world. It is a good project and the province feels that the right deal can be reached; if not now, then in the future.
"We believe that the project can be developed economically to the benefit of both the shareholders of Inco and the residents of this province," noted the premier.
"I have always maintained that this government would not do a deal on Voisey’s Bay if it was not the right deal for the people of Newfoundland and Labrador," said Premier Tobin. "We must seek full and fair benefits from our natural resources and ensure that we maximize those benefits. While we look forward to a deal, our province is growing economically without Voisey’s Bay. In fact, none of the major forecasters have included Voisey’s Bay in growth projections for the province."
Media contact: Heidi Bonnell, Communications, (709) 729-3564.
2000 01 11 7:25 p.m.
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All material copyright the Government of Newfoundland and Labrador. No unauthorized copying or redeployment permitted. The Government assumes no responsibility for the accuracy of any material deployed on an unauthorized server.
Disclaimer/Copyright/Privacy Statement
Brian Tobin told them what to do and that is what they are doing!!
Government Home Search Sitemap Contact Us
July 27, 1998
(Executive Council)
--------------------------------------------------------------------------------
Premier Brian Tobin responded to comments by INCO regarding Voisey's Bay. At INCO's Board of Directors meeting in Toronto, President Scott Hand stated: "The type and scope of processing facilities envisaged by the province would make the project uneconomic."
"I am disappointed that INCO continues to back away from its commitment to the people of Newfoundland and Labrador to mine, mill, smelt and refine the nickel from Voisey's Bay in this province," said Premier Tobin. "Our bottom line has not changed - no smelter/refinery - no mine/mill. Our analysis indicates a mine/mill and smelter/refinery is feasible."
Regarding INCO's comments on a proposal it made for further processing, the premier stated: "INCO's only firm proposal was to ship all of the raw concentrate out of the province. Beyond this, INCO also floated a `concept', not a proposal, which they were willing to explore only if governments would commit to substantial financial incentives. INCO's `concept' would involve about 150 jobs at Argentia - not the 800-900 jobs they promised just last year, and fewer than previously proposed for the mine/mill in Labrador. Furthermore, this `concept' would see INCO mine the ovoid for a mere seven years and ship half of the raw concentrate out of the province. Beyond that, their only commitment is to do further exploration which may or may not lead to underground development. A year ago they were talking about a project with a life of over 20 years, now they're only committing to seven years.
"I say to INCO, the people of Newfoundland and Labrador are willing to wait for a project that provides full and fair benefits."
Contact: Heidi Bonnell, (709) 729-3564.
1998 07 27 7:45 p.m.
--------------------------------------------------------------------------------
All material copyright the Government of Newfoundland and Labrador. No unauthorized copying or redeployment permitted. The Government assumes no responsibility for the accuracy of any material deployed on an unauthorized server.
Disclaimer/Copyright/Privacy Statement
News out on THR,Raising money to drill Little Deer and Whalesback
CGP jv partner.
Thundermin Resources Inc.
TSX : THR
November 29, 2011 08:00 ET
Thundermin Announces Non-Brokered Private Placement of Up to $1,500,000
TORONTO, ONTARIO--(Marketwire - Nov. 29, 2011) - Thundermin Resources Inc. ("Thundermin") (TSX:THR) announces that it intends to raise, subject to regulatory approval and closing, up to $1,500,000 (the "Offering") in a non-brokered private placement.
The Offering will consist of up to $1,250,000 in flow-through units (the "FT Units") at a price of $0.13 per FT Unit and up to $250,000 in non flow-through units (the "Normal Units") at a price of $0.105 per Normal Unit. Each FT Unit will consist of one flow-through common share and one half of one non-transferable common share purchase warrant (the "Warrant"). Each Normal Unit will consist of one common share and one half of one non-transferable common share purchase warrant (the "Warrant"). Each whole Warrant will entitle the holder to purchase an additional common share of Thundermin at a price of $0.20 per share for a period of 18 months from the date of closing of the Offering. Each Warrant will be subject to an early call provision. In the event that Thundermin's shares trade at a weighted average price of $0.40 or more per share for a period of at least 20 consecutive trading days, Thundermin will have the right, upon giving notice in writing to the Warrant holders, to accelerate the expiry date of the Warrants to the date that is 30 days from the date that notice was provided.
Thundermin will pay a cash commission of 6% of the gross proceeds from the sale of the FT Units and the Normal Units to finders (the "Finders") on that portion of the Offering that is arranged by the Finders. On the closing of the Offering, the Finders will also be granted finders options (the "Finders Options") equal in number to 6% of the aggregate number of FT Units and Normal Units sold on that portion of the Offering arranged by the Finders. The Finders Options may be exercised at a price of $0.13 per common share at any time for a period of 18 months from the closing of the Offering.
The proceeds of the Offering will be used to fund Thundermin's exploration projects in Canada that qualify as "Canadian exploration expenses" under the Income Tax Act (Canada) and for general working capital purposes. In particular, the funds raised from the FT Units will be used to fund diamond drilling programs on the Little Deer and Whalesback Copper Deposits located approximately 10 km north of Springdale in north-central Newfoundland, for an initial diamond drilling program on Thundermin's Lebel gold property located in Kirkland Lake and for additional geophysical surveys and diamond drilling on Thundermin's Stirling zinc-lead-copper-silver-gold project on Cape Breton Island, Nova Scotia.
About Thundermin
Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada. Thundermin has an interest in, or the right to earn an interest in 12 base metal and gold properties in Canada. The most significant of these is the Little Deer copper property in the Springdale area of Newfoundland where Thundermin and 50% joint venture partner Cornerstone Resources Inc. have outlined Indicated Mineral Resources of 1,911,000 tonnes grading 2.37% copper and Inferred Mineral Resources of 3,748,000 tonnes grading 2.13% copper. A positive Preliminary Economic Assessment was announced for the Little Deer project on November 1, 2011. Thundermin also has royalty interests in a further 28 base metal and gold properties located in Manitoba, Saskatchewan, British Columbia and Quebec, the most significant being a 2.5% net smelter return royalty in the Pelletier Lake gold deposit which is under option to Alexis Minerals Corporation. Thundermin also has various shareholdings in thirteen other junior resource companies that are actively exploring for base metal, gold, chrome, vanadium-titanium and diamond deposits in Canada.
Forward-Looking Statements
This news release may contain "Forward-Looking Statements" that involve risks and uncertainties, such as statements of Thundermin'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 Thundermin 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 that can be viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behavior of financial and metals markets 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 Thundermin believes the facts and information contained in this news release to be as correct and current as possible, Thundermin 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.
For further information on Thundermin Resources Inc. please visit Thundermin's website at www.thundermin.com or the SEDAR website at www.sedar.com.
Contact Information
Thundermin Resources Inc.
John B. Heslop
President & CEO
(647) 344-1167
Thundermin Resources Inc.
James W. Gill
Chairman
(416) 450-1851
info@thundermin.com
www.thundermin.com
News Out Phase 2 drilling
November 28, 2011 08:00 ET
Cornerstone Capital Resources Inc.: Phase 2 Drilling and Exploration Program Started at Gama Prospect in Ecuador
MOUNT PEARL, NEWFOUNDLAND--(Marketwire - Nov. 28, 2011) - Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (OTCBB:CTNXF) and Intrepid Mines Limited ("Intrepid") (ASX:IAU) (TSX:IAU) today announced that a Phase 2 diamond drilling program and additional ground exploration surveys have commenced at the Gama prospect in southern Ecuador. Two 600 metre long (minimum) diamond drill holes will test copper-gold porphyry targets at depth near previous intersections in Phase 1 holes GAD 11-002 (101 metres at 0.41 g/t Au and 0.13% Cu, including 45 metres grading 0.71 g/t Au and 0.18% Cu) and GAD 11-011 (26 metres grading 0.45 g/t Au). See Cornerstone news releases dated May 31 and August 11, 2011 for details. Additional soil sampling (2,500+ samples), prospecting and a detailed ground magnetic survey (approximately 500 line km) will also be carried out to help define new drill targets. Intrepid has approved a budget of US$1.8 million for these exploration programs.
Phase 2 Drilling Program
Geological and geochemical data from Phase 1 drilling (holes GAD 11-001 to -011) have been reviewed and the mineralization model re-interpreted. The drilling defined a large (minimum 3 km north-south) high-sulphidation epithermal alteration system superimposed on deeper porphyry style alteration and mineralization. The distribution of base metal minerals and geochemical values, alteration patterns and structures suggest that molybdenum, copper and some gold may have been remobilized from a deeper mineralized tonalitic porphyry source. A map showing the location of targets and drill holes with respect to gold-in-soil anomalies and interpreted faults is provided here: http://www.cornerstoneresources.com/i/pdf/NR11-36Figure1.pdf.
Hole GAD 11-012 is located approximately 500 metres northwest of hole GAD 11-010 and 500 metres southwest of hole GAD 11-011, on the northern edge of target B. Ground geophysical surveys at target B have outlined a 2-km circular feature characterized by a magnetic low, interpreted to represent magnetite destruction associated with hydrothermal alteration, and a 2nd priority induced polarization (IP) chargeability anomaly. Holes GAD 11-010 and -011 intersected remobilized molybdenite along high-sulphidation epithermal feeder structures, as well as clasts of stockwork-veined mineralized tonalite porphyry within brecciated faults and structures. Sheeted porphyry "B" veins overprint the clasts and matrix in the breccias with molybdenite in-situ in the "B" veins. Hole GAD 11-012 is targeting the interpreted mineralized tonalitic porphyry at depth.
Proposed hole GAD 11-013 will be located in the northern part of target F, approximately 200 metres north of hole GAD 11-002 and close to the intersection of a northwest striking and two east-west oriented structures defined by ground magnetic data. Gold and copper mineralization in hole -002 is associated with porphyry stockwork transitional type "A-B" dominant veins. The high levels of remobilized molybdenite and the presence of gold suggest a possible mineralized tonalitic porphyry source at depth, which hole GAD 11-013 will be targeting.
"We are pleased that Intrepid has approved a Phase 2 program at Gama", said Brooke Macdonald, Cornerstone's President. "Information gathered from Phase 1 drilling will allow us to test the new porphyry targets at depth and to develop new drilling targets for both epithermal and porphyry styles of mineralization at Gama. Environmental permits required for drilling the Vetas Grandes and Cañaribamba prospects on the southern portion of the Shyri property are now expected to be received near the end of the first half of 2012. We had expected to receive these permits by the end of the first quarter, but community consultations are taking longer than anticipated."
Gama Prospect
The Gama prospect is one of four recognized thus far on the Shyri property, and comprises an extensive zone of high sulphidation (HS) epithermal alteration measuring a minimum of 8.5 km by 3 km. The alteration is strongly zoned and centered over two high level, porphyry-type intrusions at the 3,500 m to 3,800 m elevations. Gama is located 15 km to the west of Iamgold's Quimsacocha HS epithermal gold deposit.
Qualified Person
Yvan Crepeau, M.Ba., P.Geo, President of Cornerstone Ecuador SA and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the Gama drilling program and has reviewed and approved the technical information contained in this news release.
Shyri Option Agreement
Intrepid Mines Limited ("Intrepid") is earning a 60% interest in the Shyri gold-silver-copper property under an option agreement signed with Cornerstone in January 2011. Under the terms of the Agreement, Intrepid has the ability to earn an initial 60% interest in the property by spending $US 6.0 million dollars over 5 years. Intrepid may earn an additional 20% in specific project areas up to 5,000 hectares each. Upon designation of a Project Area, Intrepid will make a $US 750,000 private placement in Cornerstone. To earn the additional interest, Intrepid will complete a bankable feasibility study or incur expenditures of $US 20 million, whichever comes first, and make a cash payment to Cornerstone of up to $US 5.0 million based on the gold equivalent ounces in the mineral reserve. There is no limit to the number of Project Areas Intrepid may designate within the property and each 'stand-alone' Project Area requires the same earn-in requirements (see news release dated Oct 29, 2009). Cornerstone is the project operator, and manages the exploration programs in close consultation and planning with Intrepid.
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 Ecuador, Chile, and Atlantic Canada, 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. Further information is available on Cornerstone's website: www.cornerstoneresources.com.
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 Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_1111_CRICorporate.pdf
The link to a virtual tour of drilling at the Gama prospect, Shyri concession in Ecuador is:
Latin American Presentation 21/11/11
http://www.cornerstoneresources.com/s/Presentations.asp
Just need some JV on these properties..
This has to proceed before we see any more work on the option agreement with VALE. All the work being done on properties with CGP is organized in Brazil.
.Boardroom chairs are being shifted at two large diversified mining companies, Vancouver-based Teck Resources and Brazilian powerhouse Vale SA, the world’s second largest miner.
Teck announced yesterday that Marcia Smith, Vice President, Corporate Affairs, will replace Doug Horswell as Senior Vice President, Sustainability and External Affairs. Horswell, staging into retirement, will work half-time in the company’s Zinc and Health program.
Mike Agg, a 32-year Teck veteran who is currently Vice President, Zinc, will retire next summer, to be replaced by Rob Scott, the current Vice President, Operational Excellence. Jim Utley, Vice President, Human Resources, steps down Dec. 1st after 20 years with the company. Utley will be replaced by Graham Foyle-Twining, who will join Teck from Walter Energy, where he was Global Head of Human Resources and Organizational Development. Ray Reipas, currently Vice President, Energy will become Senior Vice President, Energy.
Meanwhile, Vale announced that coming this Thursday, CEO Murilo Ferreira will submit to the Board of Directors a proposal for a new structure of the company’s Executive Board. Among the changes, the most high-profile is the replacement of CFO Guilherme Cavalcanti with Tito Martins, who currently runs Vale’s base metals division.
The composition of the new Executive Board, once approved by the Board of Directors, will be as follows:
Fertilizers and Coal – Eduardo Bartolomeo
Iron Ore and Strategy – José Carlos Martins
Logistics and Exploration – Humberto Freitas
Base Metals and IT – Peter Poppinga
Capital Projects Implementation – Galib Chaim
Finance – Tito Martins
HR, Health & Safety, Sustainability and Energy – Vania Somavilla
Read the full Vale press release below:
On November, 24, Vale’s CEO Murilo Ferreira will submit to the Board of Directors a proposal for a new structure of the company’s Executive Board. This restructuring seeks to establish an operational model with clearly defined roles and responsibilities for each business unit. Under this new model, each executive director will be responsible for Planning, New Business Development, Operations and Marketing & Sales. This model will help us reach our growth goals and consolidate our business, with the aim of further strengthening the company.
The composition of the new Executive Board, once approved by the Board of Directors, will be as follows:
Fertilizers and Coal – Eduardo Bartolomeo
Iron Ore and Strategy – José Carlos Martins
Logistics and Exploration – Humberto Freitas
Base Metals and IT – Peter Poppinga
Capital Projects Implementation – Galib Chaim
Finance – Tito Martins
HR, Health & Safety, Sustainability and Energy – Vania Somavilla
According to the proposal, the following professionals are leaving the Executive Board:
Mario Barbosa – Joined Vale as executive director for Fertilizers in June 2010, right after the acquisition of Fosfértil and of Bunge’s fertilizer assets. Among other things, his contribution to Vale’s entry in the fertilizer business in Brazil and abroad deserve particular relevance.
Eduardo Ledsham – Has worked in Exploration for Vale since 1998 and was named executive director for Exploration, Energy and Projects in June 2010. Some of his major contributions to the company include his leadership of iron ore, coal and copper exploration in Africa; copper and nickel exploration in Indonesia, and his role in the increase in value of Vale Inco’s assets. In iron ore, he participated in several acquisitions in Brazil.
Guilherme Cavalcanti – Joined Vale in September 2005 as the Corporate Finance director. In September 2010 he assumed the position of executive director for Finance and Investor Relations. Some of his major contributions include the raising of capital for the Inco acquisition, as well as the maintenance of cash-flow at an optimized and competitive capital cost.
The new proposed executive directors are:
Humberto Freitas – B.Sc. Metallurgical Engineering, with strong knowledge of and experience in Logistics. Humberto was CEO of Sepetiba Tecon from 1998 to 2003, CEO of Valesul from 2003 to 2007, director for Ports and Navigation at Vale between 2007 and 2009 and then Logistics Operations director also at Vale. Humberto has actively worked on the navigation implementation strategy and also coordinated the efforts to establish Vale’s own shipping fleet.
Galib Chaim – Graduated in Mining Engineering with a MBA in Business Management. Galib held the position of Alunorte Industrial director between 1994 and 2005. After that, he took the position of Coal Projects Departament director, in which he led projects in Mozambique, Australia, Indonesia and Zambia. Among his several contributions to the company, we highlight the excellence in the implementation of the Moatize Coal Project, from the feasibility studies to the start-up in August 2011.
Peter Poppinga – Graduated in Geology and Mining Engineering, with specialization in Geo-statistics. Before entering Vale, Peter worked for Samitri. In 2000, Peter joined our company as Iron Ore commercial director. He has worked in the USA, Belgium and Switzerland, where he took the position of Vale International CEO. Since 2007, Poppinga has contributed to several areas in the Nickel Business such as Strategy, HR, Sustainability, New Business Development and Mineral Technology. Since 2009, Poppinga has been the VP for Base Metals Operations in Asia Pacific.
14/11/2011 Cornerstone Resources Inc. Corporate Presentation
http://www.cornerstoneresources.com/i/pdf/Presentations_1111_CRICorporate.pdf
News out on Scoping Review>>> Great News<<<<
At this time for anyone interested in CGP & THR JV agreement on the Little Deer property in Newfie may be a time to seriously consider where the SP for both companies well be in the next couple of years; IMO I believe that it is going to be well worth the investment. So serious investores may want to take a closer look at this time.
November 01, 2011
11-35 - Cornerstone and Thundermin Announce a Positive Preliminary Economic Assessment for the Little Deer Copper Deposit
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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 that P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario has completed an independent, positive National Instrument 43-101 ("NI 43-101") Preliminary Economic Assessment ("PEA") for the Little Deer Copper Deposit ("Deposit"). The results of the PEA demonstrate the potential technical and economic viability of establishing a new, profitable copper mine on the Little Deer property which is located approximately 10 km north of Springdale in north-central Newfoundland.
PEA Highlights
Base Case Scenario (copper price of US$3.75/lb and an exchange rate of US$0.95 = C$1.00; all dollar amounts are expressed in Canadian dollars unless otherwise stated):
Mineral Resources: Indicated Resources of 1,911,000 t grading 2.37% Cu (99.8 million lbs of copper) and Inferred Resources of 3,748,000 t grading 2.13% Cu (175.9 million lbs of copper) and 20% mining dilution at zero grade with 90% extraction rate incorporated into the mine plan
Mining: 1,800 t/day underground mine with ramp and shaft access using long hole stoping method
Mine Life: 9.5 years
Conventional milling and flotation process with 97% copper recovery to a clean 28% copper concentrate
Initial Capital Cost: $110 million
Average Site Operating Cost: $47.32 per tonne of ore mined and milled ($1.16 per lb of copper)
Total Revenue: $829 million
Pre-tax Net Cash Flow: $237 million. After-tax Net Cash Flow: $166 million
Pre-tax Net Present Value at 6% Discount Rate: $130.4 million. After-tax Net Present Value at 6% Discount Rate: $86.7 million
Payback of Pre-production Capital: 3.5 years
Internal Rate of Return Pre-tax: 26.0%
Internal Rate of Return After-tax: 21.5%
Brooke Macdonald, President of Cornerstone, said "We are extremely pleased with the encouraging results of the Little Deer PEA, which demonstrate that the Deposit has the potential to be developed into a new profitable copper mine on a standalone basis. The recently recognized potential for adding further copper resources at the Whalesback Mine, that could result in an extended mine life, simply adds to our shared optimism with Thundermin."
Background
Cornerstone and Thundermin, operating on a 50/50 basis under the Little Deer Joint Venture ("LDJV") with Thundermin as operator, optioned the Deposit and certain adjoining lands from Weyburn Investments Limited ("Weyburn") in June 2007. Under the LDJV, Thundermin has the right to increase its interest in the Deposit and adjoining lands to 75% by completing a feasibility study and by arranging 100% of the necessary bank financing required to place the property into commercial production. Since June 2007, the LDJV has completed approximately 48,800 m of diamond drilling in 82 holes and has spent over $7,400,000 on the property, with over $5,000,000 having been spent on diamond drilling. The LDJV has also compiled a large amount of historical diamond drill hole data on the Deposit that was recovered from the archives of the Newfoundland and Labrador Department of Natural Resources in St. John's. This work confirmed the geological interpretation, grade and continuity of the Deposit and led to the commissioning of an updated NI 43-101 compliant Mineral Resource Estimate for the Deposit which was released on June 22, 2011 (see below). On July 12, 2011, Cornerstone and Thundermin exercised their option to earn a 100% interest in the Deposit and adjoining lands from Weyburn. The LDJV now owns a 100% interest in 276 mineral claims covering approximately 65.3 km² of favorable volcanic stratigraphy in the area, subject only to certain net smelter returns royalties. The LDJV also has a 100% interest in the adjacent, past-producing Whalesback Copper Mine where a recent digital compilation of historical diamond drill hole data suggests that there is excellent potential for establishing additional copper resources at the Whalesback Mine below and to the west of the areas mined by British Newfoundland Exploration Company ("BRINEX") between 1965 and 1972 (see news release dated October 20, 2011). Details on the Deposit and the terms of the agreement between Cornerstone and Thundermin can be found in numerous news releases between May 1, 2007 and June 22, 2011 and on Cornerstone's and Thundermin's respective websites and on SEDAR.
Financial Evaluations
Financial evaluations of the Deposit were calculated by P&E using a discounted cash flow analysis. On a 100% equity financing basis, the Base Case analysis shows that the pre-tax Internal Rate of Return ("IRR") is 26.0% and the Net Present Value ("NPV"), at a 6.0% discount rate, is $130.4 million. The pre-tax undiscounted cash flow for the project is $237 million and the payback of capital from the commencement of commercial production is approximately 3.5 years. The Base Case analysis shows that the after-tax IRR is 21.5% and the NPV, at a 6% discount rate, is $86.7 million. The after-tax uncounted cash flow for the project is $166 million. The Base Case scenario assumes initial capital costs of $110 million to advance the project to commercial production. The average operating costs for life-of-mine is estimated to be $47.32 per tonne of ore mined and milled. A projected 10-year average copper price of US$3.75 and exchange rate of US$0.95=C$1.00 was used in the Base Case financial analysis. The Base Case also includes the payment of certain underlying NSR royalties to third parties. The sensitivity of the project to copper prices is shown in Table 1.
Table 1: Sensitivity of the Little Deer Copper Deposit to Copper Price
Copper Price (US$/lb) 3.25 3.50 3.75 (Base Case) 4.00 4.25
Pre-tax IRR (%) 13.8 20.1 26.0 31.8 37.5
After-tax IRR (%) 11.1 16.3 21.5 26.6 31.7
Pre-tax NPV ($ million @ 6%) 47.6 89.0 130.4 171.8 213.1
After-tax NPV ($ million @ 6%) 27.4 57.1 86.7 116.3 146.0
Mineral Resources
A NI 43-101 compliant Mineral Resource Estimate, which was completed by P&E, was released on June 22, 2011. P&E estimated that the Deposit contains Indicated Resources of 1,911,000 tonnes at an average grade of 2.37% Cu (99.8 million lbs of copper) and Inferred Resources of 3,748,000 tonnes at an average grade of 2.13% Cu (175.9 million lbs of copper) (see Table 2).
A Technical Report and Mineral Resource Estimate titled "Technical Report and Resource Estimate Update on the Little Deer Copper Deposit, Newfoundland, Canada, August 5, 2011" by Mr. Eugene Puritch, P. Eng., President, P&E and Dr. Wayne Ewert, P. Geo., Vice President, P&E, independent Qualified Persons ("QPs") in accordance with NI 43-101 was filed on SEDAR on August 5, 2011.
Table 2: Summary of Little Deer Mineral Resources (P&E, June 20, 2011)
Resource Classification/Zone Tonnes (t) Copper (%) Cu lbs (M)
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
Footwall Zone 1,711,000 2.04 77.0
Footwall Zone Splay 797,000 2.64 46.2
Total Inferred Resources 3,748,000 2.13 175.9
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 15% Cu utilized on composites.
6) A variable bulk density based on numerous field measurements was used for tonnage calculations.
Production Plan
The PEA was undertaken using a production rate of 1,800 t/day (657,000 t/year), resulting in a 9.5 year mine life for the project. Underground access will be gained via a ramp, driven at 15%, and an 875 m production shaft. It is envisioned that production from approximately the upper 400 m of the Deposit will be via ramp and production from the lower part of the Deposit will be via the production shaft. Copper mineralization from the Deposit will be extracted using a long-hole mining method using mechanized trackless mining equipment (see Figure 1).
Copper mineralization from the Deposit will be processed in a new, state-of-the-art, environmentally friendly mill employing differential flotation to produce a high quality copper concentrate. 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 clean, high grade copper concentrate grading over 28% copper with 97% recovery can be produced from the Deposit. The use of a simple rougher-cleaner flowsheet, a common xanthate collector, pH control with lime and a relatively coarse primary grind for copper liberation from mineralization of medium hardness suggest that the mill operating costs should fall into the low range.
Approximately 46% of the tailings from the mill will be placed underground in cemented hydraulic backfill. The remainder of the tailings are expected to be submerged in the former Whalesback tailings impoundment facility which is located approximately 1.2 km north of the Deposit.
Approximately 389,000 t of copper concentrate will be produced during the life of the mine which equates to approximately 26 million lbs of copper on an annual basis. The concentrates are expected to be trucked to one of two deep water port sites within 25 km of the property for storage and loading onto oceangoing vessels for shipment to a custom smelter.
Capital and Operating Costs
The total initial capital cost to advance the project to commercial production is $110 million. This capital includes all new hoist, head frame, equipment, mill infrastructure, ramp, upper portion of the shaft and power line and transformers. It is anticipated that the mine/mill infrastructure will require approximately 16-18 months to complete from the date that all necessary permits are received and financing for the project has been completed.
The average life-of-mine operating cost per tonne of ore mined and milled is estimated at $47.32 which equates to approximately $1.16 per lb of copper.
In the PEA, P&E has identified a number of opportunities to potentially further enhance the economics of the project. These include the discovery of additional resources with further drilling at depth and along strike at Little Deer, the discovery of additional resources at the adjoining Whalesback Mine, improvement in metallurgical recoveries and concentrate grade, increase in mine production rates, further reductions in capital costs through the employment of refurbished equipment, project design optimization and the potential use of existing underground infrastructure, including vent raises, ramp access and pre-developed ore which exist on the Little Deer property.
Project Infrastructure
The Deposit is located on a brownfield site and is well situated to take advantage of Newfoundland's developed infrastructure. The Deposit lies approximately 16 km from the Trans-Canada Highway and is easily accessed by a 10 km network of paved and gravel roads north of Springdale, where there is an available skilled mining workforce. The site is approximately 8 km from a major power substation and there is a plentiful supply of fresh water in the area. The former tailings impoundment facility for the Whalesback Mine, which may be able to be upgraded and used to store additional tailings, is located only 1.2 km north of the Deposit. There is also good access to several deep water ports for any future shipment of copper concentrates.
The recovery of a substantial quantity of archived data has also given Cornerstone and Thundermin a better understanding of the underground infrastructure that exists on the property. This infrastructure dates from 1966 to 1972 and 1972 to 1974 when a portion of the upper part of the Deposit was developed and mined by BRINEX and Green Bay Mining Company ("Green Bay"), respectively. BRINEX accessed the Deposit from the adjoining Whalesback Mine and Green Bay accessed the Deposit via a ramp. Three ventilation raises and substantial lateral development in unmined copper mineralization are known to exist on the property. This existing infrastructure may potentially afford substantial cost savings for access underground for future definition drilling and mining.
Outlook
As a result of the positive PEA, Cornerstone and Thundermin intend to proceed with further evaluation of the Little Deer Project. This work will include additional drilling in the adjacent Whalesback Mine area to confirm the historical results and to possibly expand the copper resources to the west and at depth below the areas mined previously by BRINEX (see news release dated October 20, 2011). The discovery of additional economic grade copper resources at relatively shallow depths on the Whalesback property could be extremely important to an eventual decision to place the Deposit into commercial production. In addition, Cornerstone and Thundermin intend to undertake a substantial infill diamond drill program on the Deposit to upgrade existing resources from the Inferred to the Indicated Resource category prior to commencing a pre-feasibility study on the project. Details of these programs will be released in the coming weeks.
The Deposit and adjacent Whalesback Mine provide an excellent opportunity to re-establish the Springdale area of north-central Newfoundland as a significant copper producer. The general area has proven to be very prospective for volcanogenic massive sulphide deposits of the Cyprus type and the LDJV anticipates increased exploration activity on its large landholdings that may lead to additional discoveries.
Qualified Persons
The PEA was prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E. Mr. Puritch is an independent Q.P. in accordance with NI 43-101 and has reviewed and approved the contents of this news release. A NI 43-101 compliant PEA Technical Report is currently being prepared by P&E and will be filed on SEDAR by Cornerstone and Thundermin within 45 days of this news release.
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc. and Q.P. has also reviewed and approved the contents of this news release.
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 Ecuador, Chile, and Atlantic Canada, 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. Further information is available on Cornerstone's website: www.cornerstoneresources.com.
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
Twitter
YouTube channel
Flickr
The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0711_CRICorporate.pdf
The link to a virtual tour of drilling at the Gama prospect, Shyri concession in Ecuador is:
http://www.youtube.com/watch?v=Ne8XSfgLwIM
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
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.
You can view the Previous News item: Thu Oct 20, 2011, 11-34 - Cornerstone and Thundermin Identify Encouraging New Tonnage Potential at the Past-Producing Whalesback Copper Mine, Springdale Area, Newfoundland
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News out more copper at the Whalesback when this is all said and done, the SP should reflect nicely.
October 20, 2011
11-34 - Cornerstone and Thundermin Identify Encouraging New Tonnage Potential at the Past-Producing Whalesback Copper Mine, Springdale Area, 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 that a recently completed digital compilation of historical diamond drill hole assay data from the 100% owned, past-producing, Whalesback Copper Mine suggests that there is excellent potential for establishing additional copper resources on the Whalesback property below and to the west of the areas mined by British Newfoundland Exploration Company ("BRINEX") between 1965 and 1972 (see Figure 1 and Table 1).
The Whalesback Copper Mine is located approximately 10 km north of Springdale in north-central Newfoundland and approximately 800 m north of the 100% owned Little Deer Copper Deposit where Cornerstone and Thundermin have outlined significant copper resources since June 2007 (see below). The two deposits are connected on the 800 foot (244 m) level by an approximately 800 m long drift and both deposits possess underground infrastructure that may be of use in any future mining operations (see Figure 2). Additional information on the Little Deer Copper Deposit is available in numerous news releases issued between May 1, 2007 and August 31, 2011 and on Cornerstone's and Thundermin's respective websites and on SEDAR.
Whalesback Copper Mine and Property
Diamond drill logs and assay data for 60 surface and 242 underground holes from the Whalesback Copper Mine were recovered from the archives of the Newfoundland and Labrador Department of Natural Resources in St. John's. Drill hole numbers and pierce points for 107 holes drilled in the mineralized zone below and to the west of the areas mined by BRINEX are shown on Figure 1. The corresponding assay results and assay widths, most of which approach true width, are presented in Table 1. Twenty four of the historical holes had copper intersections grading > 2.0% Cu, 49 had copper intersections grading between 1.0% and 2.0% Cu and 33 had copper intersections grading < 1.0% Cu. Only one of the historical holes did not intersect significant copper mineralization. Significant results from the historical drill holes include 4.5% Cu over 6.1 m, 4.0% Cu over 3.4 m, 3.2% Cu over 5.5 m, 3.0% Cu over 4.3 m, 2.9% Cu over 8.4 m, 2.9% Cu over 6.1 m, 2.6% Cu over 4.6 m, 2.5% Cu over 5.3 m and 2.4% Cu over 9.1 m (see Table 1). Underground hole 11-11 is the deepest hole drilled to date on the Whalesback Deposit. This hole, which intersected 1.7% Cu over 8.4 m at a vertical depth of approximately 565 m, has never been followed up with additional drilling.
H. Brooke Macdonald, President of Cornerstone said "We are very encouraged by results of the compilation of historical Whalesback Mine data. At this point the situation is reminiscent of Little Deer four years ago when we recognized the potential to significantly expand the copper resources, particularly at depth, around the former Little Deer Mine. Our drilling at Little Deer has confirmed that potential, and we're optimistic we can duplicate that success at the Whalesback Mine. Historically both mines have operated as a single unit, and identification of new copper resources at Whalesback will have a significant positive impact on project economics and an eventual production decision".
Table 1: Whalesback -- Historical Surface and Underground Drill Results
For Table 1 please see http://www.cornerstoneresources.com/i/pdf/NR11-34-Table1.pdf
The sulphide mineralization within the Whalesback Copper Mine consists predominantly of disseminated, stringer, semi-massive and massive pyrite-chalcopyrite-pyrrhotite within altered mafic volcanic rocks similar to that encountered within the adjacent Little Deer Copper Deposit. The historical drill hole data presented in Figure 1 and Table 1 demonstrates that there are existing copper resources already defined beneath and to the west of the area mined previously by BRINEX. In addition, the data suggests that there is excellent potential to further expand these resources with additional diamond drilling at relatively shallow depths. The adjacent Little Deer Copper Deposit is known to occur over a strike length of 1,050 m and to persist to a vertical depth of at least 1,000 m whereas the deepest intersection at Whalesback is at a vertical depth of approximately 565 m. It is believed that the copper mineralization at Whalesback could also continue further along strike to the west and to depth and cover an area at least comparable in size to the Little Deer Copper Deposit.
Cornerstone and Thundermin intend to undertake 3,800 m of diamond drilling in 9 holes on the Whalesback property commencing this fall. The purpose of this work is to confirm the historical results and to expand the copper resources to the west and at depth below the areas mined previously by BRINEX. The discovery of additional economic grade copper resources at relatively shallow depths in this area of the Whalesback property could be extremely important to an eventual decision to place the Little Deer Copper Deposit into commercial production.
The potential for establishing additional resources on the Whalesback property is conceptual in nature and it is uncertain whether further diamond drilling will be successful in defining additional resources of economic grade copper mineralization on the property.
Mineral Resources - Little Deer Copper Deposit
On June 22, 2011, Cornerstone and Thundermin reported a National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the Deposit comprising Indicated Resources of 1,911,000 tonnes at an average grade of 2.37% Cu (99.8 million pounds of copper) and Inferred Resources of 3,748,000 tonnes at an average grade of 2.13% Cu (175.9 million pounds of copper). The mineral resource estimate was prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E Mining Consultants Inc. of Brampton, Ontario. Mr. Puritch is an independent Qualified Person ("Q.P.") in accordance with NI 43-101.
Qualified Person
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc., is the Q.P. responsible for the compilation of all of the historical data on the Whalesback Copper Mine for the purposes of NI 43-101. Mr. Hussey has also reviewed the contents of this news release for accuracy.
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 the Deposit and the terms of the agreement with Cornerstone can be found in numerous news releases between May 1, 2007 and June 22, 2011 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 Ecuador, Chile, and Atlantic Canada, 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. Further information is available on Cornerstone's website: www.cornerstoneresources.com.
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
Twitter
YouTube channel
Flickr
The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0711_CRICorporate.pdf
The link to a virtual tour of drilling at the Gama prospect, Shyri concession in Ecuador is:
http://www.youtube.com/watch?v=Ne8XSfgLwIM
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
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.
You can view the Previous News item: Wed Oct 12, 2011, 11-33 - Intrepid approves Phase 2 drilling at Gama prospect in Ecuador
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News out 2nd round of drilling at Gama....
Cornerstone Capital Resources Inc.: Intrepid Approves Phase 2 Drilling at Gama Prospect in Ecuador
10/12/2011 8:00:07 AM - Market Wire
MOUNT PEARL, NEWFOUNDLAND, Oct 12, 2011 (Marketwire via COMTEX News Network) --
Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (PINK SHEETS:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) announces that Intrepid Mines Limited (ASX-IAU) (TSX-IAU) has approved a Phase 2 diamond drilling program at Cornerstone's Gama prospect in Ecuador focusing on porphyry targets. The program will cost approximately $1.5 million and includes two 600 metre long holes, as well as additional soil sampling, re-interpretation of target models, induced polarization and ground electromagnetic and magnetic surveys. Further details of the program will be announced in the coming weeks.
The recently completed Phase 1 diamond drilling program at Gama confirmed a large alteration system containing anomalous copper, molybdenum and gold. Two holes intersected broad zones of gold enrichment in a porphyry system grading 0.71 g/t Au over 45 metres and 0.45 g/t Au over 26 metres in holes GAD-11-002 and GAD-11-011 respectively (see Cornerstone news releases dated May 31 and August 11, 2011 for details).
"We are pleased that Intrepid has approved a Phase 2 program at Gama", said Brooke Macdonald, Cornerstone's President. "This program will allow us to test the porphyry targets at depth and to develop new drilling targets for both epithermal and porphyry styles of mineralization on Gama. Environmental permits for drilling the Vetas Grandes and Canaribamba prospects on the southern portion of the Shyri concession are expected to be received toward the end of the first quarter of 2012."
Gama Prospect
The Gama prospect is one of three recognized thus far on the Shyri property, and comprises an extensive zone of high sulphidation (HS) epithermal alteration measuring a minimum of 8.5 km by 3 km. The alteration is strongly zoned and centered over two high level, porphyry-type intrusions at the 3500 m to 3800 m elevations. Gama is located 15 km to the west of Iamgold's Quimsacocha HS epithermal gold deposit.
Qualified Person
Yvan Crepeau, M.Ba., P.Geo, President of Cornerstone Ecuador SA and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the Gama drilling program and has reviewed and approved the technical information contained in this news release.
Shyri Option Agreement
Intrepid Mines Limited ("Intrepid") is earning a 60% interest in the Shyri gold-silver-copper property under an option agreement signed with Cornerstone in January 2011. Under the terms of the Agreement, Intrepid has the ability to earn an initial 60% interest in the property by spending $US 6.0 million dollars over 5 years. Intrepid may earn an additional 20% in specific project areas up to 5,000 hectares each. Upon designation of a Project Area, Intrepid will make a $US 750,000 private placement in Cornerstone. To earn the additional interest, Intrepid will complete a bankable feasibility study or incur expenditures of $US 20 million, whichever comes first, and make a cash payment to Cornerstone of up to $US 5.0 million based on the gold equivalent ounces in the mineral reserve. There is no limit to the number of Project Areas Intrepid may designate within the property and each 'stand-alone' Project Area requires the same earn-in requirements (see news release dated Oct 29, 2009). Cornerstone is the project operator, and manages the exploration programs in close consultation and planning with Intrepid.
Other News
Cornerstone will be participating in the upcoming Latin Exploration 2011 Conference at the Sheraton Retiro Hotel Buenos Aires, Argentina, on October 17-18, 2011. Company president Brooke Macdonald, and Yvan Crepeau, President of Cornerstone Ecuador and Minera Cornerstone Chile will be presenting on October 17, and encourage all those interested to attend. Information on the conference is available at http://www.latinexploration.com.
About Cornerstone
News
WOW it didn't take CGP long to raise 2.5 mill.
Based on the last Shareholder update from Brooke it will be interesting to see what happens with the scoping review on Little Deer and the next round of drilling on Shyri!
Cornerstone Private Placement Completed
9/29/2011 5:15 PM - Market Wire
MOUNT PEARL, NEWFOUNDLAND, Sep 29, 2011 (Marketwire via COMTEX News Network) --
Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) announces completion of the non-brokered private placement announced on September 14. The Company is pleased to announce that the offering was fully subscribed for total proceeds of $2.5 million.
The financing consisted of the issuance of 12,500,000 units. Each unit was priced at $0.20 per unit and consisted of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one common share for a period of five years at a purchase price of $0.30. If, after January 29, 2012, the volume weighted average price of Cornerstone's shares on the TSX Venture Exchange for any consecutive 20 days of trading is equal to or greater than $0.40, Cornerstone may, at its discretion within the following five trading days, provide notice of an earlier expiry date of the warrants, in which case the warrants will expire 30 trading days after giving such notice.
Finders' fees of 7.5% in Units and 7.5% Finder Warrants were issued to eligible finders. Each Finder Warrant entitles the finder to purchase one share for $0.30 during a period of five years and is subject to the same acceleration provisions as the unit warrants.
This private placement is subject to final regulatory approval and all shares issued and any shares issued on exercise of the warrants are subject to restrictions on transfer until January 30, 2012. The proceeds from the private placement will be used to further advance Cornerstone's exploration programs and continued working capital requirements.
Cornerstone wishes to express its appreciation to all shareholders for their continued support and confidence.
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 Ecuador, Chile, and Atlantic Canada, 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. Further information is available on Cornerstone's website: www.cornerstoneresources.com.
Good day Rel.. Hope they do another drill program on the new discover area. As for true widths it is to early to get a picture of true widths need more holes.
As for the other showings, they drive every body nuts they think they know then some thing pops up different, weird area on the penninsula.Also if results are in PPB and under a metre give no thought to them in the industry usless info, they mean nothing.
The down dip area was interesting to me I wonder why they marked it was only shallow, need that one answered for sure.
News out-- We might have a slim chance if CGP can prove up some more drill holes around the same results as holes 23 to 25 all other grades are not even worth a second look in this area, but we do have a chance with the width as being the main factor right now.Grade is ok 3.15% because of the width,you can,t be much shallower than that to be profitable and as we can see by the market, they also agree!
Also I hope that they drill this again by them selves and not JV it. Hope that the next program don,t take to long to start, if the can get some drill targets now and in the fall winter drilling will be a snap.
August 03, 2011
11-24 - Cornerstone intersects 3.15 g/t Au over 3.2 m on the El Strato Gold Property in Newfoundland
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announced today that it has completed a 1,160 metre, 10 hole diamond drilling program on the El Strato gold property in north-central Newfoundland. The program successfully intersected a new gold-bearing breccia zone grading 3.15 g/t Au over a core length of 3.2 m along the southwest portion of the Rocky Bottom trend (see Table 1 and Figure 1 for a summary of the results). This new mineralized zone is the widest drill intersection encountered on the property to date and is open in all directions.
Brooke Macdonald, President of Cornerstone, said "The discovery of a new gold-bearing zone grading 3.15 g/t Au over 3.2 m represents the first significantly wide gold intersection to date on the El Strato property, and confirms the potential for mineable widths. We are encouraged by these results and will be planning a follow-up exploration drilling program to further evaluate the extent of the gold mineralization."
The drilling program primarily tested near-surface anomalies generated by work completed in 2010 that included an Induced Polarization (IP) survey, soil geochemistry survey, prospecting and a follow-up mechanical trenching program. The IP survey identified the DD trend, a 1.25 km long IP chargeability anomaly and the Rocky Bottom trend, a 1.75 km long IP chargeability anomaly. Three holes (ES-11-20 to 22) tested the DD trend along 700 m of its strike length. Holes ES-11-20 & 21 encountered locally weakly anomalous gold values ranging from 5 to 220 ppb Au. Hole ES-11-22, the northernmost hole along the trend, intersected typically weakly anomalous gold values (5 - 112 ppb Au) including a high of 2.23 g/t Au over 0.3 m in mafic volcanic rocks with quartz-carbonate patches. Three holes (ES-11-23 to 25) were drilled along the Rocky Bottom trend and intersected significant gold grades. Hole ES-11-23 intersected 3.15 g/t Au over 3.2 m in a breccia and 14.23 g/t Au and 20.3 g/t Ag over 1.2 m in a narrow quartz vein that was drilled partially down dip. Hole ES-11-24 intersected 2.16 g/t Au over 1.6 m in a shear zone and hole ES-11-25 intersected 3.01 g/t Au over 0.8 m in a quartz-veined shear zone. A more detailed description of the DD and Rocky Bottom trends is provided in a news release dated October 4, 2010.
Hole ES-11-26 tested the Mega Vein, an approximately 8 m wide quartz vein exposed at surface. The hole intersected only weakly anomalous gold including 20 ppb Au over 0.9 m in a quartz vein. Hole ES-11-27 tested the Triple N showing, from which grab samples assayed up to 4.2 g/t Au. The hole intersected 2.28 g/t Au and 8.8 g/t Ag over 0.2 m and 1.16 g/t Au and 11.1 g/t Ag over 0.25 m in narrow zones of quartz veining.
The Arrowhead showing, a >1 m wide sub-cropping mineralized quartz vein that has returned values up to 54.3 g/t Au in grab samples, was tested by holes ES-11-28 and 29. Hole ES-11-28 intersected the Arrowhead quartz vein which returned 143 ppb Au over 0.4 m. Hole ES-11-29, collared 110 m to the southwest of ES-11-28, intersected 7.39 g/t Au over 0.8 m including the Arrowhead quartz vein which assayed 18.7 g/t Au and 8.4 g/t Ag over 0.3 m.
Gold intercepts noted above typically contain variable amounts of sulphide mineralization comprised of pyrite and/or sphalerite and/or galena and/or minor chalcopyrite. See website for additional information regarding the El Strato property (www.cornerstoneresources.com).
Table 1: El Strato Drill Results
Hole No. Drill Target Area Location (UTM NAD 27 Z21) Azimuth (o) Dip (o) Length (m) From (m) To (m) Interval* (m) Au (g/t)**
Easting Northing
ES-11-20 DD Trend 540,885 5,494,413 290.0 -44.1 131 locally weakly anomalous Au
(ranging from 5-80 ppb Au)
ES-11-21 DD Trend 540,918 5,494,518 295.6 -42.4 125 locally weakly anomalous Au
(ranging from 5-220 ppb Au)
90.35 91.85 1.5 191 ppb
ES-11-22 DD Trend 541,171 5,495,047 291.5 -44.0 131 typically anomalous Au (5-112 ppb Au)
78.8 79.1 0.3 2.23
ES-11-23 Rocky Bottom Trend 541,732 5,494,427 293.8 -42.5 125 92.8 94.0 1.20*** 14.23
96.4 99.6 3.2 3.15
ES-11-24 Rocky Bottom Trend 542,033 5,494,857 124.8 -42.6 95 72.0 73.6 1.6 2.16
92.57 92.77 0.2 3.62
ES-11-25 Rocky Bottom Trend 542,204 5,494,975 126.6 -42.3 110 55.0 55.8 0.8 3.01
ES-11-26 Mega Vein 541,837 5,495,284 291.9 -43.3 53 locally weakly anomalous Au
(ranging from 5-188 ppb Au)
26.5 27.4 0.9 20 ppb
ES-11-27 Triple N Trench 542,224 5,495,889 303.5 -43.2 140 37.15 37.35 0.2 2.28
48.4 48.65 0.25 1.16
ES-11-28 Arrowhead Showing 542,772 5,495,586 297.3 -43.1 140 63.2 63.6 0.4 143 ppb
74.7 75.55 0.85 234 ppb
ES-11-29 Arrowhead Showing 542,727 5,495,483 297.8 -43.0 110 42.3 43.1 0.8 7.39
77.5 77.9 0.4 1.21
Total= 1,160
* all lengths noted are core lengths as true thickness is unknown at this time
** gold grades are in grams per metric tonne (g/t) unless otherwise noted as parts per billion (ppb)
*** drilled partially down-dip
Qualified Person
Brad Dyke, P.Geo., Project Geologist for Cornerstone, is the Qualified Person in accordance with National Instrument ("NI") 43-101 responsible for supervising the diamond drilling program on the El Strato property. Mr. Dyke has reviewed and approved the technical contents of this news release. All holes drilled by Cornerstone are BQTK in size. Photographic logging of all drill core was performed systematically prior to assaying. The core is logged and select 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.
Junior Exploration Assistance Program
Cornerstone would like to acknowledge financial support from the Junior Exploration Assistance (JEA) Program of the Province of Newfoundland and Labrador in carrying out the 2011 diamond drilling program on the El Strato property.
Other News:
Proceeds of $937,500 have been received from the exercise of the Company's remaining outstanding warrants. On June 24, 2011, the Company gave notice to warrant-holders that it was accelerating the expiry date as per the terms of the warrant agreement and all 4,687,500 warrants were exercised by the warrant-holders.
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 Ecuador, Chile, and Atlantic Canada, 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. Further information is available on Cornerstone's website: www.cornerstoneresources.com.
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
Twitter
YouTube channel
Flickr
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,
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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CGP had a good run the last few days. Hopefully it will keep on the up trend now. Maybe something coming down the pipe. CGP has a lot of irons in the fire right now. Looks like we will not get a NR on Shyri untill the first week of Sept..
We still have Little Deer and El Strado news should be out soon also maybe some news on the work in Chile.
Let hope this keeps up!:)
TSX Venture Exchange Daily Bulletins
CORNERSTONE CAPITAL RESOURCES INC. ("CGP") BULLETIN TYPE: Property-Asset or Share Purchase Agreement BULLETIN DATE: July 7, 2011 TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation pursuant to an Option Agreement dated June 20, 2007 (the 'Agreement') among Cornerstone Capital Resources Inc. (the 'Company'), Thundermin Resources Inc., and Weyburn Investments Limited ('Weyburn'). The Company has elected to extend the option with Weyburn by making a payment of $750,000 through the issuance of shares. In total, the Company will issue 2,613,240 common shares at a deemed price of
.287 to Weyburn.
The Agreement was disclosed in the Company's news releases dated May 1, 2007 and June 21, 2007.
Hi B402-- Rel coveres it pretty good. Dwek still has an option for aprox.. another 4 mill.
Also further on the JV with THR, it is impoprtant to remember that THR is the operator. We are waiting for the Scoping study to be announced and to see what option THR will take. To me right now it looks like they may mine it?? From THR web site, the deal with CGP.
Background
The Little Deer copper property, which is located approximately 10 km north of Springdale in north-central Newfoundland, consists of 276 mineral claims (65.3 km²) in four separate mineral licences. Three of the licences (44 mineral claims) in the eastern part of the property (the Little Deer, Duck Pond and East Licences) are subject to an option agreement with Weyburn Investments Limited (“Weyburn”) whereunder Thundermin and Cornerstone have the option to earn a 100% interest in the three licences by fulfilling certain work commitments and making certain payments in cash and/or shares over a four year period. All work commitments have been exceeded and all payments have been made to keep the option in good standing until July 12, 2011. In order to fully exercise the option on the Weyburn portion of the property, Thundermin and Cornerstone must make a minimum payment in cash and/ or shares to Weyburn of at least $1.5 million by July 12, 2011. The remainder of the Little Deer property (Licence 12196M - 232 claims), which covers the past-producing Whalesback mine, the Timber Pond zinc prospect, the Mine Brook gold prospect and a 165 m wide sliver of property between the Duck Pond and Little Deer Licences, which covers part of the Little Deer Copper Deposit, is jointly owned by Thundermin and Cornerstone.
The Little Deer Licence is subject to a 2.0% net smelter returns (“NSR”) royalty, 1.0% of which can be repurchased for $1,000,000. The Duck Pond Licence is subject to a 3.0% NSR royalty. The East Licence is subject to a 1.5% NSR royalty, 0.75% of which can be repurchased for $1,000,000. Licence 12196M is subject to a 2.0% NSR, 0.5% of which can be repurchased for $1,000,000.
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
It is also very important to remember one important thing (well I do any way) it all depends on the drill and nothing else, all the talk about, samples,being next to so and so means very little, and this deposit looks like such and such deposit. All of those things has to be taken with a grain of salt, it is a starting point only to help in the drilling.
So that is another reason why CGP SP is down they also don,t have any thing at this point in time, nothing to tie a dollar figure to.
CGP vodeo from Shyri nice watch, it puts a face on the company.
ENJOY
Little Deer 5.7 million Tonnes awsome news
June 22, 2011
11-21 - Cornerstone and Thundermin announce 66% increase in indicated and 61% increase in inferred NI 43-101 compliant mineral resources at the Little Deer Copper Deposit, Newfoundland
--------------------------------------------------------------------------------
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 the results of an updated mineral resource estimate for the Little Deer Copper Deposit ("Deposit") which is located approximately 10 km north of Springdale in north-central Newfoundland. The updated mineral resource estimate was prepared by P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, Canada and complies with National Instrument 43-101 ("NI 43-101") (see Table 1).
Highlights
66% increase in the Indicated Mineral Resource to 99.8 million lbs of copper
1,911,000 t grading 2.37% Cu
61% increase in the Inferred Mineral Resource to 175.9 million lbs of copper
3,748,000 t grading 2.13% Cu
Potential to further increase mineral resources with additional drilling below and to the west of the current resources remains strong.
Brooke Macdonald, President of Cornerstone, said "The updated mineral resource estimate represents a substantial increase, and we are very pleased to have met our goal of establishing five to six million tonnes of potentially economic grade copper mineralization. Results of the internal scoping review, also being carried out by P&E, are expected to be received by June 30th. This study is evaluating a range of potential mining and operating scenarios for the project and will provide management with preliminary information on the economic viability of developing a new copper mine at Little Deer".
Table 1: Summary of Little Deer Mineral Resources (P&E, June 20, 2011)
Resource Classification/Zone Tonnes (t) Copper (%) Cu lbs (M)
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
Footwall Zone 1,711,000 2.04 77.0
Footwall Zone Splay 797,000 2.64 46.2
Total Inferred Resources 3,748,000 2.13 175.9
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 15% Cu utilized on composites.
6) A variable bulk density based on numerous field measurements was used for tonnage calculations.
7) A copper price of US$3.42/lb (May 31 2011 24 month 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.
The updated mineral resource estimate for the Deposit is based on assay results from 48,432 m of drilling in 82 holes completed by Thundermin and Cornerstone since June 2007 and assay data from a total of 102 surface and 122 underground historical holes that were drilled by British Newfoundland Exploration Company ("BRINEX") between 1961 and 1970 and Mutapa Gold Corporation between 1998 and 2000. The historical information was recovered from the archives of the Newfoundland and Labrador Department of Natural Resources in St. John's, Newfoundland.
P&E undertook a new cross sectional interpretation on approximately 10 m centers for the entire Deposit and created a wireframe model of the 3-D solids in order to determine an overall shape and volume for the Deposit. Copper grade data for all samples assayed by Cornerstone and Thundermin from the 2007 to 2011 drill programs and all copper grade data recovered from the historical drilling were used to calculate copper grade estimates for the Deposit. Bulk density data collected by Cornerstone and Thundermin from the 2007 to 2011 drill programs was utilized for the calculation of bulk densities for the entire Deposit.
The substantial increase in tonnage in P&E's updated mineral resource estimate for the Deposit results from a reinterpretation of the sectional data for the Deposit, the inclusion of all of the historical assay data recovered from the archives, the inclusion of assay data for 25 holes drilled by Cornerstone and Thundermin since December 1, 2010 and the use of length-weighted bulk density data for individual assay samples that was not used previously.
Qualified Persons
The updated 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. An NI 43-101 compliant Technical Report covering the updated mineral resource estimate is currently being prepared by P&E and will be filed on SEDAR by Cornerstone and Thundermin within 45 days of this news release.
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc., is the Q.P. responsible for supervising the drilling program on the Little Deer property for the purposes of NI 43-101. Mr. Hussey has also reviewed and approved the contents of this news release.
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.
Infrastructure
The Deposit is located on a brownfield site and is well situated to take advantage of Newfoundland's developed infrastructure. The Deposit lies approximately 16 km from the Trans Canada Highway and is easily accessed by a 10 km network of paved and gravel roads north of Springdale, where there is an available skilled mining workforce. The site is approximately 8 km from a major power substation and there is a plentiful supply of fresh water in the area. The former tailings impoundment facility for the Whalesback mine, which may be able to be upgraded and used to store additional tailings, is located only 1.2 km north of the Deposit. There is also good access to several deep water ports for any future shipment of copper concentrates. The Duck Pond base metal concentrator, which is owned by Teck Resources Inc., is located approximately 165 km by paved and gravel roads from the Little Deer site, 70 km of which is along the Trans Canada Highway and 65 km of which is on a secondary paved road.
The recovery of archived data has also given us a better understanding of the underground infrastructure that exists on the property. This infrastructure dates from 1966 to 1972 and 1972 to 1974 when a portion of the upper part of the Deposit was developed and mined by BRINEX and Green Bay Mining Company ("Green Bay"), respectively. BRINEX accessed the Deposit from the adjoining Whalesback Mine, which is also controlled by Cornerstone and Thundermin, and Green Bay accessed the Deposit via a ramp. This existing infrastructure may potentially afford substantial cost savings for access underground for future definition drilling and mining.
Little Deer Joint Venture
Cornerstone and Thundermin, the operator, have the option, on a 50/50 basis to earn a 100% interest in the 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 between May 1, 2007 and June 16, 2011 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.
Other News
In other news, Cornerstone wishes to remind its shareholders and the public that its upcoming Annual General Meeting will be held on Thursday, June 23rd at 11 A.M. (Newfoundland Standard Time) at the Johnson GEO CENTRE located at 175 Signal Hill Road, St. John's. All those interested are cordially invited to attend.
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.
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
Twitter
YouTube channel
Flickr
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
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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Gama prospect NR
June 20, 2011
11-20 - Environmental license granted for Gama prospect in Ecuador
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced that the Ministry of Environment (ME) of Ecuador has granted the formal environmental license for all portions of the Loma Quinuas, Aguarongos and Gama Norte concessions which constitute the Gama prospect on Cornerstone's flagship Shyri property. The license is valid for the 4-year advanced exploration phase of the 3 concessions. A phase 1 2,900 metre, 11 hole drilling program is currently ongoing on the Aguarongos concession (see below).
As previously announced on January 4, 2011, Cornerstone was authorized by the Ministry of Non-Renewable Natural Resources (MNRNR) to resume exploration activities (including diamond drilling) on the Loma Quinuas and Aguarongos concessions. Cornerstone's Environmental Impact Study (EIS) and an Environmental Management Plan (EMP) for Gama were both approved prior to January 2011. Under the transitional rules of the 2009 Mining Law and Regulations, Cornerstone was permitted to conduct exploration (including drilling) on Gama pending receipt of the formal environmental license. The formal environmental license was granted by ME following its approval in the first quarter of 2011 of an Environmental Compliance Audit (ECA) and an Environmental Feasibility Study (EFS) conducted on the 3 concessions. As a result of the issuance of this environmental license by the ME, no further approvals from the MNRNR are required to conduct drilling in the future on the 3 concessions.
The license does not cover the Vetas Grandes prospect (located on the Shyri NW and Shyri Norte concessions) or the Cañaribamba prospect (located on the Shyri Oeste and Shyri concessions), for which separate MNRNR and ME approvals are required.
"We are very pleased with the granting of this environmental license, which demonstrates our stewardship of the environment and our commitment to the communities in the area of our activities" said Brooke Macdonald, Cornerstone's President. "We designed and implemented a responsible Environmental Management Plan with the participation of the communities and of the environmental authorities that will ensure the sustainability of the project".
Phase 1 Drill Program
Cornerstone and Intrepid Mines Ltd (ASX-IAU, TSX-IAU) have approved an 11 hole, 2,900 metre diamond drilling program targeting both high sulphidation (HS) epithermal gold-silver and porphyry copper-molybdenum-gold mineralization on the Gama prospect. The drilling program and targets are described in news releases dated January 11 and March 8, 2011. Drilling results from the first five holes (GAD-11-001 to GAD-11-005), including a significant porphyry gold-copper mineralized intercept, were released on May 31, 2011. Phase 1 drilling should be completed in July.
A map showing the location of targets and drill holes with respect to gold-in-soil anomalies and interpreted faults is provided here: http://www.cornerstoneresources.com/i/maps/properties_GAMADDH0611.jpg.
Yvan Crepeau, M.Ba., P.Geo, President of Cornerstone Ecuador SA and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the Gama drilling program and has reviewed and approved the information contained in this news release.
Shyri Option Agreement
Intrepid Mines Limited ("Intrepid") is earning a 60% interest in the Shyri gold-silver-copper property under an option agreement signed with Cornerstone in January 2011. Under the terms of the Agreement, Intrepid has the ability to earn an initial 60% interest in the property by spending $US 6.0 million dollars over 5 years, with a firm commitment of $US 1.0 million in the first year. Intrepid may earn an additional 20% in specific project areas up to 5,000 hectares each. Upon designation of a Project Area, Intrepid will make a $US 750,000 private placement in Cornerstone. To earn the additional interest, Intrepid will complete a bankable feasibility study or incur expenditures of $US 20 million, whichever comes first, and make a cash payment to Cornerstone of up to $US 5.0 million based on the gold equivalent ounces in the mineral reserve. There is no limit to the number of Project Areas Intrepid may designate within the property and each 'stand-alone' Project Area requires the same earn-in requirements (see news release dated Oct 29, 2009). Cornerstone is the project operator, and manages the exploration programs in close consultation and planning with Intrepid.
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.
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
Twitter
YouTube channel
Flickr
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,
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.
You can view the Next News item: Wed Jun 22, 2011, 11-21 - Cornerstone and Thundermin announce 66% increase in indicated and 61% increase in inferred NI 43-101 compliant mineral resources at the Little Deer Copper Deposit, Newfoundland
You can view the Previous News item: Thu Jun 16, 2011, 11-19 - 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
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another NR from CGP
June 16, 2011
11-19 - 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
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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 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 (o) Az (o) From (m) To (m) Interval (m)* Cu (%)
LD-11-53 13817 4277 -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 13754 4228 -55.6 324.2 782.2 786.9 4.7 1.0
and 817.7 823.2 5.5 0.9
LD-11-55 13517 4131 -55.6 337.3 973.8 977.9 4.1 1.1
LD-11-56 13754 4228 -55.8 332.2 728.1 729.6 1.5 1.3
LD-11-57 13517 4131 -56.2 326.5 nsv
LD-11-58 13765 4920 -42.0 154.8 149.9 150.5 0.6 2.5
and 173.0 175.9 2.9 3.5
LD-11-59 13812 4900 -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 13881 4820 -42.4 100.4 abandoned
LD-11-61 13865 4832 -40.2 99.4 86.7 87.3 0.6 1.2
LD-11-62 13865 4832 -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.
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
Twitter
YouTube channel
Flickr
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
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.
You can view the Next News item: Mon Jun 20, 2011, 11-20 - Environmental license granted for Gama prospect in Ecuador
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News Out on drill results from Ecuador!!
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Cornerstone Capital Resources Inc.
TSX VENTURE : CGP
PINK SHEETS : CTNXF
FRANKFURT : GWN
BERLIN : GWN
May 31, 2011 08:00 ET
Cornerstone and Intrepid Intersect Gold-Copper Porphyry at Gama Prospect in Ecuador
MOUNT PEARL, NEWFOUNDLAND--(Marketwire - May 31, 2011) -Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN)(PINK SHEETS:CTNXF) and Intrepid Mines Limited (ASX-IAU)(TSX-IAU) today announced that they have completed the first 6 holes of the 11-hole (2,900 metres) Phase 1 diamond drilling program on the Gama prospect, located in the northwestern part of the Shyri property in southern Ecuador. Drilling commenced on March 6th, 2011 and is ongoing. A summary of assay results for holes GAD-11-001 to GAD-11-005, all containing mineralization, is provided below in Table 1.
Highlights:
•Hole GAD-11-002 intersected 45 metres at 0.71 g/t gold and 0.18% copper within a broader zone of 101 metres at 0.41 g/t gold and 0.13% copper in a porphyry environment.
•Drilling results to date have confirmed the porphyry – high sulphidation epithermal deposit model developed earlier, the very large size and strong intensity of the hydrothermal alteration system present at Gama, and the widespread distribution of gold and copper within the lower, porphyry part of the system.
"The geology encountered in the first part of this scout drilling program is very encouraging," said Brooke Macdonald, Cornerstone's President. "The size, intensity and complexity of the hydrothermal systems are confirmed. Gold and copper are present over large areas and occur in multiple rock units. A significant mineralized gold-copper zone was intersected in the porphyry in hole -002, and this zone is open in all directions. We are now moving north and east into the epithermal part of the system, and are hoping to receive good results from this primary target".
Table 1: Summary of Gama Drill Results, Phase 1 Program
Hole No. Target Elevation (masl) Length
(m) From
(m) To
(m) Interval
(m)* Au
(g/t) Ag
(g/t) Cu
(ppm)** Mo (ppm)
GAD-11-001 F 3501 231.0 44.0 215.0 Multiple 1 to 5 m wide intercepts of 0.1 to 0.2 g/t Au
126.0 131.0 5.0 0.11%
136.0 137.0 1.0 0.47 762
215.0 217.0 2.0 37.9
GAD-11-002 F 3448 329.8 125.0 226.0 101.0 0.41 0.13%
Including 172.0 217.0 45.0 0.71 0.18%
GAD-11-003 E 3410 253.0 4.0 20.0 16.0 0.13 88
88.0 100.0 12.0 0.15 34
GAD-11-004 E 3461 187.5 16.0 42.0 26.0 0.15 52
84.0 159.0 75.0 0.26 415
175.0 187.45 12.45 0.19 331
GAD-11-005 D 3480 261.5 98.0 124.0 26.0 0.10
GAD-11-006 C 3690 244.0 Completed, assays pending
GAD-11-007 Ermita Breccia 3819 In progress
* The reported intervals are core lengths. At present the true thicknesses are uncertain due to the early stage of drilling.
** Copper reported in parts per million (ppm) except where indicated in %.
"Intrepid is encouraged by these results from the first drilling program at Gama Prospect. They confirm the geological model and have delivered some positive assay results. These first 5 holes have provided an excellent start to discovering a potentially significant gold-copper system" said Malcolm Norris, EGM Exploration and New Business at Intrepid Mines.
Gama Prospect
The Gama prospect is one of three recognized thus far on the Shyri property, and comprises an extensive zone of high sulphidation (HS) epithermal alteration measuring a minimum of 8.5 km by 3 km. The alteration is strongly zoned and centered over two high level, porphyry-type intrusions at the 3500 m to 3800 m elevations. Gama is strategically located between the Quimsacocha 3.4 Moz HS epithermal gold deposit 15 km to the east and the Chaucha porphyry copper deposit (216 Mt at 0.4% Cu) 10 km to the west.
Phase 1 Drill Program
As previously announced on March 8th, 2011, Cornerstone and Intrepid have approved an 11 hole, 2,900 metre diamond drilling program which is testing various targets defined on the basis of surface geochemistry (rock and soil samples), detailed geology, magnetics and 3-D interpretation of Induced Polarization (IP) geophysical data. The program is targeting both HS epithermal gold-silver and porphyry copper-molybdenum-gold mineralization over an area measuring approximately 3 km north-south by 2 km east-west. None of the Gama targets have been drill-tested previously.
A map showing the location of targets and drill holes with respect to gold-in-soil anomalies and interpreted faults is provided here: http://www.cornerstoneresources.com/i/maps/properties_GAMADDH0511.jpg.
Discussion
The Phase 1 drilling program is designed to test the mineralization model developed for Gama through the integration of exploration datasets. Drilling of the 6 individual targets will allow for the testing and further understanding of the multiple parts of the large size porphyry-epithermal systems as well as identifying the possible controls for the alteration and mineralization. The knowledge and results developed from this program will be used for the planning of the next drilling phases.
For logistical reasons, the drill program was started in the southernmost part of the Gama prospect area and then moved north, and metallogenically upward, from the lower porphyry system to the upper HS epithermal system. So far, drilling has primarily tested porphyry targets in the interpreted lower part of the system.
Drill holes GAD-11-001 and -002 tested the deeper parts of a HS epithermal system at target "F", proximal to the porphyry environment as evidenced by substantial Mo anomalism in soils in the region and the proximity to a mapped microdiorite body. Hole GAD-11-001 intersected a 135 m thick package of andesitic lapilli tuffs showing strong advanced argillic alteration with anomalous arsenic and containing 1-2% pyrite. This volcanic unit is intruded by an extensive microdiorite intrusion at depth showing relict potassic alteration overprinted by advanced argillic and phyllic - argillic alteration. The entire hole is weakly anomalous in gold (>0.01 g/t Au with a maximum of 0.47 g/t Au over 1 m). Anomalous copper (400-1247 ppm Cu) occurs just above the contact zone between the intrusion and overlying tuffs within a sheared / faulted zone. Hole GAD-11-002 was drilled approximately 230 m north of hole GAD-11-001. It intersected microdiorite with relict potassic alteration overprinted by argillic and advanced argillic alteration similar to that encountered in hole GAD-11-001. A gold-copper mineralized zone was intersected from 172.0 to 217.0 m which graded 0.71 g/t Au and 0.18% Cu over 45.0 m, within a broader zone which graded 0.41 g/t Au and 0.13% Cu over 101 m from 125.0 to 226.0 m. The distribution of vein types (A, D, M) and metals, combined with the distribution of alteration patterns, strongly suggest that this mineralization is of porphyry affinity.
Drill holes GAD-11-003 and -004 were drilled on the same section at target "E", approximately 700 m north of target "F", and similarly tested the deeper parts of a HS epithermal system, close to a porphyry environment. The upper part of hole GAD-11-003 down to 165 m intersected a microdiorite that displays intense advanced argillic alteration. This microdiorite is cross-cut by numerous hydrothermal breccias that constitute up to 30% of the total rock mass, indicating possible proximity to hydrothermal conduits in this region. The microdiorite is anomalous in molybdenum, averaging 70 ppm Mo from surface to 175 m. The lower part of the hole from 165 m to 253 m (end of hole) comprises crystal tuffs. Hole GAD-11-004 drilled 200 m west of hole GAD-11-003, and intersected a thick sequence of crystal and ash tuffs showing moderate to strong advanced argillic alteration in the upper part of the drill hole, cross-cut by numerous hydrothermal breccias. Several of the hydrothermal breccias contain significant (up to 25%) pyrite. The number and pervasiveness of these breccias suggest that large volumes of volatiles have circulated through the sequence, consistent with the large scale of advanced argillic and argillic alteration zones at Gama. The tuff sequence has been intruded by diorite dykes in the lower part of the hole from 120 m to the end of hole. Molybdenum is enriched in the upper part of the hole, averaging 48 ppm Mo from 4 to 78 m.
Drill hole GAD-11-005 tested target "D", approximately 650 m north of holes GAD-11-003 and GAD-11--004. As for holes GAD-11-001 thru -004, this hole tested the outer-upper fringes of a porphyry system. It intersected a potassic relict altered diorite with advanced argillic and argillic overprint as in previous holes. Silica-alunite-pyrite rich hydrothermal breccias were intersected over 37, 9 and 17 m wide intervals from 168 to 250m depth. This hole intersected weakly anomalous gold (0.10 g/t Au over 26.0 m from 98.0 to 147.0 m) and copper.
Drill hole GAD-11-006 tested a silver-in-soil anomaly partially coincident with discrete mercury, gold and bismuth soil anomalies. Rock outcrops in the surrounding area suggest the possible presence of massive sulphide veins and breccia remnants, related to the structural roots of an epithermal lithocap. The soil anomaly is coincident with a weak IP chargeability anomaly. The drill hole intersected a thick sequence of crystal and lapilli tuffs showing weak argillic alteration from surface to 210 m. From 210 m to the end of the hole at 244 m, the volcanic sequence is moderately to strongly silicified and contains up to 10% disseminated pyrite. The drill hole has been sampled, and assay results are pending.
Drill hole GAD-11-007 is in progress. The hole is targeting the Ermita Breccia, a late hydrothermal breccia that is interpreted to source a flat lying stratabound or stratigraphy-controlled disseminated HS epithermal mineralized zone at depth underneath the plateau.
Logging, sampling and assaying
All holes drilled by Cornerstone are collared using HTW core size (7.1 cm diameter) and then reduced to NTW size (5.6 cm diameter) down the hole. Geotechnical measurements such as core recovery, fracturing, rock quality designations (RQD's), hardness and photographic logging are performed systematically prior to assaying. The core is logged, magnetic susceptibility measured and key alteration minerals identified using an on-site portable spectrometer. Core is then systematically sawed in half at Cornerstone's core logging facility in Cuenca, Ecuador. Half of the core is delivered by Cornerstone employees for preparation at Acme Analytical Laboratories (ACME) facility in Cuenca. Core samples are prepared crushing 1 kg to 80% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 0.075 mm (200 mesh) (ACME code R200-250). Prepared samples are then shipped to ACME in Vancouver, Canada where samples are assayed for a multi-elements suite (ACME code 1E, 0.25g split, 4-acid digestion, ICP-ES finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AA or ICP-ES finish (ACME code G601).
Quality assurance / Quality control (QA/QC)
The ACME preparation facility in Cuenca was audited by Cornerstone prior to the start of the drilling program and ACME is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically used as part of Cornerstone's QA/QC program. Rejects, a 100 g pulp for each core sample and the remaining half-core are stored in Cuenca for future use and controls.
Qualified Person
Yvan Crepeau, M.Ba., P.Geo, President of Cornerstone Ecuador SA and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the Gama drilling program and has reviewed and approved the technical information contained in this news release.
Shyri Option Agreement
Intrepid Mines Limited ("Intrepid") is earning a 60% interest in the Shyri gold-silver-copper property under an option agreement signed with Cornerstone in January 2011. Under the terms of the Agreement, Intrepid has the ability to earn an initial 60% interest in the property by spending $US 6.0 million dollars over 5 years, with a firm commitment of $US 1.0 million in the first year. Intrepid may earn an additional 20% in specific project areas up to 5,000 hectares each. Upon designation of a Project Area, Intrepid will make a $US 750,000 private placement in Cornerstone. To earn the additional interest, Intrepid will complete a bankable feasibility study or incur expenditures of $US 20 million, whichever comes first, and make a cash payment to Cornerstone of up to $US 5.0 million based on the gold equivalent ounces in the mineral reserve. There is no limit to the number of Project Areas Intrepid may designate within the property and each 'stand-alone' Project Area requires the same earn-in requirements (see news release dated Oct 29, 2009). Cornerstone is the project operator, and manages the exploration programs in close consultation and planning with Intrepid.
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.
Further information is available on Cornerstone's website: www.cornerstoneresources.com or for investor, corporate or media inquiries, please contact the people listed below.
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,
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.
Update from CGP May 25/11
Brooke
26 Kyle Avenue
Mount Pearl, NL, A1N 4R5
Toll Free: 1-877-277-8377
1-709-745-8377
Email: info@cornerstoneresources.com
Website: www.cornerstoneresources.com
TSXV – “CGP”; F – “GWN”; B – “GWN”; OTC - “CTNXF”
May 25, 2011
EXPLORATION UPDATE
Dear Shareholder,
This letter will provide you with an update on some of our exploration projects in Ecuador, Chile and
Canada since our last letter on April 14th. Maps corresponding to these projects can be found at
http://www.cornerstoneresources.com.
ECUADOR
Shyri project – Phase 1 drilling at the Gama Prospect: To date, 6 holes of the planned 11 hole
(2,900 metres) drill program have been completed for a total of 1500 metres, and the rig is currently
being moved to drill site #7. These first holes were testing porphyry Cu-Mo-Au targets located in areas C,
D, E & F, in the Central and Southern part of the prospect area. The next holes will test stratabound or
stratigraphic-controlled disseminated high-sulphidation epithermal mineralization beneath and in the
vicinity of the La Ermita breccia. The target for holes #7 and #8 is a buried Quimsacocha deposit
analogue located beneath the plateau. We now estimate that Phase 1 drilling will be completed by the
end of June. Following receipt of additional assay results and their analysis and consultation with our
partner Intrepid Mines Limited, we expect to be in a position to issue a news release summarizing the
results of the first 5 holes of the program by May 31st or during the first week of June.
Shyri project – Vetas Grandes Prospect: This prospect is the next in line to be drill tested.
Preliminary meetings were held with local communities and authorities to inform them of our planned
activities and socio-environmental processes before initiating the required fieldwork necessary to
complete the Environmental Impact Study (EIS) which is a condition to drilling. We still estimate that
preparation and approval of the EIS will take about 6 months once fieldwork has begun.
Cascabel project: The exploration program on this project, which hosts porphyry and skarn type Cu-Au
mineralization within an extensive zone of highly anomalous gold detected in stream sediments, will begin
in early June.
La Encrucijada project: Exploration on this project, which hosts high sulphidation epithermal Au-Ag
mineralization, will begin in August.
CHILE
La Fortuna project: At La Fortuna we are targeting manto-type copper-silver and epithermal gold-silver
mineralization. As noted in the April 14th letter, the exploration program for this year will include
geological mapping, gridding, rock and soil sampling, ground geophysics (magnetometry and induced
polarization), trenching, data integration & modeling, drill target definition and possibly an initial drilling
program. So far, a 1:25,000 reconnaissance geological mapping and sampling has been completed. Rock
sampling (79 samples) indicates significant results for copper, and in a few cases for silver, lead (1.55%
Pb) and zinc (1.38 and 1.44% Zn), with 30 samples > 0.1% Cu, including 11 samples > 1% Cu, 19
2
samples > 10 g/t Ag, including 5 samples > 100 g/t Ag with a maximum of 628 g/t Ag. Quantitative reassaying
for total and leachable copper for over-limit copper results (> 1% Cu) is underway. It is
estimated that most of the copper from these surface samples is leachable as indicated in previous
surveys. Gold anomalous samples (5 > 0.1 g/t Au with a maximum of 0.258 g/t) are usually associated
with anomalous copper-silver or lead-zinc. Most of the anomalous samples are located in the northern
part of the property where field work has been concentrated so far and are distributed over an area of
about 5 km by 3 km. Detailed exploration work over the most prospective areas will start in June as soon
as data are compiled and targets defined.
Miocene project: The Miocene project covers a large area of 14,770 km2 located north and along
trend of the Maricunga magmatic belt and to the north of Kinross’ La Coipa gold-silver mine, where we
are targeting gold, silver and copper mineralization. Concession applications were submitted for a total of
43,500 hectares in the northern part of the Miocene Area of Interest (AOI). So far, eight targets have
been field-evaluated and data are currently being compiled. Following field evaluation, the concession
applications have been reduced to 32,500 hectares. Many third party submittals within the AOI have been
received recently and are being evaluated.
CANADA
Little Deer project: The current $1.6 million diamond drilling program on the Little Deer copper deposit
is nearing completion. The program has utilized two drill rigs, and to date approximately 12,100 m of
drilling has been completed with an additional 500 m of drilling remaining.
As announced on April 26th, Cornerstone and 50% joint venture partner Thundermin Resources Inc.
(“Thundermin”) have retained P&E Mining Consultants Inc. (“P&E”) of Brampton, Ontario to complete an
updated National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the Little
Deer deposit once the current drill program has been completed. P&E have 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.
El Strato project: The planned diamond drilling program on the El Strato gold project in north-central
Newfoundland is scheduled to begin in early June. The program comprises 1,000 m of drilling in
approximately 8 to 10 holes, which will primarily test anomalies generated by work completed in 2010
that included an Induced Polarization (IP) survey, soil geochemistry survey, prospecting and a follow-up
trenching program.
Red Cliff and Deer Harbour projects: Vale Exploration Canada Inc. (“VEC”) has fulfilled all its
obligations in year 1 of the Red Cliff and Deer Harbour option agreement, and the option has now
entered into year 2. In late April, VEC made the requisite $25,000 cash payment to Cornerstone due on
the 1st anniversary date of the agreement and exploration expenditures totaling approximately $380,000
have been filed for the properties. Currently VEC is carrying out a thorough review of the 2010
exploration and diamond drilling results, and 2011 exploration work will depend on conclusions resulting
from that review.
Chaleur project: On May 3rd Great Western Minerals Group Ltd. (“Great Western”) informed
Cornerstone that it was dropping the option on the Chaleur rare earth element (REE) property in northern
New Brunswick. Mobile metal ion (MMI) soil geochemistry surveys carried out during 2010 had identified
several REE anomalies concentrated along the banks and flood plains of streams and brooks. However,
follow-up rock chip sampling of adjacent outcrops did not return significant REE values. As such the MMI
3
anomalies remain unsourced, and Great Western considers that they may in fact represent “false”
anomalies. Cornerstone will review Great Western’s report on the 2010 exploration work, which is
expected shortly, and will then determine what further work may be warranted.
Cautionary Notice:
Certain statements contained in this letter to shareholders 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.
To keep updated on news from Cornerstone please ensure that you are subscribed to our email alerts by
updating your profile at http://www.cornerstoneresources.com/s/SendMessage.asp. We also encourage
you to take the time to familiarize yourself with our other projects and our people by visiting our website.
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
Sincerely,
Brooke Macdonald
President
Hi relikwie good to see you post.
IMO where we stand right now I wouldn't wait much longer one good hit and we may of to the races. A lot of things happening with CGP at this time we have Little Deer, the drilling in Ecuador and very soon drilling in Newfie on the El Strato property.
Also THR is not a bad buy right now with them soon to be starting drilling on the Lebel property, and well it looks like Little Deer may be in the bag just waiting for some numbers to be attached. IMO
Cheers
This is an email I sent and received from John at THR..Since CGP is there 50% partner this is going to have an impact soon.
IMO
RE: Lebel and Little Deer
Friday, May 6, 2011 10:02 AM
From:
"Info Thundermin" <info@thundermin.com>
View contact details
To:
"**************************************>
***********
We finally received our new 21-year mining lease for Lebel on Monday – only took from August 25th 2010. We will start planning now for a drill program – probably wait for a few weeks for weather to settle down as well. Need to acquire a drill and negotiate new drill contract (had a contract and drill in the fall but that plan didn’t materialize, get drill permits etc.
The plan at Little Deer is as follows: complete current drill program by approx. May 31; have P&E Mining Consultants complete revised resource estimation by June 30th (estimation to include all historical drill data and results of current program); have P&E complete internal scoping review by June 30 (ie. give us some information on the economics of the project using some real cost numbers). If the forgoing information is positive, and I can’t see how it would not be given the current Copper price, we would exercise our option to acquire a 100% interest in the property. We would then embark on a major infill drilling program to upgrade the Inferred Resources to the Indicated category so we could undertake a pre-feasibility or feasibility study.
All these issues need to be agreed to with our partner and these are my thoughts only.
Regards
John Heslop
--------------------------------------------------------------------------------
From: *******************************
Sent: Friday, May 06, 2011 8:46 AM
To: Info Thundermin
Subject: Lebel and Little Deer
Good morning John
John any progress on the permits for Lebel?
Also John concerning little Deer, I know we just had a NR and thanks.
But do you see any further drilling to take place after this phase based on what we can expect from the last few holes.
Thanks in advance
April 29/11 NR on CGP
April 29, 2011
11-16 - Cornerstone enters into agreements with senior management
--------------------------------------------------------------------------------
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) announces it has entered into agreements with four officers (President, CFO, VP Exploration, and South America Regional Exploration Manager and Ecuador Country Manager) pursuant to which Cornerstone has agreed to make a severance payment to each of such persons in the event of termination of employment following a change of control. The change of control provision is a "double trigger" in that both a change of control must occur and it must be followed within 12 months by a wrongful or constructive wrongful dismissal. If the double trigger occurs, the termination payments are equal to 1.5 times annual base compensation.
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.
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
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
You can view the Previous News item: Tue Apr 26, 2011, 11-15 - Cornerstone and Thundermin continue to intersect high grade copper over mineable widths at Little Deer and retain P&E Mining Consultants Inc. to complete an updated NI 43-101 compliant mineral resource estimate and internal scoping review
You can return to the main News page, or press the Back button on your browser.
Was away for while it seems that we need some new info, well here is a good read.
April 26/11 NR CGP and THR on Little Deer.
April 26, 2011
11-15 - Cornerstone and Thundermin continue to intersect high grade copper over mineable widths at Little Deer and retain P&E Mining Consultants Inc. to complete an updated NI 43-101 compliant mineral resource estimate and internal scoping review
--------------------------------------------------------------------------------
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 that they have intersected additional high grade copper mineralization over mineable widths in drilling on the Little Deer Copper Deposit ("Deposit") which is located approximately 10 km north of Springdale in north-central Newfoundland. Assay results for five recently completed holes are presented in Table 1 and on Figure 1.
Table 1: Little Deer Drill Results (2011)
Hole No. East (m) North (m) Dip (o) Az (o) From (m) To (m) Interval (m)* Cu (%)
LD-11-49 13943 4337 -63.0 314.5 620.9 623.6 2.7 5.7
LD-11-50 13749 4530 -59.6 326.8 365.3 368.7 3.4 3.5
LD-11-51 13749 4530 -60.7 351.0 372.7 374.7 2.0 2.5
LD-11-52 13943 4337 -50.8 330.2 443.4 447.1 3.7 2.0
LD-09-18A 13518 4133 -48.0 329.4 NSV
LD-11-53 13817 4277 -54.5 326.6 assays pending
LD-11-54 13754 4228 -55.6 324.2 assays pending
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 65% - 75% of core lengths.
2) Hole LD-11-52 also intersected 3.9% Zn and 4.5 g/t Au over 1.3 m from 506.5 to 507.8 m.
3) nsv -- no significant values.
Approximately 8,774 m of drilling in 17 holes has been completed to date as part of an on-going, $1,600,000 diamond drilling program on the Deposit employing two drills that commenced on December 1, 2010. See news release dated March 22, 2011 for assay results for the first 10 holes. Six additional holes are planned for the current drill program. Three shallow in-fill holes will be drilled on the -100 m elevation to confirm historical drill data from the upper portion of the Deposit, two holes will be drilled on the -750 m to -850 m elevation to potentially expand resources at depth and one hole will be drilled on the -575 m elevation to define the eastern edge of the Deposit. The primary purpose of the current drill program is to increase the estimated mineral resources outlined to date 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 further exploration drilling will result in an expansion of this mineral resource.
Hole LD-11-49, which intersected 5.7% Cu over a core length of 2.7 m before it was cut off by a mafic dyke, was drilled outside the current mineral resource area. Hole LD-11-52, which intersected 2.0% Cu over 3.7 m and 3.9% Zn and 4.5 g/t Au over 1.3 m, was drilled along the eastern edge of the current mineral resource area. Holes LD-11-50 and LD-11-51 were in-fill holes that were drilled on the -300 m elevation to confirm the continuity of the copper mineralization in the upper central portion of the Deposit. Hole LD-11-50 intersected 3.5% Cu over 3.4 m and hole LD-11-51 intersected 2.5% Cu over 2.0 m. These copper grades are consistent with the grades intersected in other wide-spaced drill holes in this area of the Deposit. Hole LD-09-18A, originally drilled to evaluate a VTEM airborne anomaly, was deepened to test the Little Deer Zone and intersected weakly mineralized, chlorite altered basalt returning a best assay of 0.5% Cu over 1.0 m.
The Deposit has been outlined by drilling over a strike length of 1,050 m and to a vertical depth of 1,000 m. Note that Figure 1 presented here shows only the upper eastern portion of the Deposit and the actual pierce points for holes LD-11-49, LD-11-53, LD-11-54 and LD-09-18A plot below the bottom of Figure 1 (see the longitudinal section accompanying the news release dated July 29, 2010 for a view of the complete Deposit). Additional details on the Deposit can be found in numerous Cornerstone and Thundermin news releases dated between May 1, 2007 and March 22, 2011 which are on each company's website and on SEDAR.
P&E Mining Consultants Inc.
P&E Mining Consultants Inc. of Brampton, Ontario ("P&E") have been retained to complete an updated National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the Deposit once the current drill program has been completed. This resource estimate will include 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 as well as all data from the current drill program. The historical holes were all drilled by British Newfoundland Exploration Company between 1961 and 1970. Most of the assay results from the historical surface and underground drill holes, all of which occur approximately above the -300 m elevation, can be found in news releases dated February 5, 2009 and January 20, 2011.
P&E have 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 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.
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
Twitter
YouTube channel
Flickr
CEO Letter to Shareholders update on work.
26 Kyle Avenue
Mount Pearl, NL, A1N 4R5
Toll Free: 1-877-277-8377
1-709-745-8377
Email: info@cornerstoneresources.com
Website: www.cornerstoneresources.com
TSXV – “CGP”; F – “GWN”; B – “GWN”; OTC - “CTNXF”
April 14, 2011
EXPLORATION UPDATE
Dear Shareholder,
This letter will provide you with an update on your company’s exploration projects in Ecuador, Canada
and Chile. Maps corresponding to the projects can be found at http://www.cornerstoneresources.com.
ECUADOR
Shyri project – Gama Prospect (Loma Quinuas, Aguarongos and Gama Norte concessions):
The Phase 1 drilling program (11 holes, 2,900 metres) is designed to test high sulphidation epithermal
Au-Ag (Cu) and porphyry Cu-Mo-Au targets, as well as the epithermal-porphyry transition zone, at Gama.
Diamond drilling started on March 7th. To date, 4 holes have been completed for a total of 999 metres,
and the rig is currently being moved to drill site #5. These first holes are testing porphyry Cu-Mo-Au
targets located in areas E & F, in the SW part of the prospect area. A thorough environmental
management plan (EMP) has been approved by the Ministry of Environment (ME) and has been
implemented at Gama. Drilling progress is slower than anticipated because of the unusually heavy rains
at this time of the year and because of the difficult topography where drills have to be man-transported.
We now estimate that Phase 1 drilling will be completed by mid to end of June. Following consultation
with our partner Intrepid Mines Limited, we should be in a position to issue a news release summarizing
the results of the first 4 to 5 holes of the program by mid to end of May.
Shyri project – Vetas Grandes Prospect (Shyri NW and Shyri Norte concessions): This prospect
is the next in line to be drill tested. A systematic exploration program was carried out prior to the Mining
Mandate moratorium (MM) in April 2008, and drill targets have been defined. An Environmental Impact
Study (EIS) for advanced exploration (drilling) must be submitted to and approved by the ME. The Terms
of Reference (ToR) for the EIS have already been approved by the ME. Technically, we can initiate the
EIS but, following Cornerstone Ecuador S.A. (CESA)’s absence from the area during the 3-year MM, we
must first meet with local communities and authorities to inform them of our planned activities and socioenvironmental
processes before initiating the required fieldwork. We estimate that approval of the EIS
will take about 6 months once fieldwork has begun. The water permitting process, required before drilling
can commence, was initiated a couple of months ago.
Shyri project – Cañaribamba Prospect (Shyri and Shyri Oeste concessions): This prospect area
is at the same stage as the Vetas Grandes prospect. The same surveys and socio-environmental
processes will be implemented but as this area is socially more sensitive, these will be carried out once
progress is made at Vetas Grandes and we believe the communities are adequately informed of our
planned activities.
Macara project (Bellavista concession): At the time of the original agreement with Newmont, CESA
owned exploration rights covering 8,357 hectares (4 concessions) and had made applications for another
52,634 hectares (17 individual applications) in the Macara Area of Interest (AOI). All of the applications
for exploration concessions (including CESA-Macara) were revoked by the MM on April 18, 2008 and in
2
2009 partners Newmont and CESA voluntarily abandoned 3 concessions with valid titles. Only one
concession remains on that project - the Bellavista concession. A regional prospecting/exploration
program began in 2007 and was maintained during the suspension of activities in 2008, 2009 and 2010.
Most of the area has been covered with geochemical sampling, and prospecting work has been carried
out in the most interesting areas. With a solid geological knowledge developed in the area and a
comprehensive database in hand, CESA is waiting for the Ministry of Non-Renewable Natural Resources
(MRNNR) to open areas within the AOI for ground acquisition through public bid processes. Exploration
work will start on the Bellavista concession as soon as authorization is granted by MRNNR.
Bella Maria project (Bella Maria concession): This project is located just to the north of Odin
Mining’s Cangrejos project where gold mineralization was intersected by drilling in the late 1990’s.
Compilation work and results of past exploration surveys by CESA’s predecessors in the area indicate that
the gold zones intersected by Odin (and partners) likely extend onto the Bella Maria concession.
Monterrey project (Monterrey 1 and Caña Brava concessions): Significant Au-Ag mineralization
associated with low sulfidation and high sulfidation epithermal systems has been identified on these
concessions. The Caña Brava concession was revoked by the MM but CESA has appealed the revocation.
CESA believes that a positive decision should be rendered in the next few months. CESA has maintained
the property in good standing since it received notification of the revocation, submitting mandatory
reports and paying the concessions fees. MRNNR is currently reviewing information submitted by CESA
with a view to authorizing the restart of field activities on the Monterrey 1 concession.
Cascabel project (Cascabel concession): MRNNR recently authorized the restart of field activities on
this project. An exploration program will begin in the next few months on this concession which hosts
porphyry and skarn type Cu-Au mineralization within an extensive zone of highly anomalous gold
detected in stream sediments.
La Encrucijada (Alumbre, La Encrucijada, La Encrucijada1, La Encrucijada2 & La Encrucijada3
concessions): This project area hosts high sulfidation epithermal Au-Ag mineralization. Basic exploration
surveys were carried out in the central part of the project before the suspension of activities by the MM in
2008, and outlined numerous targets to be followed up. A systematic exploration program will be initiated
as soon as an authorization is received from MRNNR, which is currently reviewing the documentation we
have submitted to restart activities.
CANADA
Little Deer project: A news release will be issued summarizing additional drill results as soon as the
data have been compiled and discussed with our partner and the operator of the project, Thundermin
Resources.
Labrador Trough project: Following our first year work program (which consisted of a new airborne
magnetic and radiometric survey, accompanied by geological mapping and prospecting), we have not
been successful in attracting a major JV partner, and the project has essentially been inactive since 2009.
We and our 50% JV partner, Altius Resources, are in the process of deciding how best to proceed.
El Strato project: As we announced on February 1st, 2011 the planned 1,000 m drill program (8 to 10
holes) will commence early this summer as soon as ground conditions are suitable to allow access. The
program is expected to take approximately 1 month to complete, with results expected to be announced
by mid to late August.
CHILE
La Fortuna project: The final earn-in agreement was signed on March 3, 2011 and the exploration
program started in early April. Prospecting work is currently underway to identify the most prospective
areas where systematic exploration will be conducted in 2011. The exploration for this year will include
geological mapping, gridding, rock and soil sampling, ground geophysics (magnetometry and IP),
trenching, data integration & modeling, drilling target definition and possibly a preliminary drilling
program.
Miocene project: A regional exploration program targeting large blind epithermal Au-Ag and porphyry
Au-Cu deposits commenced in March with prospecting and soil geochemical surveys over known
alteration zones and surrounding areas. Concession applications have been submitted for a total of
43,500 hectares in the northern part of the Miocene AOI.
Cautionary Notice:
Certain statements contained in this letter to shareholders 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.
To keep updated on news from Cornerstone please ensure that you are subscribed to our email alerts by
updating your profile at http://www.cornerstoneresources.com/s/SendMessage.asp. We also encourage
you to take the time to familiarize yourself with our other projects and our people by visiting our website.
The direct 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 recently updated Corporate presentation with narration is:
http://rblcommunications.com/webcasts/Cornerstone/CGPmarch2011/CGPmarch2011.html
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
Sincerely,
Brooke Macdonald
President
Cornerstone Capital Resources Inc.
Excellence in Mineral Exploration
"People, Process, Projects"
TSXV - "CGP" / OTC - "CTNXF"
F - "GWN" / B - "GWN"
Email: macdonald@crigold.com
www.cornerstoneresources.com
Toll Free 1-877-277-8377
Fax 1-709-747-1183
This is a question and answer with Brooke Macdonald as posted on CGP web site...
Lets see if Brooke can get us some head way in south america..
Hats of to Glen McKay for the out standing job he has done to bring CGP to this point since its inception as a jr. exploration co,... Thanks Glen for keeping CGP in the market
Now Brooks Interview
April 4, 2011
Questionsfor Cornerstone Capital Resources Inc. (V: CGP)’s President, Brooke Macdonald
Could you briefly describe Cornerstone by outlining whatit does and how it fits into the mining business?
Cornerstone is a Canadian mineralexploration company with a strategic portfolio of projects located in AtlanticCanada and highly prospective regions within South America including Ecuadorand Chile. Our strong technical team has proven its ability to identify,acquire and advance properties of merit in both the precious and base metalssectors.
Can you also say what separates your company from otherjuniors in the exploration field?
Cornerstone gives shareholders “more bangfor the buck” by leveraging its own exploration funding through joint ventureand strategic partnerships, creating potential for success with lower risk andless dilution.
Please describe your key projects.
Ecuador — Cornerstone has several highly prospective gold– silver–copperprojects in underexplored regions of southern Ecuador.
The Shyriproject is in a joint venture with Intrepid Mines Limited, and encompassesthree gold prospects—Gama, Vetas Grandes and Cañaribamba. Shyri isstrategically located between the 3.5 million ounce Quimsacocha epithermal goldproject to the east, the Chaucha porphyry Cu-Mo project containing 2.2 billionpounds of copper at 0.46% Cu and 0.03% Mo to the west, and the Rio Blancoepithermal gold-silver project containing 605,000 ounces of gold and 4.3million ounces of silver to the northwest. Recently Cornerstone received allgovernment permits required to resume exploration programs on the Shyri – Gamaproject, including diamond drilling that began on March 8, 2011. Vetas Grandes and Cañaribamba are awaitingenvironmental approvals for advanced stage exploration(drilling) that could take up to 6 months (we have the environmental termsof reference approved, and about to start the studies). Final EISreports should then be submitted to the Ministry of Environment for review andapproval. The Gama EIS was submitted prior to the mining mandate andwas therefore "grandfathered".
The Macaraproject is in a joint venture and regional strategic alliance with NewmontVentures Limited, a subsidiary of international mining giant Newmont Mining.Geological mapping, prospecting and stream sediment geochemical surveys in theMacara area have identified several large untested alteration zones with gold,silver and copper mineralization. Newmont demonstrated its positive assessmentof the project by renewing the joint venture agreement in late 2009.
Cornerstone hasseveral other wholly–owned, highly prospective gold–silver–copper projects forwhich it is seeking joint venture partners, and is continuing to expand itsinterests in Ecuador as demonstrated by the recently announced acquisition of100% of the shares and assets (including the 25 year Cascabel and LaEncrucijada concessions) of Santa Barbara Copper and Gold S.A.
Chile — In February2011 Cornerstone acquired the Miocene gold–silver–copper project in northernChile. The project covers a large area of 14,770 km2 located north and alongstrike of the Maricunga belt, which hosts a number of world class epithermalgold-silver and porphyry gold-copper deposits. Although post-mineralizationsediments and volcanics largely cover the Miocene project area, geological andgeochemical data suggest that prospective Maricunga rocks underlie the area.Cornerstone is utilizing a proprietary geological and geochemical database toacquire mineral concessions within the project area, and has already filedmineral concession applications covering 46.5 km2 of prospective ground.Planned exploration programs include soil and stream sediment geochemistrysurveys designed to identify targets for follow-up work.
On March 15, 2011,Cornerstone announced it had signed an agreement to acquire the La Fortunacopper-silver-gold project located in the Fifth Region (Valparaíso) of centralChile. La Fortuna covers an area of approximately 2,900 hectares, measuring 10km north-south by 3 km east-west. The project is favourably located in anestablished mining district at relatively low elevations (1,200 to 1,800 mabove sea level), and is easily accessed by existing roads. The property ispartly contiguous with the Cerro Negro copper (silver) mine, a manto-typedeposit immediately to the west which combines open pit and undergroundoperations and produces copper cathodes via heap leach SX-EW and copper-silverconcentrates via flotation. The El Bronce epithermal gold-silver district is located30 km to the north. The region is sparsely populated, and has a hot and dryclimate which is well-suited for leaching operations
Thesetwo projects were selected after two years of careful research by ourexperienced geological team. We plan to advance these two properties to the drill ready stage by theend of the first quarter of 2012.
Newfoundland — Cornerstone’s current focus on the island of Newfoundland is onits Little Deer Copper Project, a 50–50 joint venture with Thundermin ResourcesInc., and the site of a past producing underground copper mine. In October 2010the partners announced a NI 43–101 compliant mineral resource estimate of1,150,500 tonnes of Indicated Resources at an average grade of 2.8% Cu and anInferred Resource of 2,335,500 tonnes at an average grade of 2.1% Cu. Scopinglevel metallurgical test work completed in 2010 shows excellent results withproduction of a saleable, high grade copper concentrate grading over 28% Cuwith over 97% copper recovery. In late January 2011 we announced that drilling hadrecommenced at Little Deer with two drill rigs. The primary purpose of thecurrent drill program is to attempt to increase the estimated mineral resourcesto the five to six million tonne range.
Cornerstonealso maintains a portfolio of prospective gold and base metals properties onthe island.
Labrador — Cornerstone has been an active explorer in Labrador since 2003.Highly prospective nickel and uranium properties have been acquired in theVoisey’s Bay and Kitts–Michelin areas, respectively. In western Labrador,Cornerstone and 50% joint venture partner Altius Resources Inc. have beenexploring for copper, uranium and related metals within the Labrador Trough. Incentral Labrador, Cornerstone has optioned its Letitia Lake REE claims to RareEarth Metals Inc. who in 2010 carried out a new airborne magnetic andradiometric survey and follow-up prospecting.
New Brunswick — Cornerstone and partner Great Western Minerals Group Ltd. areexploring for REE deposits on the Chaleur project in northern New Brunswick. Insouthern New Brunswick Cornerstone is targeting Sediment–Hosted StratiformCopper (SSC) deposits on its Goshen and Dorchester projects. The Goshen andDorchester properties cover Carboniferous–aged sedimentary rocks of the Monctonand Sackville Subbasins. These basins currently produce natural gas, potash andsalt—all indicators of a geological environment favourable for the developmentof SSC deposits. Both properties have historic copper resources (non NI 43–101compliant) and potential exists for discovery of bulk–tonnage copper depositsthat are amenable to low–cost acid leaching.
What are the pros and cons of exploring in Ecuador?
Opportunity - It is becoming increasingly apparent that Ecuador welcomesenvironmentally friendly, socially responsible, sustainable mining developmentand we are positioning Cornerstone to be a major player in this underexploredland of significant mineral potential.
As Cornerstone hasa number of potential “company maker” projects in this country, we arecurrently evaluating the opportunity to explore and develop certain of theseprojects on a 100% basis.
Ecuador passed a new mining law in January 2009, replacing a mandatethat had ordered a suspension of all mining and exploration work in the countryalmost a year earlier. The provisions ofthe new law are now being fully implemented, thereby enabling Cornerstone andother companies to recommence exploration and development activity.
At the Prospectors and DevelopersAssociation of Canada (PDAC) convention in Toronto on March 8th theEcuadorian delegation, headed by newly appointed Vice Minister of Mines,Federico Auqilla, mentioned Cornerstone as one of the exploration companiesfilling the pipeline with the second generation of projects for the country,and said they expected to have the first two mineral exploitation contractswith companies at the feasibility stage signed by April 15th. TheVice Minister, a mining engineer from the city of Cuenca who is known as a longtime supporter of foreign investment, delivered a message from President RafaelCorrea that Ecuador is committed to developing a world-class mining sector andrealizes it needs foreign investment to do this. He also stressed that lessthan 5% of Ecuador has seen any systematic mineral exploration, and thepotential for major discoveries in this Andean country is enormous.
Challenges – Ecuador is a developing country and, in order to do business there,companies must have experience operating in such environments and patience.
What are the pros and cons of exploring in Newfoundland?
Opportunity - Mining is one of Newfoundland and Labrador's (NL) largest andoldest industries, dating back to the 1700’s. Four mines have been brought intoproduction since 2005, two more are scheduled to resume production in 2011 andthere are additional projects at the permitting stage. Mining currentlycontributes about 12% to the provinces GDP (second only to oil) and theprovincial government is strongly supportive of the industry. Its diversegeology spans Archean to Paleozoic and it hosts a variety of metallogenicenvironments that are prospective for a wide range of mineral deposittypes. NL produces about 10% of Canada’smineral production by value and in recent years has been 1st in ironore, 2nd in nickel, 3rd in copper and boasts of the onlyprimary antimony mine outside China. Forthe past several years, the Fraser Institute’s Annual Survey of MiningCompanies has ranked NL in the top 15 most attractive jurisdictions in the worldfor mineral exploration and mine development. The province has among the bestdirect-grant incentive program for mineral exploration in Canada, designed todefray 50% of eligible exploration costs, to a maximum of $100,000 forNewfoundland projects and $150,000 for Labrador projects. The NL Department ofNatural Resources provides virtually all of its geoscience data inuser-friendly, online databases. They were a pioneer in providing real-time,online claim staking and will shortly roll out an online system for explorationpermitting.
Challenges – Unsettled Aboriginal land claims in parts of Labrador need to beresolved in order to establish security of mineral tenure in those areas.
What were your major accomplishments in 2010?
(1) The securing of the permits to recommence exploration activitieson our Gama target on the Shyri concession (announced January 4, 2011), (2)completion of scoping level metallurgical test work on core samples from theLittle Deer copper project (announced October 19, 2010), (3) an updated mineralresource estimate on Little Deer (announced October 13, 2010), (4) theoptioning of the Red Cliff copper property to Vale Exploration Canada Inc.(announced May 4, 2010), and (5) the optioning to Rare Earth Metals Inc. of ourLetitia Lake REE property (announced February 16, 2010).
What can shareholders look forward to during theremainder of 2011?
(1) An updated resource estimate on our Little Deer copper project,(2) drilling results on some of our key projects including the Gama target onthe Shyri property, (3) approval of permits to begin drilling the other targetsat Shyri such as Vetas Grandes, (4) possibly results of initial explorationprograms on our two recently acquired Chilean projects, and (5) generation of new projects along withannouncements of new joint ventures.
How well are you funded to carry out your programs thisyear?
Cornerstone iswell funded and commitments from our JV partners constitute significantvalidation of the strength of Cornerstone’s projects. 50% of work on the LittleDeer copper project in Newfoundland is funded by partner Thundermin Resources.100% of the funding for our other flagship property, Shyri in Ecuador(including the current drill program at the Gama target), is being provided bypartner Intrepid Mines, which is committed to spending at least $1 million onthe property in 2011. Great Western Minerals is funding 100% percent of thework on the Company’s Chaleur rare earth elements (REE) property in NewBrunswick (see news release dated March 1, 2011). 100% of work on our Macara property insouthern Ecuador is being funded by Newmont Ventures Limited, a subsidiary ofNewmont Mining Corporation (see news release dated March 30, 2010). 100% of workon our Letitia Lake REE property in central Labrador is being funded by RareEarth Metals Inc. to earn a 51% interest in the property (see news releasedated February 16, 2010), and 100% of work on our Red Cliff copper property onthe east coast of Newfoundland is being funded by Vale Exploration Canada Inc.to earn a 60% interest (see news release dated May 4, 2010).
Cornerstonecurrently has a treasury position of approximately $2.6 million, excluding ourportfolio of marketable securities which has a current value in excess of$550,000. These marketable securities could be converted to cash if necessary.In addition, the Company is now in a position to call another 4,687,500warrants, at an exercise price of
.20, thereby causing them to expire if notexercised within 30 days of the date they are called. These latter warrantswere issued in connection with a private placement announced on November 22,2010, and if exercised would add another $937,500 to our treasury. In short, webelieve that Cornerstone has sufficient cash on hand to meet all itscommitments and to advance its strategic objectives well into 2012. Proceeds from the exercise of all outstandingwarrants and liquidation of the marketable securities, with current cash onhand, gives Cornerstone potential total cash resources of approximately $4.1million.
Is it likely that you will have to tap the market foradditional funds in the near future?
We have sufficient funds to take us into 2012 but we will certainlyevaluate financing opportunities later in 2011 but only when the share price ishigher than the current level.
Can you briefly give us a profile of your managementteam, outlining their experience and background in either mining or finance?
Glen H. McKay
Director, CEO & Executive Vice Chairman
Glen was a co-founder of Cornerstone. The company began in 1997 as a private business and went public on the TSXV in 1999, the first new company listed on the combined Alberta and Vancouver stock exchanges. Glen has served Cornerstone in several executive roles. He became Chairman on April 15th, 2008, moving from the position of President & CEO in which capacity he led the development of Cornerstone into an international exploration company recognized for its business and technical acumen. On August 3, 2010, Glen was re-appointed President and CEO, with Executive Vice Chairman responsibilities. He recently relinquished the role of President with the appointment of Brooke Macdonald to that position.
Glen’s business experience spans 30 years over which he has led the establishment and operation of several privately held companies. Since 1979, he has been President of Sealan Capital Corp., a private investment and property leasing company in Mount Pearl, Newfoundland & Labrador. He is the founder, a major shareholder and Chairman of Nfld. Hard-Rok Inc. (NHR), a leading manufacturer of explosives and the largest provider of explosives, drilling and blasting services to the construction, mining and quarrying industries in Newfoundland & Labrador, Canada. NHR, through its wholly owned subsidiary, Dyno Nobel Labrador Inc., is the life-of-mine contractor to Vale Inco for the manufacture and supply of explosives to the world-class Voisey's Bay nickel mine in Labrador. He is also co-founder, a major shareholder and Chairman of Apex Construction Specialties Inc., the largest supplier of specialty industrial and commercial construction products in Newfoundland and Labrador.
Brooke Macdonald
Director, President
Bc Brooke comes from a legal background, with a specialty in contract negotiations, direct foreign investment and joint ventures in the mining sector in Latin America. He is fluent in Spanish, and has been a Cornerstone Director since 2009. He graduated from Queen's University, Kingston, Ontario, in 1982 with an L.L.B., was admitted to the British Columbia Bar in 1984 and to the New York Bar in 2002. His experience includes almost 4 years as an associate at the Caracas office of international law firm Baker & McKenzie, and almost nine years as an executive with global mining company Placer Dome Inc. (later acquired by Barrick Gold Corp.), first as their legal counsel for exploration in Latin America and later as President of Placer Dome de Venezuela C.A. More recently, he was Vice President Legal Affairs of Skye Resources Inc., a Vancouver based TSX listed company developing the Fenix nickel laterite project in Guatemala, until its takeover by HudBay Minerals in August 2008. Brooke has been involved in mining related transactions, including option and joint venture agreements and project financings, in over 10 countries in Latin America.
David Loveys, C.A.
Director, Vice President Finance & Chief Financial Officer
David's experience has been primarily with large Canadian publicly traded companies operating in the domestic and international markets. He has held senior financial positions with CHC Helicopter Corporation and, prior to that, with the NewTel Group of Companies. David has a Bachelor of Commerce Degree from Memorial University of Newfoundland and qualified as a Chartered Accountant in 1981. He successfully completed the Investment Dealers Association of Canada, Canadian Securities Course in 1987.
Terry Brace, M. Sc., P. Geo.
V.P. Exploration
Terry is a native of Newfoundland and is a professional geoscientist with more than 20 years of exploration industry experience. He graduated with a B.Sc. Honours degree in 1984 and a M.Sc. degree in 1991 from Memorial University of Newfoundland.
Terry's industry experience is broad-based, and includes exploration for base metals, precious metals and oil & gas in Canada, Latin America and West Africa. He has worked for several major and junior companies, including Noranda, Teck Resources, Aur Resources, Thundermin Resources and Joutel Resources. From 1996 to 1998, he served as Operations Manager for Joutel Resources Limited in Cuba and from 1999 to February 2008, was the senior exploration geologist on Teck Resources’ Duck Pond copper-zinc mine located in central Newfoundland. There he was a key member of the management team that brought Duck Pond into production, having also been heavily involved in environmental and permitting aspects of the project.
Yvan Crepeau
President Cornerstone Ecuador S.A. & La Plata Minerales S.A., Ecuador
Yvan is a Geologist and exploration manager with over twenty-five years of diversified experience in the evaluation and management of exploration projects in Eastern Canada as well as overseas in Asia and in North, Central and South America. Yvan has expertise in corporate development, management of technical programs and human resources, relations with government agencies and contract negotiation. Yvan has his Masters of Business Administration (MBA) from HEC in Montreal, specializing in International Management, and his Bachelor’s Degree in Geology (BSc) from the University of Montreal. He is fluent in English, French and Spanish.
Andrew Hussey, P. Geo.
Lands Manager
Andrew's exploration career has been largely in the role of an exploration geologist with both major and junior mineral exploration/mining companies as well as with various geological consultants. His technical experience spans several metallogenic environments in Newfoundland and Labrador including VMS, magmatic Ni-Cu-Co and gold. Through working with Noranda Inc. and Thundermin Resources Inc., Mr. Hussey has gained considerable knowledge of VMS environments in central Newfoundland. Prior to joining Cornerstone, Mr. Hussey worked for Thundermin Resources Inc. during mine feasibility studies on the Duck Pond VMS deposit. Mr. Hussey's superior GIS, technical and administrative skills make him ideally suited for the role of lands/data manager. Mr. Hussey is a native of Newfoundland and a professional geoscientist registered with the Association of Professional Engineers and Geoscientists of Newfoundland as well as a graduate of Memorial University with a B.Sc. (Honours) degree in Geology (1994).
I know this is old news but I guess it is good to have it in the posts.. NR on Red Cliff..
Lets hope that vale continues to drill in the area on CGP property, right now this is the best they have in this area and with only one drill program in the area it leaves a lot more work for vale and Cornerstone to do.. one thing we have to remember even a dead hole will help you in your understanding of the geologyin the area.. with Joh Throson a expert on SSC deposits & CGP geologists hopefully we will get another drill program!!
March 29, 2011
11-14 - Cornerstone announces diamond drilling results on the Red Cliff copper property in Newfoundland
--------------------------------------------------------------------------------
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone") (CGP: TSX-V, GWN: F, GWN: B, CTNXF: OTC) today announced the results of a diamond drilling program carried out in late 2010 on its Red Cliff copper property by 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"). 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 consisted of 6 holes (RC-10-01 thru RC-10-06) totaling 870 m. A 7th hole (RC-10-07) was started but abandoned at only 8 m due to a lack of available water. Drilling was carried out in three separate areas of the Red Cliff property: i) East of Swibbs Cove Pond (3 holes); ii) East of Duntara (1 hole); and iii) North of Duntara (3 holes). Drill hole locations are shown in Figure 1 and a summary of results is provided below in Table 1.
Table 1. Summary of Diamond Drilling Results, Red Cliff property (VEC - Q4 2010)
Hole No. Location (UTM NAD 27, Zone 22) Elevation (m) Dip (o) Azimuth (o) Length (m) Results/Remarks
Easting Northing
RC-10-01 320947 5384140 122 -70 225 251.0 No Significant Cu
RC-10-02 320341 5386161 83 -60 270 71.0 No Significant Cu
RC-10-03 320540 5385647 120 -60 270 68.0 No Significant Cu
RC-10-04 324564 5385860 88 -70 135 77.0 No Significant Cu
RC-10-05 326617 5384880 88 -70 235 239.0 No Significant Cu
RC-10-06 325752 5386926 96 -70 170 164.0 Low-grade copper encountered 120.0 - 149.9 m: 0.12% Cu over 29.9 m including 0.27% Cu over 10.9 m (137.0 - 147.9 m). Best assay of 1.38% Cu and 8.4 g/t Ag over 1.0 m from 137.0 - 138.0 m
RC-10-07 325093 5386196 99 -70 170 8.0 Hole abandoned in red beds at only 8.0 m
Total 878.0
All holes were targeting and successfully intersected the favourable reduced grey bed horizons. However, with the exception of hole RC-10-06 located north of the Blue Point prospect, none of the holes encountered significant copper mineralization. Hole RC-10-06 intersected low grade copper grading 0.27% Cu over 10.9 m (137.0 - 147.9 m) within a broader zone grading 0.12% Cu over 29.9 m (120.0 -- 149.9 m). A single 1.0 m sample from 137.0 -- 138.0 m returned a maximum assay of 1.38% Cu and 8.4 g/t Ag.
During the next several weeks, consulting geologist Dr. Jon Thorson and expert on SSC deposits will be reviewing the Red Cliff drill core with VEC and Cornerstone geologists in order to help guide future exploration work.
This press release was prepared by Terry Brace, P.Geo., Cornerstone's VP Exploration and a Qualified Person (QP) in accordance with National Instrument (NI) 43-101. Exploration work on the Red Cliff project was carried out under the supervision of Cameron Bowie, P.Geo., VEC's Principal Geologist for North American Exploration and a QP in accordance with NI 43-101.
All drill holes are NQ in size. The core is logged and photographed and the mineralized sections, where appropriate, are sawn in half at a core logging facility in Port Rexton, NL. Half of the core is submitted to Eastern Analytical Limited in Springdale, NL for sample preparation, and the pulps are sent to the ALS Chemex laboratory in Sudbury, ON. All samples are analyzed using four acid digestion and 33-element geochemical ICP-AES technique. Any samples exceeding the geochemical ICP-AES upper detection limit are re-analyzed using four acid digestion and ICP-AES technique designed for low grade mineralized materials. The remaining half of the core is kept for future reference. Blanks, duplicates and standards are used as part of the assay procedure according to Vale's QA/QC protocols.
Other News
In other news, Cornerstone announces that it has signed a definitive agreement to acquire 100% of the shares of Santa Barbara Copper and Gold S.A. ("SBCG"), a wholly owned Ecuadorian subsidiary of Santa Barbara Resources Limited (TSX-V: SBL). The key assets of SBCG are the La Encrucijada and Cascabel gold and silver projects. The terms of the agreement and a description of the two projects are contained in Cornerstone's February 17, 2011 news release.
Also in other news, during the first quarter of 2011, 14,481,276 warrants have been exercised by warrant-holders, providing cash proceeds to the Company of $2.6 million.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in Canada, Ecuador and Chile, and a strong technical team that has proven its ability to identify, acquire and advance properties of merit. The company's business model is based on generating exploration projects whose subsequent development is funded primarily through joint venture partnerships. The company is well funded and commitments from JV partners constitute significant validation of the strength of Cornerstone's projects.
About VEC
Vale is the second largest metals and mining company in the world, one of the 30 largest publicly traded companies in the world and the largest private sector company in Latin America. Vale has a market capitalization of around US$ 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.
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
Twitter
YouTube channel
Flickr
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.
You can view the Previous News item: Tue Mar 22, 2011, 11-13 - Cornerstone and Thundermin intersect 4.1% Copper over 10.6 m and 4.5% Copper over 5.9 m in the Little Deer Copper Deposit, Newfoundland
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VALE---Red Cliff---- NR???
VALE being the operator of the drilling on the Red Cliff property last year. The rumors I heard then was that they were happy with results.
Was talking with management today and it seem that we may get a NR on drill results very soon and lets hope that it includes more drilling on the property.
CGP do like Tuesdays for NR lets hope for this following week coming up!
Interesting post on SH about Shyri drilling!! Lets hope that this shows up in the results!!!
Poster--long3420
Cornerstone drilling Cu-Au at SHYRI
Rumours of good visuals. Wait and see?
NR on Little Deer---
March 22, 2011
11-13 - Cornerstone and Thundermin intersect 4.1% Copper over 10.6 m and 4.5% Copper over 5.9 m in the Little Deer Copper Deposit, Newfoundland
--------------------------------------------------------------------------------
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 that they have intersected high grade copper mineralization assaying 4.1% Cu over 10.6 m, including 6.7% Cu over 5.8 m, and 4.5% Cu over 5.9 m within the Little Deer Copper Deposit ("Deposit") which is located approximately 10 km north of Springdale in north-central Newfoundland (see Table 1 and Figure 1).
Table 1: Little Deer Drill Results (2010/2011)
Hole No. East (m) North (m) Dip (o) Az (o) From (m) To (m) Interval (m)** Cu (%)
LD-10-39* 14057 4459 -37.1 321.6 208.6 209.1 0.5 13.4
and 213.9 218.1 4.2 4.6
and 233.9 250.4 16.5 5.0
incl. 233.9 239.0 5.1 6.1
incl. 244.9 250.4 5.5 9.2
LD-10-40* 14057 4459 -35.8 315.0 294.5 295.2 0.7 2.4
LD-10-41 14057 4459 -36.1 335.1 202.6 203.0 0.4 5.1
and 219.2 222.2 3.0 2.1
and 229.7 235.6 5.9 4.5
LD-11-42 14057 4459 -63.0 305.5 306.8 308.0 1.2 1.0
LD-11-43 13536 4545 -56.5 331.3 NSV
LD-11-44 13943 4337 -48.1 318.8 413.8 415.4 1.6 9.3
and 469.3 479.9 10.6 4.1
incl. 469.3 475.1 5.8 6.7
LD-11-45 13536 4545 -66.2 337.7 472.9 473.9 1.0 4.0
and 488.8 494.2 5.4 1.4
LD-11-46 13536 4545 -60.8 338.7 NSV
LD-11-47 13943 4337 -54.0 323.2 NSV
LD-11-48 13536 4545 -54.5 351.5 366.2 367.2 1.0 1.4
Notes:
* Holes LD-10-39 and LD-10-40 were previously reported in a News Release dated January 20, 2011.
** The reported copper intersections are core lengths. The intersections in holes LD-10-39, LD-10-40 and LD-10-41 approach true thickness. The intersections in the remaining holes are estimated to be from 70% to 80% of true thickness.
NSV No significant values.
A $1,600,000 diamond drilling program, comprising approximately 12,000 to 13,000 m of drilling in 18 to 20 holes and employing two drills, commenced on the Deposit on December 1, 2010. A total of 6,372 m of drilling in 13 holes has been completed to date. The primary purpose of this drill program is to increase the estimated mineral resources outlined to date in the Deposit to the five to six million tonne range. The potential increase of the current mineral resources is conceptual in nature and it is uncertain whether further exploration drilling will result in an expansion of this mineral resource.
The current drill program is focusing on three main areas: 1) above the -250 m elevation where the recent recovery of drill logs and assay data for 47 surface and 86 underground historical drill holes suggests that there is good potential for outlining additional high grade resources (see news release dated January 20, 2011); 2) along strike both east and west of the limits of the currently outlined mineral resource; and 3) at depth below the -650 m elevation where a preliminary interpretation of the results from borehole Pulse electromagnetic surveys suggest that there is potential for the discovery of additional copper mineralization.
The Deposit has been outlined by drilling over a strike length of 1,050 m and to a vertical depth of 1,000 m. Note that Figure 1 presented here shows only the upper eastern portion of the Deposit (see the longitudinal section accompanying the news release dated July 29, 2010 for a view of the complete Deposit). Additional details on the Deposit can be found in numerous Cornerstone and Thundermin news releases dated between May 1, 2007 and January 20, 2011 which are on each company's website and on SEDAR.
Holes LD-10-39, LD-10-40 (both previously reported) and LD-10-41 collectively totaling 966 m were completed in December prior to the seasonal shutdown (see Figure 1 and Table 1). These holes were drilled to confirm the presence of high grade copper mineralization believed to exist in the upper portion of the Deposit based on a review of the historical data referenced above. Hole LD-10-39, which intersected high grade massive, semi-massive and stringer chalcopyrite-pyrite-pyrrhotite mineralization was drilled to confirm the copper mineralization in historical surface hole LD-62-78 which intersected 2.9% Cu over 60.1 m, including intervals of 5.9% Cu over 7.9 m, 5.3% Cu over 15.5 m and 3.1% Cu over 11.6 m. Hole LD-10-40, which was drilled approximately 35 m west of LD-10-39, intersected minor copper mineralization comprising 2.4% Cu over 0.7 m. Hole LD-10-41 was drilled approximately 50 m east of hole LD-10-39 to confirm the copper mineralization in historical surface hole LD-62-83 which intersected 3.1% Cu over 13.7 m. Hole LD-10-41 intersected 2.1% Cu over 3.0 m and 4.5% Cu over 5.9 m. Three additional shallow holes are planned to the west in this area of the Deposit. These holes will be drilled on approximately 100 m centers to target the -100 m elevation (see Figure 1).
Hole LD-11-45, drilled on the upper western margin of the Deposit, intersected 1.4% Cu over a core length of 5.4 m and hole LD-11-48 intersected 1.4% Cu over 1.0 m. Holes LD-11-43 and LD-11-46, also on the upper western margin of the Deposit, intersected intervals of chlorite alteration with no significant copper mineralization. Hole LD-11-44, drilled on the upper eastern margin of the Deposit intersected high grade copper mineralization assaying 9.3% Cu over 1.6 m and 4.1% Cu over 10.6 m, including 6.7 % Cu over 5.8 m. Holes LD-11-42 and LD-11-47, also on the upper eastern margin of the Deposit, intersected thick sections of chlorite alteration with no significant copper mineralization. Holes LD-11-49, LD-11-50 and LD-11-51 have been completed. Assay results are awaited and will be reported when received.
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 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. A 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. Specific gravity 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, 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
Cornerstone and Thundermin, the operator, 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.
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
Twitter
YouTube channel
Flickr
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
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
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.
You can view the Previous News item: Tue Mar 15, 2011, 11-12 - Cornerstone acquires La Fortuna Copper-Silver-Gold project in Chile
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Good read and read it slowly, it is good to see that we are being kept in the loop as far as Cornerstone is concerned; a lot of NR over the last little while, and this NR puts all those NR is order.
March 17, 2011
CEO Letter to Shareholders
Author: Glen H. McKay
--------------------------------------------------------------------------------
Dear Shareholder;
Since my last letter to you on January 25th, 2011 there have been a number of developments in your company which I wish to comment on.
New President
On February 24th we announced that H. Brooke Macdonald, a Director of Cornerstone since 2009, had been appointed President, replacing yours truly in that role. Having Brooke, a respected and seasoned industry professional, as President is an important step for the Company for the next stage of its development. He brings the experience, knowledge and skills necessary to ensure that we realize the potential of our current broad portfolio of projects and take full advantage of new opportunities. As we enlarge our portfolio of projects in Ecuador and expand into other jurisdictions in Latin America, Brooke's intimate knowledge of the region and his fluency in Spanish are critically needed assets at this time. I am very pleased that Brooke is joining our senior management team at this important juncture.
Cash Position and Partner Funding of Key Projects
We continue to be focused on generating new projects that have great potential for discovery and we are committed to realize significant returns for our shareholders. Cornerstone leverages its own exploration funding through joint venture and strategic partnerships, providing shareholders with potential for success at lower risk and less dilution. We have great confidence in our projects and we look forward to advancing them to create significant value for investors who have patiently supported the Company.
Cornerstone is well funded and commitments from our JV partners constitute significant validation of the strength of Cornerstone's projects. 50% of work on the Little Deer copper project in Newfoundland is funded by partner Thundermin Resources. 100% of the funding for our other flagship property, Shyri in Ecuador (including the current drill program at the Gama target), is being provided by partner Intrepid Mines, which is committed to spending at least $1 million on the property in 2011. Great Western Minerals is funding 100% percent of the work on the Company's Chaleur rare earth elements (REE) property in New Brunswick (see news release dated March 1, 2011). 100% of work on our Macara property in southern Ecuador is being funded by Newmont Ventures Limited, a subsidiary of Newmont Mining Corporation (see news release dated March 30, 2010). 100% of work on our Letitia Lake REE property in central Labrador is being funded by Rare Earth Metals Inc. to earn a 51% interest in the property (see news release dated February 16, 2010), and 100% of work on our Red Cliff copper property on the east coast of Newfoundland is being funded by Vale Exploration Canada Inc. to earn a 60% interest (see news release dated May 4, 2010).
Cornerstone currently has approximately $2.2 million in the bank. On or before April 21st, we expect to add approximately $700,000 to our treasury from the exercise of warrants at an exercise price of $0.25. The warrants were issued in connection with a private placement announced on November 12, 2009; they were called by the Company on March 14th and will expire if not exercised by April 21st. On March 24th we expect to be able to call another 4,687,500 warrants, at an exercise price of $0.20, thereby causing them to expire if not exercised within 30 days of the date they are called. These latter warrants were issued in connection with a private placement announced on November 22, 2010, and if exercised would add another $937,500 to our treasury. Cornerstone also owns marketable securities with an approximate value of $550,000, which could be converted to cash if necessary.
In short, we believe that Cornerstone has sufficient cash on hand to meet all its commitments and to advance its strategic objectives well into 2012. Proceeds from the exercise of all outstanding warrants and liquidation of the marketable securities, with current cash on hand, gives Cornerstone potential total cash resources of approximately $4.3 million.
Little Deer Copper
On January 27th we announced that drilling had recommenced on the Little Deer copper deposit with two drill rigs. The primary purpose of the current drill program is to increase the estimated mineral resources outlined to date in the deposit to the five to six million tonne range. While we are confident that is an achievable goal, I must note that the potential increase to the Little Deer mineral resource is conceptual in nature and it is uncertain whether further exploration will result in an expansion of the resource as currently defined.
Cornerstone and our joint venture partner Thundermin Resources must decide prior to July 12, 2011 whether to exercise the option to acquire a part of the property that is subject to an underlying agreement with a third party. If we elect to exercise, we must make a payment to the third party which is based on a formula but which we currently estimate to be approximately $1.5 million, 50% or an estimated $750,000 of which must be paid by Cornerstone. At Cornerstone's election the payment may be in cash or Cornerstone shares.
Ecuador
We are confident that it will become increasingly apparent that Ecuador welcomes environmentally friendly, socially responsible, sustainable mining development and we are positioning Cornerstone to be a major player in this underexplored land of fabulous mineral potential.
We expect that Ecuador will very shortly achieve an important milestone in implementing its new mineral exploration and development regime, with the signing of the first mineral exploitation contracts governing advanced projects. On March 5th a report at http://www.miningweekly.com/article/ecuador-expects-to-sign-first-two-contracts-by-april-minister-2011-03-05 stated that the government of Ecuador expects to have the first mineral exploitation contracts signed in the coming months with foreign firms wanting to develop identified mineral deposits in the country. The Minister for Nonrenewable Resources, Wilson Pastor, was quoted as saying: "By April we believe we will have signed at least two mineral exploitation contracts, and by June, we will have the third strategic project signed. There are two more deals for advanced exploration that will be sealed next year." The new contracts will include details of royalties to be paid to the government.
Ecuador passed a new mining law in January 2009, replacing a mandate that had ordered a suspension of all mining and exploration work in the country almost a year earlier. The provisions of the new law are now being fully implemented, thereby enabling Cornerstone and other companies to recommence exploration and development activity.
At the PDAC on March 8th the Ecuadorian delegation, headed by newly appointed Vice Minister of Mines, Federico Auqilla, mentioned Cornerstone as one of the exploration companies filling the pipeline with the second generation of projects for the country, and said they expected to have the first two mineral exploitation contracts signed by April 15th. The Vice Minister, a mining engineer from the city of Cuenca who is known as a long time supporter of foreign investment, delivered a message from President Rafael Correa that Ecuador is committed to developing a world-class mining sector and realizes it needs foreign investment to do this.
Coincidentally also on March 8th, we announced that drilling had started on our highly prospective Gama prospect on the Shyri property. As I write this letter the drilling is ongoing and we await the first results from the drilling.
During 2006/07 there was heightened anticipation about our Shyri property. Several mining analysts and letter writers who had visited it were of the opinion that all three prospects on the Shyri property - Gama, Vetas Grandes and Cañaribamba - were high priority targets. Work completed on those prospects up until the imposition of the Mining Moratorium further supported that conclusion.
Based on the geological potential of the Shyri project alone, many analysts and letter writers were recommending CGP before the moratorium. CGP traded as high as $0.89 at that time. One should keep in mind that the price of gold in 2007 was less than 50% of what it is today. Also your company has many more high potential properties than it did in 2007. In the months ahead, in addition to drilling Gama, we will be working to advance the Vetas Grandes and Cañaribamba prospects to the drill ready stage.
We recently expanded our activities in Ecuador with our February 17th announcement that we had acquired 100% of the shares of Santa Barbara Copper and Gold S.A. ("SBCG"), thereby acquiring the La Encrucijada and Cascabel properties. We will attempt to advance both properties to the drill ready stage this year. Prior to beginning work on La Encrucijada, we will need to carry out consultations with the local community, which could delay the commencement of work on that property.
Chile
On February 22nd we announced that we had signed an agreement to explore the Miocene gold-silver-copper project located in the Regions of Atacama and Antofagasta of northern Chile.
On March 15th we announced that we had signed an agreement to acquire the La Fortuna copper-silver-gold project located in the Valparaíso Region of central Chile.
These two projects were selected after two years of careful research by our experienced geological team. We plan to advance these two properties to the drill ready stage by the end of the first quarter of 2012.
Rare Earth Element Properties
On March 1st we announced that we had signed a formal option agreement granting Great Western Minerals Group Ltd (TSXV-GWG) the right to earn a 51% interest in Cornerstone's Chaleur rare earth element (REE) property in northern New Brunswick. On March 8th we announced that Rare Earth Metals Inc. (TSXV-RA) had elected to enter the second year of the option agreement respecting our Letitia Lake rare earth element (REE) properties in central Labrador.
Those two projects give your company exposure to a group of commodities that is receiving a lot of attention these days. To read a commentary on the importance of rare earth elements go to link http://financialedge.investopedia.com/financial-edge/0211/China-Dominates-Rare-Earth-Metals-Market.aspx
El Strato Gold
On February 1st we announced a decision to defer the planned winter diamond drilling program on the El Strato gold property in north-central Newfoundland until this coming summer. Unseasonably mild temperatures this winter have resulted in a lack of suitable lake ice thickness and ground freeze-up conditions, thus making access difficult. Cornerstone will commence the drilling program in early summer as soon as ground conditions are suitable.
To keep updated on news from Cornerstone please ensure that you are subscribed to our email alerts by updating your profile at http://www.cornerstoneresources.com/s/SendMessage.asp. We also encourage you to take the time to familiarize yourself with our other projects and our people by visiting our website.
The direct 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 recently updated Corporate presentation with narration is:
http://rblcommunications.com/webcasts/Cornerstone/CGPmarch2011/CGPmarch2011.html
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
As usual your comments, suggestions and inquiries are very welcome.
Best regards,
Glen
Glen H. McKay
Executive Vice -- Chairman & CEO
Cornerstone Capital Resources Inc.
Excellence in Mineral Exploration
"People, Process, Projects"
TSXV - "CGP" / OTC - "CTNXF"
Email: ghmckay@crigold.com
Skype: glenmckay
www.cornerstoneresources.com
Toll Free 1-877-277-8377
You can view the Next Corporate Update item: Tue Jan 25, 2011, CEO Letter to Shareholders
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Email from John on Little Deer & Lebel!
RE: Little Deer & Lebel?Wednesday, March 16, 2011 10:33 AMFrom: "Info Thundermin" <info@thundermin.com>View contact detailsTo: ******************************
The events in Japan are really unfortunate and have put great uncertainty into the markets for the time being. However, they will undoubtedly need plenty of copper to rebuild eventually.
Drilling going well at Little Deer. We have completed several holes and are awaiting more assay results. I hope that we will have an update out next week.
Nothing new on Lebel ------ just waiting on the government.
John
--------------------------------------------------------------------------------
From: *********************************
Sent: Tuesday, March 15, 2011 11:33 PM
To: Info Thundermin
Subject: Little Deer & Lebel?
Good morning John
News not so good for the people of Japan very difficult for them for sure.
John can we expect some more drill results any time soon on Little Deer?
Also how is the battle going with Lebel, are we any closer to getting the drill permits?
Thanks for any info you can give at this time.
****************