Zinc

[Lone Clone]

Mountain Lake signs JV Agreement and Commences Drill Program on Cornerstone Property adjacent to Bobby's Pond Zinc-Copper Deposit in Central Newfoundland
Tuesday May 15, 8:00 am ET

http://biz.yahoo.com/ccn/070515/200705150390609001.html?.v=1

MOUNT PEARL, NEWFOUNDLAND--(CCNMatthews - May 15, 2007) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP - News; OTCBB:CTNXF - News; FRANKFURT:GWN - News; BERLIN:GWN - News) today announced that Mountain Lake Resources Inc. (TSXV-MOA) will commence drilling on Cornerstone's 100% owned Bobby's Pond claims in Central Newfoundland. The announcement follows finalization and signing of an option and joint venture agreement between the two companies. The Cornerstone property comprises 62 claims extending both northeast and southwards from Mountain Lake's 2.4 sq km Bobby's Pond mining lease where ongoing drilling is defining a significant zinc-copper-volcanogenic massive sulphide (VMS) deposit.

On February 7, 2007, Mountain Lake reported the results of a January 2007 mineral resource estimate update that increased the NI43-101 compliant resources in the Bobby's Pond deposit to a total of 1,340,000 tonnes (Indicated and Inferred), consisting of 860,000 tonnes in the Indicated category grading 0.93% Cu, 6.30% Zn, 0.53% Pb, 20.0 g/t Ag, and 0.24 g/t Au, and 480,000 tonnes in the Inferred category grading 1.07% Cu, 6.36% Zn, 0.38% Pb, 15.0 g/t Ag, and 0.18 g/t Au.

Mountain Lake plans to drill three holes totaling 750 metres on the Cornerstone claims, with the drill program commencing immediately.

Cornerstone's Bobby's Pond claims host VMS-style alteration and disseminated and stringer zinc-copper mineral occurrences identified in widely spaced INCO drill holes completed in the late 1980's. The INCO drill holes encountered mineralization similar to that situated immediately adjacent to the Bobby's Pond deposit. Go to http://www.cornerstoneresources.com/s/Newfoundland.asp?ReportID=136409 for a map of the property.

The option agreement gives Mountain Lake the right to earn a 51% interest in Cornerstone's claims by spending $2.75 million on exploration over five years. The first year's $150,000 expenditure is a firm commitment and includes completion of a diamond drilling program. The agreement also calls for Mountain Lake to issue 200,000 common shares to Cornerstone over five years, including 25,000 to be issued on the acceptance of the agreement by the TSX Venture Exchange. With an active exploration program already underway on its Bobby's Pond mining lease, Mountain Lake will be operator of the joint venture during the earn-in period.

When Mountain Lake earns a 51% interest, a Joint Venture will be formed whereby each party will have the right to maintain its respective interest by funding its share of exploration costs. The agreement also gives Mountain Lake the right, subject to certain conditions, to increase its interest to 75%. Either party may dilute its interest, based on exploration expenditures. If either party's interest falls to 10% or less, its interest will convert to a 2% NSR, which is subject to buy-out provisions.

Bobby's Pond is one of a number of active projects in the Buchan's area of Central Newfoundland known for its base and precious metal-rich VMS deposits, most notably the renowned and historic Buchan's deposits themselves. The Bobby's Pond project is located 25 km to the west of Aur Resources' Duck Pond deposit, which is in commercial production, and 50 km northeast of Messina Minerals' Tulks South property, the site of their 2004 Boomerang and subsequent discoveries.

Mr. Jamie Meyer, PGeo, of Mountain Lake Resources, is the Qualified Person on the Bobby's Pond project. He has reviewed and verified the contents of this news release.

Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland & Labrador, Canada, with a diversified portfolio of projects in Canada and Ecuador. The company's business model is based on generating exploration projects whose subsequent development is funded primarily through joint venture partnerships. In addition to Mountain Lake Resources, Cornerstone's current and past joint venture partners include Agnico Eagle, Celtic, Cash Minerals, Candente, Coastport, Cogitore, Falconbridge, Inmet, Kermode, Moydow, Noranda, Phelps Dodge, and Thundermin.

On Behalf of the Board,

Glen H. McKay, President & CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.


Contact:

Glen H. McKay
Cornerstone Capital Resources Inc.
President & CEO
1-877-277-8377
Email: [e-mail]
Website: www.cornerstoneresources.com

Source: Cornerstone Capital Resources Inc.