Zinc

[Lone Clone]

Cornerstone Announces 4.7% Zinc Intercept in Drilling by Mountain Lake Resources Under the Bobby's Pond Joint Venture
Thu Jul 26, 8:00 AM

http://ca.news.finance.yahoo.com/s/26072007/28/link-finance-news-cornerstone-announces-4-7-zinc-inte...

MOUNT PEARL, NEWFOUNDLAND--(CCNMatthews - July 26, 2007) - Cornerstone Capital Resources Inc. (TSX VENTURE: CGP.V) (FRANKFURT: GWN.F) (BERLIN: GWN.BE) (PINK SHEETS: CTNXF.PK) has been informed by Mountain Lake Resources Inc. (TSX VENTURE: MOA.V) that it has encountered widespread base metals in two of the three holes completed on the Cornerstone claims located approximately 2.5 km south-southwest from Mountain Lake's Bobby's Pond zinc-copper (Zn-Cu) base metals deposit in Central Newfoundland. The drill results include a 1 meter intercept of 4.7% Zn in Hole BPR-07-02.

In a news release today, Mountain Lake stated:

"A total of 956.45 meters were drilled in 3 holes. The strategy was to test a 600 meter gap between previous INCO drill holes and to test the alteration system at depth. The drill holes have been lined with plastic tubing so that a downhole Pulse EM survey can be conducted later this summer when the equipment is available.

"Hole BPR-07-01 targeted the alteration zone beneath a 1988 INCO hole (drilled before the discovery of the Bobby's Pond Deposit), which intersected a wide alteration zone containing minor base metals. The recently completed hole intersected a 14 meter interval of 0.42% Zn from 402 meters to 416 meters.

"Hole BPR-07-02, drilled 200 meters grid west of BPR-07-01, also encountered a wide zone of alteration and base metal mineralization with intervals of 0.29% lead (Pb), 0.47% Zn over 5 meters from 235.5 to 240.5 meters and 0.03% Pb and 1.82% Zn over 3 meters from 244.5 to 247.5 meters. This included a 1 meter interval of .05% Pb and 4.7% Zn from 245.5 to 246.5 meters. Cu, silver (Ag) and gold (Au) values were insignificant.

"BPR-07-03, drilled an additional 200 meters grid west of BPR-07-02, encountered strong silicification, patchy sericitization and pyrite throughout much of the hole but no significant base metals.

"Targeting for additional drill holes will be determined once the results of the downhole Pulse EM surveys have been received. Attention will be focused this summer on field programs to generate targets for drill testing on the Cornerstone Option to the northeast of Mountain Lake's 100% owned mining lease.

"With respect to diamond drilling, sample analyses and quality assurance/quality control procedures: all holes are NQ sized core which have been photographed, logged, and diamond saw cut at the core logging facility located in Buchans, Newfoundland. Half of the core was submitted to Eastern Analytical Laboratories in Springdale, Newfoundland for analysis for base metals (zinc, copper, lead and silver) with an AA finish. Gold was analyzed by 30 gram Fire Assay with an AA finish. QA QC procedures involve the inclusion of Standards (1 in 20), Blank Samples (l in 20), and Sample Duplicates (1 in 20) using Eastern Analytical's internal Standards and Blank Samples.

"Mr. Gary Woods, P.Geo. President and CEO of Mountain Lake, is the Qualified Person on the Bobby's Pond project, and has reviewed and verified the contents of this news release."

The Bobby's Pond JV

Cornerstone's Bobby's Pond property comprises 62 claims (15.5 sq km) that partially surround Mountain Lake's 2.4 sq km Bobby's Pond Mining Lease. A map of the property is available at www.cornerstoneresources.com.

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.

About Cornerstone

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.

The drilling on Bobby's Pond is the first of in excess of 26,000 m (85,300 feet) of drilling that is planned on five Cornerstone projects this year

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.

Contacts

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