Replies to post #98300 on KAT Exploration Inc (KATX)

[Rick-UK]

VALE starts to take the Bonavista Peninsula seriously! This could be very important news for KAT Exploration's Lucky South property that VALE has signed a JV option agreement on.

Wow thank you clutnam, this is obviously massive news for Cornerstone (and I wish them every success) but due to the fact that VALE has a similar option agreement with us as they have with Cornerstone, and given that VALE secured their 300+ sq km claims on Bonavista immediately after KAT released its initial exploration results at Lucky, this also hints at wonderful news for us here at KAT in the very near future. It is entirely possible that a deal has already been agreed, or even that VALE has already drilled at Lucky and we are awaiting a full report or just simply waiting to announce the news alongside other news.

Bear in mind that just like Cornerstone, KAT Exploration also has two strings to its bow on the Bonavista Peninsula - Lucky South and Lucky North. Unlike Cornerstone however, KAT has only optioned Lucky South and has retained 100% ownership of Lucky North. We do not know why, but we do know a couple of things. Firstly that VALE has claimed the entirety of available property on the Bonavista Peninsula - ie around both Lucky South and North - which strongly indicates to me that there would be no reason why VALE would not have been interested in optioning Lucky North as much as Lucky South and the two Cornerstone properties. Secondly that Lucky North was claimed just days before KAT Exploration went public with the initial Lucky exploration results and the mad rush by VALE to claim everything left in the area. So at that time, Ken could have claimed any part of Bonavista that he wanted but he didn't extend Lucky South and he didn't claim anything else, just Lucky North. This indicates to me that aside from the two Cornerstone properties which were there prior to these events, Ken took what he considered to be the parts of Bonavista with the highest potential for mineralisation.

It looks like things are happening on the Bonavista Peninsula. Several of us have repeatedly been saying that we do not know what has been going on, and for all we know VALE could well already be exploring Lucky. This news lends a great deal of credibility to this theory!

Sep 27, 2010 17:00 ET
Cornerstone Notified by Vale Exploration Canada Inc. of Planned Diamond Drilling Program on the Red Cliff Copper Property in Newfoundland

MOUNT PEARL, NEWFOUNDLAND--(Marketwire - Sept. 27, 2010) - Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (PINK SHEETS:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) is pleased to announce that it has been notified by Vale Exploration Canada Inc. ("VEC"), a wholly-owned subsidiary of Vale S.A. (NYSE-VALE) ("Vale"), that it will commence a 1,500 metre diamond drilling program on the Red Cliff copper property in mid-October. 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.

Up to ten (10) drill holes ranging in length from 100 m to 250 m are planned to test the prospective Blue Point Horizon in three separate areas: 1) North of Duntara (6 holes, 850 m); 2) South of Duntara (1 hole, 200 m); and 3) east of Swibbs Cove Pond (3 holes, 450 m). Previous drill testing of the Blue Point Horizon in 2001 returned significant copper grades and thicknesses including 0.8% Cu and 7.7 g/t Ag over 9.69 m in hole RC-01-01 and 1.0% Cu and 12.1 g/t Ag over 14.25 m in hole RC-01-02.

Glen McKay, Cornerstone's President & CEO, commented "We are delighted with Vale's decision to further evaluate the potential of the Blue Point Horizon. Previous drilling by Cornerstone has encountered both economic grade and thickness for this deposit type and demonstrated the potential for bulk tonnage copper deposits in the Red Cliff project area."

[eddiebali]

Thank you clutnam

This is Huge news