Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc.

April 24, 2008 07:00 ET

Cornerstone Announces Letter of Intent for Cape Ray and Results of the AGM

MOUNT PEARL, NEWFOUNDLAND--(Marketwire - April 24, 2008) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (PINK SHEETS:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) announces that it has signed a non-binding letter of intent ("LOI") to sell a 100% interest in its Cape Ray mineral license in western Newfoundland for $Cdn 1.1 million. The purchaser is a privately held company based in the United Kingdom. The LOI stipulates that the parties will reach a definitive agreement by May 15, 2008 following which the purchaser will have 90 days to close the purchase arrangement. On the signing of the definitive agreement the purchaser will make a $Cdn 50,000 non-refundable deposit to Cornerstone. Cornerstone will also retain a 2.5% NSR on the property subject to certain limitations and third party rights.

The company's annual general meeting was held in St. John's April 23, 2008. The board of directors was elected at the meeting and the company's Shareholder Rights Plan re-affirmed. The size of the board was amended to seven in recognition of the decision by former director Mike Basha not to stand for re-election to the incoming board. Mr. Glen H. McKay, Chairman, commented ""Speaking on behalf of the Directors, Management and staff of Cornerstone, I want to thank Mike most sincerely for his dedicated hard work on our behalf." Mr. Basha will continue in his role as Executive Vice President with the company.

About Cornerstone

Cornerstone Capital Resources Inc. is a mineral exploration company with 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. Cornerstone's current and past joint venture partners include Agnico Eagle, Celtic, Cash Minerals, Candente, Coastport, Cogitore, Falconbridge, Inmet, Kermode, Mountain Lake, Moydow, Newmont, Noranda, Phelps Dodge, and Thundermin.

In Canada, Cornerstone is in discussion with potential joint venture partners on several projects. From its base in Ecuador, the company is evaluating exploration opportunities in other Latin American countries.

On Behalf of the Board,

Colin B. McKenzie, President & CEO

The common shares of the Company are currently listed on the TSXV in Canada (symbol CGP), the OTC in the USA (symbol CTNXF) and the Frankfurt Stock Exchange (symbol GWN).

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

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