Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc.

June 04, 2009 08:00 ET

Cornerstone to Resume Work on Macara Project, Ecuador

MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwire - June 4, 2009) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) reports that it has approved a budget and work plan for the resumption of exploration work in the Macara region, southern Ecuador, with Newmont Ventures Limited, a subsidiary of Newmont Mining Corporation (NEM-NYSE). A regional program of geochemical and geological surveying is expected to commence this month as soon as field crews can be mobilized to the area. The new mining law permits reconnaissance exploration in the search for new mineral deposits to proceed without additional environmental approvals. The project still requires approval of environmental management plans to carry out early stage exploration within the 75 km2 covered by the three Macara concessions.

An alliance was formed between Cornerstone and Newmont on March 4, 2008 (see News Release 08-08, March 4, 2008) to carry out gold exploration in a large region of southern Ecuador adjacent to the Peruvian border. Cornerstone contributed its properties and existing exploration database to the alliance. Newmont provided funding for the initial phase of exploration through a private placement in Cornerstone. Under the terms of the strategic alliance and option agreement, Cornerstone has two years in which to spend $1,000,000 within the alliance's 1830 km2 area of influence (AOI). Following completion of the initial program (Phase 1) Newmont then has the option to earn a 51% interest in any mineral properties covered by the AOI by spending $3,000,000 (Phase 2) over a four year period.

Macara Update

The Macara region is underlain by Cretaceous intermediate volcanic rocks and high level granitic intrusions. Similarly aged volcanic-intrusive sequences extend southwards into Peru where they are also the focus of gold and base metal exploration programs. Cornerstone, acting as project manager for the alliance, has expended about $650,000 on Phase 1 exploration surveys within the Macara AOI to date. Exploration consisted of regional stream sediment geochemical (Bulk Leach Extractable Gold - BLEG) surveys, geological mapping, prospecting and rock sampling. The BLEG survey highlighted several areas with anomalous gold in stream sediments. Within the AOI Cornerstone geologists have also collected 57 rock samples with gold values between 1 and 5 g/t, and 39 samples with gold ranging from 5 to 100 g/t from a total of 1393 samples.

The technical information in this news release was reviewed by Terry Brace, P.Geo, Vice President Exploration for Cornerstone and a Qualified Person as per National Instrument 43-101.

Other News

The company's annual general meeting was held in St. John's May 27, 2009. The Board of Directors was elected at the meeting and the Shareholders' Rights Plan re-affirmed. The size of the Board remains at seven with recent addition of Brooke Macdonald to the Board and following Ian Slater's decision not to stand for re-election at the AGM. The Board also approved an aggregate of 750,000 Cornerstone share purchase options for issuance to directors and senior management on June 2. The exercise price is $0.10 and the options expire June 2, 2014.

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 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.

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.

On Behalf of the Board,

Colin B. McKenzie, President & CEO

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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