Coastport Capital Inc.
TSX VENTURE : CPP
FRANKFURT : C1J

Coastport Capital Inc.

March 02, 2007 17:51 ET

Coastport Provides Update on La Plata Drilling, Ecuador

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 2, 2007) - Coastport Capital Inc. (TSX VENTURE:CPP)(FRANKFURT:C1J) provides the following update on the La Plata Phase II drilling program. The work at La Plata is being conducted under a joint venture agreement with Cornerstone Capital Resources Inc. (TSXVENTURE:CGP)(FRANKFURT:GWN).

To date in the Phase II drilling, a total of nine drillholes comprising 3,415 m of a proposed 8,000 m drill program at the La Mina, Guatuza and San Pablo targets, have been completed at the La Plata gold-rich copper-zinc massive sulphide project in Ecuador. The drilling results to date are summarized below and in figures and tables at www.coastportcapital.com.

La Mina

Drillholes LP-07-12, 13 and 17 were completed to test the southern extension and west limb of the La Mina deposit (840,459 tons grading 4.8 g/t Au, 54.4 g/t Ag, 4.1% Zn, 4.2% Cu and 0.7% Pb; Historical Grade and Tonnage Estimate, Cambior, 19981) to depths of 390 m to 509 m, following up on high grade mineralization encountered during 2006 Phase I drilling (see news release dated August 8, 2006). Highlights of the Phase I drilling program include intersections assaying up to 31.73 g/t Au, 289.39 g/t Ag, 18.16% Zn, 5.86% Cu and 1.61% Pb over 8.9 m from drillhole LP-06-01.

The best result obtained during the current campaign was from drillhole LP-07-12, an undercut of LP-06-01, encountering 25.7 m of stringer mineralization assaying 1.87 g/t Au, 21.7 g/t Ag, 0.14% Cu, 1.84% Zn and 0.71% Pb, including 9.7 g/t Au, 118 g/t Ag, 16.85% Zn and 2.56% Cu over 0.35 m. Drillhole LP-07-17 was drilled to test the west limb of the folded horizon which hosts La Mina. A 0.25 m thick massive sulphide lens was encountered at the target depth. Assays are pending.

(1) Note: The grade and tonnage estimate referred to at La Plata is not a resource and is not compliant with the requirements of National Instrument 43-101. Coastport has not undertaken an independent investigation of the estimates nor independently analyzed the results of the previous exploration work in order to verify the historical estimate. The historical estimates, therefore, should not be relied upon. Nevertheless, the company believes that these historical estimates provide a conceptual indication of the exploration potential of the property.

Guatuza

Drillholes LP-07-14, 15 and 16 were completed at Guatuza to depths of 151 m to 372 m to follow up on new massive sulphide mineralization intersected during the Phase I campaign. The Guatuza prospect is located 175-225 m north of La Mina. The primary target was a 200 m long, shallow IP chargeability anomaly coinciding with the favourable target horizon which hosts La Mina. Phase I drillhole LP-06-06 intersected two massive sulphide intervals between 89.9 m and 110.95 m depth assaying 1.0 g/t Au and 7.0% Cu over 6.8 m core length, and 1.0 g/t Au, 3.2% Zn and 3.6% Cu over 6.6 m.

The best result during the current drilling campaign assayed 1.08 g/t Au 12.5 g/t Ag, 1.12% Cu and 0.77% Zn over 5.85 m encountered in drillhole LP-07-15, comprising stringer mineralization within a fault zone cutting highly altered volcanics.

San Pablo West

Drillholes LP-07-09, 10 and 11 were drilled to depths of 433 m to 463 m to test a strong IP chargeability anomaly and coincident rock and soil geochemistry anomalous in gold-zinc-copper. The San Pablo prospect is located approximately 1.2 km north of La Mina.

All three drillholes intersected weak to locally intense quartz-sericite-pyrite altered volcanics, interpreted as being similar to that associated with the La Mina deposit. No significant base metal mineralization was encountered, however, the surface expression of the San Pablo system underlies an area of approximately 400 m wide x 2000 m long.

Other Targets

Three other priority geological-geophysical-geochemical targets, namely San Pablo South, Bella Vista and El Diablo, remain to be tested.

Drilling has been suspended and the drill demobilized while Coastport and its partner Cornerstone review the results to date.

QA/QC

Under Cornerstone's QA/QC procedures, saw-cut samples representing 50% splits of cores were collected and sealed at the core processing facility on site and delivered to the lab by company personnel. Blanks and standards were inserted into every 20 sample batch. Samples were submitted to ALS Chemex in Quito, Ecuador and analyzed in Vancouver, BC. 50 g splits were used for all samples. Gold was analyzed by fire assay-AA and overlimits (+10 ppm) were done by gravimetric finish. All other elements were analyzed by aqua-regia digestion and ICPMS/AES with silver overlimits (+100 ppm) and Cu, Zn and Pb overlimits (+10,000 ppm) by AAS.

Coastport has an option to acquire a 70% interest in the La Plata Project from Cornerstone Capital Resources Inc. Mike Basha, P.Eng., P.Geo., Vice President of Exploration for Cornerstone, is the Qualified Person responsible for the technical information in this news release, as defined by National Instrument 43-101. Bolivar Reza, Ing., and Bruce Mitton, PGeo., are supervising the field program.

On Behalf of the Board,

David Patterson, President, Coastport Capital Inc.



La Plata Drilling Summary
Attachment to News Release Dated March 2, 2007

-------------------------------------------------------------------------
True
From To Width Depth Au Ag Zn Cu Pb
Drillhole (m) (m) (m) (m) (g/t) (g/t) (%) (%) (%)
-------------------------------------------------------------------------

Phase I Drilling Results
-------------------------------------------------------------------------
LP-06-01 162.70 162.95 0.25 125 14.05 44.50 14.25 0.65 1.30
-------------------------------------------------------------------------
453.50 462.4 8.90 370 31.73 289.39 18.16 5.86 1.61
-------------------------------------------------------------------------
462.40 472.40 10.00 375 0.55 8.52 3.08 0.71 0.16
-------------------------------------------------------------------------
LP-06-02 327.34 336.84 9.50 370 8.2 62.5 16.99 1.65 2.32
-------------------------------------------------------------------------
incl 327.34 334.04 6.70 370 11.1 77.90 23.44 1.02 3.19
-------------------------------------------------------------------------
LP-06-03
-------------------------------------------------------------------------
LP-06-04 13.00 14.30 1.30 10.00 0.30 3.00 0.02 5.89 0.02
-------------------------------------------------------------------------
30.00 31.50 1.50 25.00 0.57 4.19 0.35 4.68 0.01
-------------------------------------------------------------------------
LP-06-05 13.71 15.24 1.53 13 0.54 7.20 1.18 3.49 0.05
-------------------------------------------------------------------------
119.4 123.1 3.7 120 1.43 22.91 0.74 0.16 0.33
-------------------------------------------------------------------------
incl 121.75 123.1 1.35 120 1.38 56.95 1.99 0.42 0.86
-------------------------------------------------------------------------
LP-06-06 89.9 96.75 6.84 60 0.99 9.54 0.05 6.97 0.04
-------------------------------------------------------------------------
104 110.95 6.55 73 0.98 12.06 3.19 3.59 0.15
-------------------------------------------------------------------------
incl 108 110.95 2.6 75 1.70 23.43 3.75 6.87 0.06
-------------------------------------------------------------------------
LP-06-07 105.65 114.3 8.65 100 0.46 6.63 0.72 1.27 0.09
-------------------------------------------------------------------------
125.49 126.49 1 117 1.08 14.20 1.65 0.95 0.42
-------------------------------------------------------------------------
134.2 134.35 0.15 125 2.40 21.20 6.88 0.62 0.58
-------------------------------------------------------------------------
150.75 152.4 1.65 140 0.95 14.53 2.48 0.12 0.46
-------------------------------------------------------------------------
LP-06-08 74.67 76.2 1.53 0.15 0.73 1.45 0.11 0.00
-------------------------------------------------------------------------
LP-06-09 416.98 418.48 1.50 2.32 6.14 0.00 0.00 0.00
-------------------------------------------------------------------------

Phase II Drilling Results
-------------------------------------------------------------------------
LP-06-10 No significant results
-------------------------------------------------------------------------
LP-06-11 No significant results
-------------------------------------------------------------------------
LP-06-12 457.23 482.93 25.70 1.87 21.70 1.84 0.14 0.71
-------------------------------------------------------------------------
incl 482.08 482.43 0.35 9.69 118.00 16.85 2.56 0.09
-------------------------------------------------------------------------
491.50 493.00 1.50 0.26 9.16 2.78 0.21 0.06
-------------------------------------------------------------------------
LP-07-13 No significant results
-------------------------------------------------------------------------
LP-07-14 70.82 71.62 0.80 0.43 2.32 0.29 2.56 0.01
-------------------------------------------------------------------------
LP-07-15 42.89 48.74 5.85 1.08 12.50 0.77 1.12 0.11
-------------------------------------------------------------------------
incl 45.89 47.24 1.35 1.58 21.30 1.16 1.81 0.19
-------------------------------------------------------------------------
LP-07-16 81.67 91.40 9.73 0.15 9.45 1.23 0.02 0.18
-------------------------------------------------------------------------
incl 82.29 83.79 1.50 0.21 16.4 3.45 0.02 0.51
-------------------------------------------------------------------------
incl 85.29 86.79 1.50 0.196 9.88 1.49 0.06 0.11
-------------------------------------------------------------------------
incl 88.29 89.29 1.00 0.195 11.75 2.13 0.05 0.09
-------------------------------------------------------------------------
LP-07-17 Assays pending
-------------------------------------------------------------------------

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

Contact Information