Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc.

March 15, 2011 08:00 ET

Cornerstone Acquires La Fortuna Copper-Silver-Gold Project in Chile

MOUNT PEARL, NEWFOUNDLAND--(Marketwire - March 15, 2011) - Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) announces it has signed an agreement to acquire the La Fortuna copper-silver-gold project located in the Valparaíso Region of central Chile, approximately 100 km north of Santiago.

The La Fortuna property covers an area of approximately 2,900 hectares, measuring 10 km north-south by 3 km east-west. The project is favourably located in an established mining district at relatively low elevations (1200 to 1800 m above sea level), and is easily accessed by existing roads. The property is partly contiguous with the Cerro Negro copper (silver) mine, a manto-type deposit immediately to the west which combines open pit and underground operations and produces copper cathodes via heap leach SX-EW and copper-silver concentrates via flotation. The El Bronce epithermal gold-silver district is located 30 km to the north. The region is sparsely populated, and has a hot and dry climate which is well-suited for leaching operations. A map showing the location of the La Fortuna property may be viewed on Cornerstone's website at

At La Fortuna, manto-type copper-silver mineralization similar to that at Cerro Negro is hosted by volcanic breccias and interbedded sediments. This mineralization is overprinted by epithermal gold-silver-base metal veins and alteration zones along regional north-northwest striking structures. During a property evaluation visit by Cornerstone, a total of 18 rock grab samples were collected on the northern half of the property and immediately adjacent areas. Fifty percent (50%) of the samples returned > 1% Cu, with values in these 9 samples ranging from 1.01% to 9.31% Cu. Eight (8) samples returned silver values > 15 g/t Ag, and 3 of these assayed > 100 g/t Ag with a maximum of 143 g/t Ag. Two samples collected from epithermal type mineralization returned 1.18 – 1.43 g/t Au with associated anomalous silver, base metals (copper, lead and zinc), arsenic and mercury. The gold potential of the La Fortuna area has not been previously recognized, and the area has not seen any systematic modern exploration or drill testing of surface mineralization.

Glen H. McKay, Cornerstone's CEO commented "We are very pleased to add La Fortuna to our portfolio of projects. The close proximity of this underexplored area to established copper and gold mining districts at Cerro Negro and El Bronce respectively, make it an exciting acquisition. Our initial goal at La Fortuna is to evaluate the various target areas and advance these to the drill-ready stage for potential joint venture participation."

Cornerstone, through its wholly-owned subsidiary, Minera Cornerstone Chile Limitada (MCCL), has entered into an agreement with a Chilean individual to acquire the La Fortuna property. The agreement gives Cornerstone the right to acquire an undivided 100% interest in the La Fortuna property by incurring exploration expenditures of C$3.0 million and making cash payments totalling C$600,000 over a 4-year period. Requirements to maintain the agreement through the first year include a cash payment of C$100,000 and exploration expenditures of C$500,000. The acquisition is subject to a 1.5% Net Smelter Royalty ("NSR"), and to advance payments of the NSR on each anniversary following the date the option is exercised. Cornerstone has a right of first refusal to purchase the NSR if the holder decides to sell it.

All rock samples collected by Cornerstone during its property evaluation visit were grab samples which were prepared at Acme Analytical Laboratories Ltd (ACME) in Santiago, Chile. Samples were prepared by crushing 1 kg to 70% passing 2 mm (10 mesh), splitting 250 g and pulverizing it to 95% passing 0.106 mm (150 mesh) (ACME code R150). All samples were analyzed for Cu (Santiago) and Au, Ag, Pb, Zn, As and Hg (ACME, Vancouver, Canada). Total Cu was determined by atomic absorption spectrometry (AAS) after ore grade aqua regia digestion (ACME code 8AR), and sulphuric soluble Cu (CuSH) was determined by AAS following 5% sulphuric acid digestion (ACME code G9). Gold was determined by fire assay on a 30 g sample with AAS finish (ACME code G6), and Ag, Pb, Zn, As and Hg were determined by ICP-MS analysis after aqua regia digestion (ACME code 1F). Samples which returned Ag values exceeding the ICP-MS upper detection limit of 100 g/t Ag (i.e. over-limits) were re-analyzed by fire assay on a 50 g sample with gravimetric finish (ACME code G6). ACME follows strict QA/QC protocols which includes the insertion of blanks, duplicates and standard reference materials into the sample stream.

Yvan Crepeau, M.Ba., P.Geo, President of MCCL and a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

Other News:

Cornerstone announces that it is notifying participants in the November 2009 private placement financing (see news releases dated November 12 and December 2, 2009) who hold warrants that the expiry date will be accelerated to April 21, 2011 and any warrants not exercised by that date will expire. The total of potential proceeds to Cornerstone's treasury if all remaining unexercised warrants are exercised approximates $700,000.

About Cornerstone:

Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in Canada, Ecuador and Chile, 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. The company is well funded and commitments from JV partners constitute significant validation of the strength of Cornerstone's projects. 

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.

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On Behalf of the Board,

H. Brooke Macdonald, President

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.

Contact Information

  • Cornerstone Capital Resources Inc.
    Martti Kangas
    Investor Relations
    Direct Line: 1 (647) 521-9261
    North America toll-free: 1 (877) 277-8377
    Cornerstone Capital Resources Inc.
    Paul Benwell / Pat Kairns
    Investor Relations
    Direct Line: 1 (514) 904-1333
    North America toll-free: 1 (877) 277-8377
    Cornerstone Capital Resources Inc.
    Toll Free: 1-877-277-8377