Cornerstone Capital Resources Inc.
TSX VENTURE : CGP
FRANKFURT : GWN
BERLIN : GWN

Cornerstone Capital Resources Inc.

November 27, 2006 08:00 ET

Cornerstone Acquires New Uranium, Nickel, Gold and Copper/Gold Properties in Labrador and Ecuador

MOUNT PEARL, NEWFOUNDLAND--(CCNMatthews - Nov. 27, 2006) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FWB:GWN) (BERLIN:GWN) (OTC:CTNFN) announces the acquisition of additional properties in highly prospective areas of Labrador and Ecuador.

In Labrador, Cornerstone Resources Inc. has been successful in acquiring three additional projects, targeting uranium and nickel, immediately following the release of the areas for competitive staking. These areas had been designated Exempt Mineral Lands and exempted from staking since 1995, pending completion and implementation of a land claims agreement between the federal and provincial governments and the Labrador Inuit.

In Ecuador, Cornerstone Ecuador SA has acquired seven additional projects for gold and/or base metals.

Labrador- Aillik Uranium Property

Cornerstone has staked a 40.5 km2 property tied onto Aurora Energy Resources' (TSX VENUTRE:AXU) holdings in the Central Mineral Belt of Labrador (http://www.cornerstoneresources.com/i/maps/Properties_Lab_1106Uran.jpg). The property has been mapped by the Newfoundland and Labrador Geological Survey as being underlain by volcanic rocks of the Upper Aillik Group, the same rocks which are known to hosts Aurora's Michelin deposit located 27 km west of Cornerstone's property. Aurora estimates the Michelin deposit to contain a 43-101 compliant Measured and Indicated Resource of 22.2 million pounds U3O8 with an additional Inferred Resource of 13.4 million pounds U3O8.

The Labrador Central Mineral Belt has become a major focus for uranium exploration in Canada. Aurora, with a market capitalization currently over CDN$900 million, is entirely engaged in exploring the Michelin deposit and other uranium prospects in the Upper Aillik Group. That group of rocks underlies an area of some 10 by 50 km, which, with the exception of a property controlled by Monster Copper Corporation (TSX VENUTRE:MNS) and the property just staked by Cornerstone, is virtually entirely controlled by Aurora. Cornerstone's Aillik property is located less than 4 km south and 3 km east of Aurora's Jacques Lake and Otter Lake uranium prospects. Aurora has reported favourable drilling results in ongoing exploration on those prospects.

Cornerstone holds a 100% interest in its Aillik property without underlying interests or royalties and is currently seeking joint venture partners to advance the project.

Labrador- Voisey's Bay Nickel Properties

In the same round of staking, Cornerstone was successful in obtaining two nickel properties totaling 68.25 km2 in area. The properties are located 18 km north and 13 km south of the CVRD (Inco) Voisey's Bay mine (http://www.cornerstoneresources.com/i/maps/Properties_Lab_1106Nickel.jpg).

The northern property, known as Anaktalik, covers a 2 by 3 km body of troctolite previously explored by Inco subsidiary Voisey's Bay Nickel Limited. Voisey's Bay Nickel conducted airborne and ground based geophysical surveys over the property and tested the troctolite with a single drill hole. This vertical hole cut 400 m of troctolite before reaching basement, suggesting the intrusion may have significant size and exploration potential at depth. The body has potential to host a mineralized conduit or feeder and Cornerstone considers the intrusion to have outstanding residual exploration potential.

The southern claims, known as the Voisey's Bay property, cover an area where prospective extensions to the same troctolite intrusion which hosts the Voisey's Bay deposits (cumulative resources including proven probable and inferred of 77.6 million tonnes averaging 2.28% Ni, 1.19 Cu, and 0.13% Co; page 12, Inco 2005 Annual Report) may occur at shallow depths. The property is located less than 10 km south of the most southerly surface exposures of the Voisey's Bay troctolite. At Voisey's Bay, the troctolite is known to be largely covered by thin sheets of granite and other plutonic rocks that may also cover extensions of the troctolite to the south. The exploration potential of this area was highlighted in August 2005, when Inco staked in excess of 1,700 km2 in this area, including claims bordering Cornerstone's Voisey's Bay claims.

Ecuador Projects

Cornerstone has recently applied for new concessions covering approximately 275 km2 in southern Ecuador covering seven target areas that are considered highly prospective for epithermal gold-silver and/or porphyry copper-gold mineralization. Included in the new concessions is the Yunganza Project adjacent to the Corriente Copper belt in southeastern Ecuador. All are owned 100% by Cornerstone. With these new acquisitions, Cornerstone's land holdings in Ecuador will total approximately 725 km2 in twelve individual projects, two of which are currently joint ventured to Coastport Capital.

Commenting on the new properties, Glen McKay, Cornerstone's President & CEO, stated: "It is to the credit of our outstanding exploration team that we have been able to acquire these new properties. Competition for properties of merit has become very intense both in Ecuador and Labrador. We invite interest from potential joint venture partners in the new projects and others that are not currently subject to JV agreements."

Mike Basha, PEng. PGeo, Vice President of Exploration, and Paul Moore, MSc, PGeo, Chief Geologist, both Qualified Persons as defined in National Instrument 43-101, prepared this release. Mr. Basha is the Qualified Person for all technical information pertaining to those properties acquired in Ecuador. Mr. Moore is responsible for all technical information pertaining to the Labrador properties.

Cornerstone's business model is predicated on generating high quality exploration projects which have the potential to yield outstanding returns to the company and its shareholders and which can be financed through joint venture partnerships. Cornerstone's current and past joint venture partners include Agnico-Eagle Mines, Candente Resource Corp., Celtic Minerals, Coastport Capital, Cogitore Resources, Falconbridge, Inmet Mining, Kermode Resources, Moydow Mines, Noranda, Phelps Dodge, and Thundermin Resources.

On Behalf of the Board,

Glen H. McKay, President & CEO



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

Contact Information