Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc.

May 07, 2008 07:00 ET

Cornerstone Acquires New Uranium Property

MOUNT PEARL, NEWFOUNDLAND--(Marketwire - May 7, 2008) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (PINK SHEETS:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) today announced the staking of 1564 claims (250.2 sq km) located approximately 40 km west of Bathurst in northern New Brunswick. The large semi-contiguous claim block is 100% owned by Cornerstone and covers Silurian-aged volcanic rocks of the Chaleur Group with potential for hosting uranium mineralization.

The Chaleur property is situated over subaerial felsic volcanic rocks which are associated with strong airborne radiometric anomalies from a regional-scale survey carried out in 1983 by the Geological Survey of Canada. Government geochemical surveys over a portion of the property indicated elevated uranium values in stream sediments coincident with the airborne radiometric anomalies. Documented mineral occurrences in the area have associated Mo-W-Pb-F mineralization typical of a volcanic uranium environment. Similar Silurian-aged volcanic rocks in Newfoundland recently have been found to host significant uranium occurrences and are the focus of active exploration programs; however, no uranium exploration has been previously recorded in the Chaleur project area.

The uranium potential of this volcanic environment has only been newly identified in Eastern Canada. It may be analogous to the Streltscovska uranium ore fields in Russia where subaerial felsic volcanic rocks host approximately 600 million pounds of U3O8 in ore grading over 0.25% U3O8.

Colin McKenzie, Cornerstone's President and CEO, stated "Cornerstone continues to acquire high potential properties in favourable geological environments and mining-friendly jurisdictions. This under-explored environment for uranium offers an excellent opportunity to develop significant exploration targets."

This press release was prepared by Mike Basha, PEng., PGeo, Executive Vice President for Cornerstone and a Qualified Person as per National Instrument 43-101.

Other News

The Board of Directors of Cornerstone has authorized, and in subsequent consultation with those affected, proceeded with the cancellation of 4,030,000 options which had been issued to Directors, Management, Staff and consultants. The Board has further authorized the issuance of 1,007,000 new options to participating Directors, Management, Staff and Consultants at an exercise price of $0.30, as calculated by the trailing 30 day average share price from May 1, 2008. The new options will vest according to exchange regulations and Cornerstone's stock option plan. In addition 4,375,000 share purchase warrants exercisable at $1.10 per share will expire on May 26, 2008 if not exercised on or before that date.

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. The company operates exploration programs in Atlantic Canada and Ecuador.

Cautionary Notice:

This news release may contain 'Forward-Looking Statements' that involve risks and uncertainties, such as statements of Cornerstone's plans, objectives, strategies, intentions and expectations. The words "potential," "anticipate," "forecast," "believe," "estimate," "expect," "may," "project," "plan," and similar expressions are intended to be among the statements that identify 'Forward-Looking Statements.' Although Cornerstone believes that its expectations reflected in these 'Forward-Looking Statements' are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at For us, uncertainties arise from the behaviour of financial and metals markets and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements. Although Cornerstone believes the facts and information contained in this news release to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views subsequent to the date of this news release. 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

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

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