Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc.

March 02, 2008 07:00 ET

Cornerstone and Cash Minerals Announce 2008 Uranium Exploration Program at Aillik Property, Central Mineral Belt, Labrador

MOUNT PEARL, NEWFOUNDLAND--(Marketwire - March 2, 2008) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (PINK SHEETS:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) and partner Cash Minerals Ltd. today announce the 2008 exploration program for the highly prospective Aillik uranium property, located in the uranium-rich Central Mineral Belt, Labrador. The planned program will consist of a ground induced polarization (IP) survey and additional mapping, followed by a 2,000 metre drill program.

On January 29, 2007, Cornerstone Capital Resources and Cash Minerals entered a joint-venture agreement to explore the Aillik uranium property, which is located adjacent to uranium properties held by Aurora Energy Resources Inc. Under the terms of this agreement, Cash Minerals may earn a 51% interest in the Aillik property by spending $3 million on exploration and paying Cornerstone a total of $300,000 cash and issuing 300,000 stock warrants to Cornerstone over a four-year period. Cash Minerals is the operator during the earn-in period.

In 2007, Cash Minerals conducted an airborne radiometric and magnetic survey of the Aillik property. In the north portion of the property they delineated a large east-west trending magnetic anomaly plus east-west trending radiometric anomalies that reflect the main east-west structural trend mapped in strongly altered rhyolite. The source of the radiometric anomalies has not yet been located in the northern area due to an extensive glacial till cover. The magnetic anomaly highlighted apparent curvilinear structural features interpreted to be similar to structures associated with uranium mineralization at the Jacques Lake prospect, held by Aurora Energy Resources Inc. Potassic altered meta-igneous rocks cut by magnetite veins, identified south of the magnetic anomaly, are similar to the host rocks at the Jacques Lake prospect. Samples collected from outcrop returned elevated uranium of up to 0.02% uranium oxide (U3O8).

Cash Minerals plans to begin the next phase of the exploration program by second quarter 2008. The planned work will focus on the curvilinear structures identified in the northern magnetic anomaly.

The Aillik property is interpreted by the Geological Survey of Newfoundland and Labrador to be underlain by the same, or similar, package of rocks that host the Michelin and Jacques Lake deposits, as well as the White Bear Lake and Otter Lake uranium systems. The Aillik claims are immediately east of and on trend from Aurora's Otter Lake uranium system and its associated radiometric anomaly. According to Cash, the systems identified on Aurora's property appear to continue onto the Aillik claims. Aillik consists of a single block of 162 claims covering approximately 40.5 square kilometres. The property was staked in November 2006 by Cornerstone after the area was released from Exempt Mineral Lands status that had prohibited staking since 1995.

This press release was prepared by Bruce Mitton, P.Geo., Exploration Manager Canada for Cornerstone who is a Qualified Person as per National Instrument 43-101.

About Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc. is a mineral exploration company with 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. Through its wholly owned subsidiaries, Cornerstone Resources Inc. and Cornerstone Ecuador S. A., the company operates in Canada and Ecuador. Cornerstone's current and past joint venture partners include Agnico Eagle, Celtic, Cash Minerals, Candente, Coastport, Cogitore, Falconbridge, Inmet, Kermode, Mountain Lake, Moydow, Newmont, Noranda, Phelps Dodge, and Thundermin.

On Behalf of the Board,

Glen H. McKay, President & CEO

The common shares of the Company are currently listed on the TSXV in Canada (symbol CGP), the OTC in the USA (symbol CTNXF) and the Frankfurt Stock Exchange (symbol GWN).

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

Contact Information