Cornerstone Capital Resources Inc.
OTC Bulletin Board : CTNXF

Cornerstone Capital Resources Inc.

April 17, 2007 08:00 ET

Cornerstone and Cash Minerals Signs Joint Venture Agreement for Uranium Property in Central Mineral Belt, Labrador

MOUNT PEARL, NEWFOUNDLAND--(CCNMatthews - April 17, 2007) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (OTCBB:CTNXF) today announced the signing of a definitive joint venture agreement with Cash Minerals on Cornerstone's 100% owned Aillik uranium property in the Labrador Central Mineral Belt. Cornerstone staked the property in November 2006 and in January 2007 signed a Letter of Intent with Cash minerals to enter into the joint venture agreement.

The joint venture agreement gives Cash Minerals the right to earn a 51% interest in the Aillik property by spending $3 million on exploration, and by paying Cornerstone a total of $300,000 cash and issuing 300,000 stock warrants to Cornerstone over a four-year period. Cash Minerals will be the operator during the earn-in period.

The Labrador Central Mineral Belt has become a major focus for uranium exploration in Canada. The largest and most advanced projects in the belt are those of Aurora Energy Resources, who recently announced new resource estimates of 58 million pounds of U308 ("uranium") Measured and Indicated and 38 million pounds of uranium Inferred at their Michelin and Jacques Lake deposits (

The 40.5 sq km (162 claims) Aillik property adjoins Aurora Energy Resources' holdings. The property is underlain by rocks interpreted by the Geological Survey of Newfoundland & Labrador to be the same as or similar to those which host the Michelin and Jacques Lake deposits. The Aillik claims are immediately west of and on trend from Aurora's Otter Lake uranium system and its associated radiometric anomaly. A map of the property may be viewed at

Cash Minerals has informed Cornerstone that their 2007 exploration program at Aillik will start with an extensive airborne radiometric geophysical survey of the property, scheduled to begin in the third quarter 2007. According to Cash, the systems identified on Aurora's property appear to continue onto the Aillik claims. Cash anticipates that the airborne surveys and other field work to be carried out this year will provide sufficient information to enable drilling in 2008.

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

The Aillik property is part of Cornerstone's growing portfolio of uranium projects, which also includes two projects in Newfoundland and one in New Brunswick that target deposits in rocks of the Maritimes Sedimentary Basin. Cornerstone's business model is based on maximizing the potential for exploration success with multiple high quality exploration projects that are financed primarily through joint venture partnerships and that have the potential to yield outstanding returns to the company and its shareholders. Other current joint venture projects target nickel, gold, silver, and VMS base-metal deposits in Canada and Ecuador. Discussions with potential joint venture partners on several of its projects are ongoing.

In other news, Agnico Eagle Mines Ltd. and Thundermin Resources Inc. have informed Cornerstone that they are terminating their respective joint venture agreements on the El Strato and Cape Ray properties.

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