Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc.

April 10, 2007 08:00 ET

Cornerstone Expands Its Uranium Exploration Program

MOUNT PEARL, NEWFOUNDLAND--(CCNMatthews - April 10, 2007) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) today announced further expansion of its uranium exploration program with the initiation of a new project in New Brunswick, the staking of additional claims in the Deer Lake Basin, Newfoundland, and evaluation of the uranium potential of claims held in the Codroy area, Newfoundland.

New Brunswick

Cornerstone has recently staked a block of 102 claims (16.3 sq km) over an airborne radiometric anomaly on the Proterozoic-Carboniferous unconformity in southern New Brunswick. The claim block covers the southern, 5 km portion of a 40 km long radioactive trend along the unconformity. CVRD-Inco has recently staked a 19 km portion along the trend.

Cornerstone's exploration staff is compiling available data on the area to design a program of field exploration. A map of the project is available at

Deer Lake Basin, Newfoundland

Cornerstone has staked an additional 378 claims (94.5 sq km) in the Deer Lake Basin. These claims cover the area between two previously staked groups of claims, enlarging Cornerstone's Deer Lake uranium project area to 798 claims (199.5 sq km) in one contiguous block.

The project is in the southern part of the Carboniferous age Deer Lake sedimentary basin and covers the fault-bounded unconformity between Paleozoic lithologies and the overlying Carboniferous sedimentary rocks. The area has received little attention compared with areas of the Basin to the north where government geological survey coverage is more intensive and where uranium exploration to date has been concentrated. Cornerstone believes that the uranium prospectivity extends to the southern part of the Basin as evidenced by radiometric anomalies detected by Hudson Bay Oil and Gas in the late 1970s and the presence of several epigenetic, stratabound uranium occurrences in carbonate rocks. A map of the project area is available at

Cornerstone completed a lake sediment geochemistry survey of the area over the winter. A combined airborne radiometric and magnetics survey will be undertaken during the summer to evaluate and better define the historic Hudson Bay Oil and Gas radiometric anomalies. A field program of prospecting and geologic mapping will follow-up on the results of the geochemical and geophysical surveys.

Codroy Area

Cornerstone's 1,090 claims (272.5 sq km) in the Codroy Valley area are underlain by Carboniferous age sedimentary rocks of the Bay St. George Basin. The claims were staked under an agreement (which has now been terminated) with Phelps Dodge Corporation of Canada to explore the area for sediment hosted, stratiform copper deposits. However, the area is also prospective for uranium and Cornerstone is now focusing attention on evaluation of that uranium potential.

Previous uranium exploration in the Codroy area defined several stratabound uranium showings occurring in reduced grey beds. The occurrences are located over a 15 km long trend that corresponds with a regional 6x10 km airborne radiometric anomaly. The occurrences have produced grab sample assays up to 2.2% U. A map of the project area is available at


Glen McKay, Cornerstone's President and CEO, stated that the company is seeking joint venture partners for each of these uranium projects. He stated: "Cornerstone has considerable expertise in exploring the mineral potential of sedimentary basins through its experience in the search for sediment hosted copper deposits whose geological environments are often also prospective for uranium. The projects we are announcing today give us the opportunity to use that expertise in the search for uranium in three locations that are all within the broader Maritimes Sedimentary Basin. These projects are in addition to our Aillik Michelin Basin Uranium project in Labrador on which we have recently signed a Letter of Intent with Cash Minerals Ltd. to enter into a joint venture agreement. ("

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

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.

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