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

Cornerstone Capital Resources Inc.

April 05, 2006 02:00 ET

Cornerstone Plans CDN$5.5 million in Exploration in Canada and Ecuador in 2006

MOUNT PEARL, NEWFOUNDLAND & LABRADOR--(CCNMatthews - April 5, 2006) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FWB:GWN) is pleased to report that 2006 will be a record year for exploration activity on its projects in Canada and Ecuador. Current plans call for exploration expenditures in 2006 to reach an estimated CDN$5.5 million, of which more than 85%, or about CDN$4.7 million will be funded by Cornerstone's joint venture partners. The work will include several drilling programs with a minimum of 10,000 metres over seven projects.

Glen McKay, President, stated: "Cornerstone shareholders should see a steady flow of exploration news, including drill results, over the year. The record amount of exploration activity represents the fulfillment of a year of intense work on developing new projects and partnerships. We were successful in generating new high potential projects in each of the regions we have been targeting - Labrador, Newfoundland and Ecuador - and in concluding joint venture agreements to pursue those projects".

To view the highlights of the 2006 joint venture project plans please go to http://www.cornerstoneresources.com/news.asp?id=128

Other Projects

In addition to the joint venture-funded programs, Cornerstone also plans to spend approximately CDN$0.8 million to advance several of its 100% owned projects and to generate additional projects of merit. Areas of focus will include the Voisey's Bay Ni-Cu-Co mining district in Labrador as well as opportunities in Ecuador. The company hopes to conclude additional joint ventures as the year progresses.

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 but which can be financed through joint venture partnerships. Cornerstone's current and past joint venture partners include Agnico Eagle, Candente, Celtic Minerals, Coastport Capital, Falconbridge Mining, Inmet Mining, Woodruff Capital Management, Kermode Resources, Moydow Mines, Noranda Inc, Phelps Dodge Mining, and Thundermin Resources.

Cornerstone's Projects are located in areas of demonstrated mineral potential such as:

1. The area of Labrador that hosts Inco's Voisey's Bay nickel deposit.

2. Central Newfoundland, the location of Messina Mineral's new Boomerang VMS discovery and AUR Resource's Duck Pond VMS mine.

3. North-eastern Newfoundland in the historic Green Bay mining district.

4. South-western Newfoundland gold mining district.

5. Southern Ecuador where drilling by Iamgold continues to encounter high grade gold on the Quimsacocha property.

6. Carboniferous Copper 'Zambian type' Stratiform Sediment-hosted Copper (SSC)


On Behalf of the Board of Directors

Glen H. McKay, President


Information is also available on the Cornerstone Web site at www.cornerstoneresources.com

WARNING: This news release contains forward looking information. The reader is cautioned that assumptions used in the preparation of such information, although considered accurate at the time of preparation, may prove incorrect. The actual results may vary materially from the information provided herein. Consequently, there is no representation by Cornerstone that actual results achieved will be the same as those forecast.

Contact Information

  • Cornerstone Capital Resources Inc.
    Glen McKay
    President
    Toll free at 1-877-277-8377
    or
    Cornerstone Capital Resources Inc.
    Mike Basha
    VP Exploration
    Toll free at 1-877-277-8377
    or
    Cornerstone Capital Resources Inc.
    Paul Moore
    Chief Geologist
    Toll free at 1-877-277-8377
    or
    Cornerstone Capital Resources Inc.
    Rosanne Williams
    Manager Corporate Communications
    Toll free at 1-877-277-8377
    Email: communications@crigold.com
    or
    Cornerstone Capital Resources Inc.
    109 Clyde Avenue
    Mount Pearl, NL A1N 4R9
    Toll Free: 1-877-277-8377 or 1-709-745-8377
    Email: info@cornerstoneresources.com
    Website: www.cornerstoneresources.com