Cornerstone Capital Resources Inc.
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Cornerstone Capital Resources Inc.

December 08, 2006 09:29 ET

Cornerstone Provides Update on Labrador Nickel & Uranium Projects

MOUNT PEARL, NEWFOUNDLAND--(CCNMatthews - Dec. 8, 2006) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FWB:GWN) (BERLIN:GWN) (OTCBB:CTNXF) provides an update on its Garland Nickel project and on other recently staked Nickel & Uranium properties in Labrador.

GARLAND NICKEL

The Garland Ni property is located 30 km southeast of CVRD's (Inco) Voisey's Bay nickel-copper-cobalt mine. Cornerstone has been advised by joint venture partner Celtic Minerals that Celtic plans to carry out drill testing of certain anomalies on the joint ventured property in 2007. Details pertaining to the project and plans for 2007 are provided by Celtic as follows:

"During the 2006 season, Celtic also received FTG data (Full Tensor airborne gravity gradiometry survey) from the Garland Lake area under the collaborative survey operated by Inco. The survey comprised 291 line km of data which generated positive gravity targets. Two primary targets were selected for ground follow-up and 34.20 line km of MT were completed. Two drill targets have been recommended by the geophysical contractor and plans for diamond drilling are being made to be carried out early in the 2007 field season."

Cornerstone's Garland property is subject to an agreement with Celtic Minerals that gives Celtic the right to earn a 51% interest in the property by spending CDN$3 million on exploration and making cash payments to Cornerstone totaling CDN$450,000 over 4 years. Celtic is the project operator.

As described in previous Cornerstone releases, the property covers the on-strike extensions of a series of AMT anomalies detected by an Inco audio-magnetotelluric (AMT) survey completed in 2000 (link to project gallery and maps at www.cornerstoneresources.com/s/Labrador.asp?ReportID=136483). Reports filed by Inco with the Government of Newfoundland & Labrador indicate the area surrounding the AMT anomalies is locally underlain by troctolitic rocks considered favorable for hosting Voisey's Bay-style nickel sulphide mineralization.

RECENTLY STAKED LABRADOR PROPERTIES:

ANAKTALIK NICKEL PROPERTY

Ongoing reviews of data compiled and collected from Cornerstone's recently staked Anaktalik nickel project, 18 km north of Inco's (CVRD) Voisey's Bay mine (http://www.cornerstoneresources.com/i/maps/Properties_Lab_1106Nickel.jpg), continue to highlight the property's potential. Limited, high precision whole rock trace element geochemical data collected by Cornerstone from a 2 by 3 km body of troctolite within the property have returned signatures suggesting a possible link to troctolitic rocks at Voisey's Bay. While these results are considered cursory due to the limited sampling completed (2 samples), the results are considered positive and warrant additional sampling in 2007.

AILLIK URANIUM PROPERTY

In other developments, Cornerstone is pleased to note positive results generated by Aurora Energy Resources on their Michelin and Jacques Lake uranium deposits in Labrador. In particular, we note Aurora has announced their intention to update 43-101 compliant resources for the Michelin and Jacques Lake deposits in early 2007. Cornerstone's 40.5 km2 Aillik property is tied onto Aurora's holdings (http://www.cornerstoneresources.com/i/maps/Properties_Lab_1106Uran.jpg) and is mapped by the Newfoundland and Labrador Geological Survey as being underlain by the same group of rocks that hosts Aurora's Michelin and Jacques Lake deposits. The Michelin deposit is located 27 km west of Cornerstone's property, while the Jacques Lake deposit is located less than 4 km north of the property. Consistent with its business model, Cornerstone is actively seeking a partner to fund next years exploration program under a joint venture/earn-in arrangement, and to date has received several expressions of interest in that regard.

Paul Moore, MSc. PGeo. Chief Geologist for Cornerstone is the Qualified Person, as per National Instrument 43-101, responsible for the information in this news release.

Cornerstone has several other projects under Joint Venture agreements in both Canada and Ecuador. Work is also continuing on several of its 100% owned projects and additional projects of merit are being generated, with a view to attracting joint venture partners.

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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