Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc.

April 26, 2011 08:00 ET

Cornerstone and Thundermin Continue to Intersect High Grade Copper Over Mineable Widths at Little Deer and Retain P&E Mining Consultants Inc... Complete an Updated NI 43-101 Compliant Mineral Resource Estimate and Internal Scoping Review

MOUNT PEARL, NEWFOUNDLAND--(Marketwire - April 26, 2011) -Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN)(OTCBB:CTNXF) and 50% joint venture partner Thundermin Resources Inc. ("Thundermin") (TSX-THR) announce that they have intersected additional high grade copper mineralization over mineable widths in drilling on the Little Deer Copper Deposit ("Deposit") which is located approximately 10 km north of Springdale in north-central Newfoundland. Assay results for five recently completed holes are presented in Table 1 and on Figure 1 –

Table 1: Little Deer Drill Results (2011)
Hole No.East
LD-11-5313,8174,277-54.5326.6assays pending
LD-11-5413,7544,228-55.6324.2assays pending
1.* The reported copper intersections are core lengths. The true thicknesses of the various copper intersections are highly variable due to the stringer nature of the mineralization. Management, however, believes that the true thicknesses of the drill intercepts of the reported holes average approximately 65% - 75% of core lengths.
2.Hole LD-11-52 also intersected 3.9% Zn and 4.5 g/t Au over 1.3 m from 506.5 to 507.8 m.
3.nsv – no significant values.

Approximately 8,774 m of drilling in 17 holes has been completed to date as part of an on-going, $1,600,000 diamond drilling program on the Deposit employing two drills that commenced on December 1, 2010. See news release dated March 22, 2011 for assay results for the first 10 holes. Six additional holes are planned for the current drill program. Three shallow in-fill holes will be drilled on the -100 m elevation to confirm historical drill data from the upper portion of the Deposit, two holes will be drilled on the -750 m to -850 m elevation to potentially expand resources at depth and one hole will be drilled on the -575 m elevation to define the eastern edge of the Deposit. The primary purpose of the current drill program is to increase the estimated mineral resources outlined to date in the Deposit to the five to six million tonne range and to confirm the continuity of the copper mineralization in certain areas of the Deposit. The potential increase of the current mineral resources is conceptual in nature and it is uncertain whether further exploration drilling will result in an expansion of this mineral resource.

Hole LD-11-49, which intersected 5.7% Cu over a core length of 2.7 m before it was cut off by a mafic dyke, was drilled outside the current mineral resource area. Hole LD-11-52, which intersected 2.0% Cu over 3.7 m and 3.9% Zn and 4.5 g/t Au over 1.3 m, was drilled along the eastern edge of the current mineral resource area. Holes LD-11-50 and LD-11-51 were in-fill holes that were drilled on the -300 m elevation to confirm the continuity of the copper mineralization in the upper central portion of the Deposit. Hole LD-11-50 intersected 3.5% Cu over 3.4 m and hole LD-11-51 intersected 2.5% Cu over 2.0 m. These copper grades are consistent with the grades intersected in other wide-spaced drill holes in this area of the Deposit. Hole LD-09-18A, originally drilled to evaluate a VTEM airborne anomaly, was deepened to test the Little Deer Zone and intersected weakly mineralized, chlorite altered basalt returning a best assay of 0.5% Cu over 1.0 m.

The Deposit has been outlined by drilling over a strike length of 1,050 m and to a vertical depth of 1,000 m. Note that Figure 1 presented here shows only the upper eastern portion of the Deposit and the actual pierce points for holes LD-11-49, LD-11-53, LD-11-54 and LD-09-18A plot below the bottom of Figure 1 (see the longitudinal section accompanying the news release dated July 29, 2010 for a view of the complete Deposit). Additional details on the Deposit can be found in numerous Cornerstone and Thundermin news releases dated between May 1, 2007 and March 22, 2011 which are on each company's website and on SEDAR.

P&E Mining Consultants Inc.

P&E Mining Consultants Inc. of Brampton, Ontario ("P&E") have been retained to complete an updated National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the Deposit once the current drill program has been completed. This resource estimate will include all assay information from a total of 86 surface and 122 underground historical drill holes that were recovered from the archives of the Newfoundland and Labrador Department of Natural Resources as well as all data from the current drill program. The historical holes were all drilled by British Newfoundland Exploration Company between 1961 and 1970. Most of the assay results from the historical surface and underground drill holes, all of which occur approximately above the -300 m elevation, can be found in news releases dated February 5, 2009 and January 20, 2011.

P&E have also been retained to complete an internal scoping review for the Little Deer project. This review will evaluate a range of potential mining and operating scenarios for the project and provide the management of Cornerstone and Thundermin with preliminary information on the economic viability of developing a new copper mine at Little Deer.

Mineral Resource Estimate

On October 13, 2010, Cornerstone and Thundermin announced that an updated NI 43-101 compliant mineral resource estimate had been completed by Scott Wilson RPA under the supervision of Mr. Reno Pressacco, M.Sc. (A), P.Geo., Senior Geologist for Scott Wilson RPA and an independent Q.P. in accordance with NI 43-101. Scott Wilson RPA estimated that the Deposit contains Indicated Resources of 1,150,500 t at an average grade of 2.8% Cu within the Little Deer Zone and additional Inferred Resources of 1,227,300 t at an average grade of 2.2% Cu within the Little Deer Zone and 1,108,200 t at an average grade of 1.9% Cu within the Footwall Zone. An NI 43-101 compliant Letter Report entitled "Mineral Resource Update for the Little Deer Project" dated September 30, 2010, to support the updated mineral resource estimate, is available on Cornerstone's and Thundermin's websites.


On October 19, 2010, excellent metallurgical results from scoping level test work on core samples from the Deposit were announced. This work, which was undertaken at SGS Lakefield Research Limited ("Lakefield") of Lakefield, Ontario, indicates that a saleable, high grade copper concentrate grading over 28% copper with over 97% recovery and free of any deleterious elements can be produced from the Deposit.

Qualified Person

Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc., is the Q.P. responsible for supervising the drilling program and the compilation of all of the historical data on the Deposit for the purposes of NI 43-101. Mr. Hussey has also reviewed the contents of this news release for accuracy. All holes drilled by Cornerstone and Thundermin are NQ in size. Bulk density measurements, rock quality designations and photographic logging of significant mineralized intersections are performed systematically prior to assaying. The core is logged and the mineralized sections, where appropriate, are sawn in half at a core logging facility in Springdale. Half of the core is submitted for analyses to Eastern Analytical Limited, an independent and qualified assayer located in Springdale, Newfoundland and the remaining half of the core is kept for future reference. Blanks, duplicates and standards are routinely used as part of the assay procedures.

Little Deer Joint Venture

Thundermin, the operator, and Cornerstone have the option, on a 50/50 basis to earn a 100% interest in the Little Deer Copper Deposit and adjacent property from Weyburn Investments Ltd. Thundermin, under its joint venture agreement with Cornerstone, has the right to increase its interest in the Little Deer property to 75% by completing a feasibility study and by arranging 100% of the necessary bank financing required to place the property into commercial production. Details on the Deposit and the terms of the agreement with Weyburn can be found in numerous news releases and on Cornerstone's and Thundermin's respective websites and on SEDAR.

Junior Exploration Assistance Program

Cornerstone and Thundermin would like to acknowledge the financial support received from the Junior Exploration Assistance (JEA) Program of the Province of Newfoundland and Labrador in carrying out a portion of their work on the Little Deer property.

About Cornerstone

Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in Canada, Ecuador and Chile, and 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. The company is well funded and commitments from JV partners constitute significant validation of the strength of Cornerstone's projects.

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Cautionary Notice:

This news release may contain 'Forward-Looking Statements' that involve risks and uncertainties, such as statements of Cornerstone's plans, objectives, strategies, intentions and expectations. The words "potential," "anticipate," "forecast," "believe," "estimate," "expect," "may," "project," "plan," and similar expressions are intended to be among the statements that identify 'Forward-Looking Statements.' Although Cornerstone believes that its expectations reflected in these 'Forward-Looking Statements' are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at For us, uncertainties arise from the behaviour of financial and metals markets, predicting natural geological phenomena and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements. Although Cornerstone believes the facts and information contained in this news release to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views subsequent to the date of this news release. While Cornerstone anticipates that subsequent events may cause its views to change, it expressly disclaims any obligation to update the Forward-Looking Statements contained herein except where outcomes have varied materially from the original statements.

On Behalf of the Board,

H. Brooke Macdonald, President

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cornerstone Capital Resources Inc.
    Martti Kangas
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    Cornerstone Capital Resources Inc.
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    Cornerstone Capital Resources Inc.
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