Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc.

July 16, 2009 08:00 ET

Cornerstone and Thundermin Extend Option on the Little Deer Copper Deposit, Newfoundland

MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwire - July 16, 2009) - Cornerstone Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) and 50% joint venture partner Thundermin Resources Inc. ("Thundermin") (TSX:THR) announce that they have extended the option with Weyburn Investments Limited ("Weyburn") to earn a 100% interest in the Little Deer copper deposit (the "Deposit") located approximately 10 km north of Springdale in north-central Newfoundland.

Under the terms of the agreement with Weyburn, in order to extend the option beyond the second anniversary of the agreement, Cornerstone and Thundermin agreed to pay Weyburn a total of $115,000 ($57,500 in cash and/or shares at each company's election) on or before July 12, 2009. Thundermin elected to issue 342,262 shares, at a price of $0.168 per share, and Cornerstone elected to pay $57,500 in cash. By electing to make the $115,000 payment to Weyburn, Thundermin and Cornerstone are now committed to make a further $200,000 total payment ($100,000 each in cash and/or shares) to Weyburn on or before July 12, 2010, which will keep the option on the Deposit in good standing until July 12, 2011. Further details on the terms of the agreement with Weyburn can be found in a news release dated May 1, 2007 and on Cornerstone's and Thundermin's respective websites and on SEDAR.

Diamond drilling programs undertaken since July 2007 have greatly expanded the known copper mineralization within the Deposit. To date, the Deposit has been intersected over a strike length of approximately 1,050 m and to a vertical depth of 895 m. The Deposit remains open to the east, west and at depth and the potential for discovery of additional mineral resources is believed to be high. Further details on the Deposit and the exploration results to date can be found in news releases dated June 21, July 9, October 30, December 11, 2007 and January 24, April 9, May 15, June 17, July 25, November 26, 2008 and February 25, May 12 and June 16, 2009.

On July 7, 2009, Cornerstone and Thundermin reported a National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the Deposit comprising Indicated Resources of 1,087,000 tonnes at an average grade of 2.9% Cu and Inferred Resources of 1,950,000 tonnes at an average grade of 2.3% Cu. The mineral resource estimate was prepared by Mr. Reno Pressacco, M.Sc.(A), P.Geo., Senior Geologist for Micon International Limited ("Micon") of Toronto, Ontario, an independent Qualified Person ("Q.P.") in accordance with NI 43-101. A NI 43-101 Technical Report for the mineral resource estimate is currently being prepared by Micon and will be filed on SEDAR on or before August 21, 2009.

Diamond drilling, designed to expand the reported initial mineral resource estimate on the Deposit, is ongoing as part of a $900,000 exploration program for the first half of 2009. Results from all unreported holes will be released once assays are received and results compiled. Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc., is the Q.P. responsible for supervising the drilling program on the Deposit for the purposes of NI 43-101.

Thundermin and Cornerstone 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 & Labrador, Canada, with a diversified portfolio of projects in Canada and Ecuador 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.

Cautionary Notice:

Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results. 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.

On Behalf of the Board,

Colin B. McKenzie, President & CEO

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.

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