MOUNT PEARL, NEWFOUNDLAND--(Marketwire - Aug. 9, 2011) - Cornerstone Capital 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 a National Instrument 43-101 ("NI 43-101") Technical Report, to support the updated mineral resource estimate for the Little Deer Copper Deposit ("Deposit") that was announced on June 22, 2011, has been filed on SEDAR and posted on each company's respective website.
The Technical Report and Mineral Resource Estimate entitled "Technical Report and Resource Estimate Update on the Little Deer Copper Deposit, Newfoundland, Canada, August 5, 2011" was prepared by Mr. Eugene Puritch, P. Eng., President, P&E Mining Consultants Inc. ("P&E") and Dr. Wayne Ewert, P. Geo., Vice President, P&E, independent Qualified Persons ("QP's") in accordance with NI 43-101.
As reported on June 22, 2011, P&E estimates that the Deposit contains a 66% increase in Indicated Resources of 1,911,000 tonnes at an average grade of 2.37% Cu (99.8 million lbs of copper) and a 61% increase in Inferred Resources of 3,748,000 tonnes at an average grade of 2.13% Cu (175.9 million lbs of copper) (see Table 1).
Brooke Macdonald, President of Cornerstone, said "The updated mineral resource estimate represents a substantial increase, and we are very pleased to have met our goal of establishing five to six million tonnes of potentially economic grade copper mineralization. Results of the internal scoping review, also being carried out by P&E, are expected to be received by mid-August. This study is evaluating a range of potential mining and operating scenarios for the project and will provide management with preliminary information on the economic viability of developing a new copper mine at Little Deer".
Table 1: Summary of Little Deer Mineral Resources (P&E, June 20, 2011)
||Cu lbs (M)
|Indicated Mineral Resources
|Little Deer Zone
|Inferred Mineral Resources
|Little Deer Zone
|Footwall Zone Splay
|Total Inferred Resources
- Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
- The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
- Ordinary Kriging was used for Cu grade interpolation.
- Grade capping of 15% Cu utilized on composites.
- A variable bulk density based on numerous field measurements was used for tonnage calculations.
- A copper price of US$3.42/lb (May 31 2011 24 month trailing average) and an exchange rate of US$0.95=C$1.00 was utilized to derive the 1% Cu cut-off grade. Mining costs were C$40/t, process costs were C$15/t and G&A was C$5/t. Concentrate freight and smelter treatment charges were C$10/t mined. Concentrate mass pull was 7%, process recovery was 97%, smelter payable was 96% and Cu refining was US$0.07/lb.
The Little Deer Copper Deposit is located approximately 10 km north of Springdale in north-central Newfoundland. To date, the Deposit has been outlined to varying degrees of detail over a strike length of approximately 1,050 m and to a vertical depth of approximately 1,000 m. The Deposit remains open to the west and at depth and the potential for discovery of additional mineral resources is believed to be high.
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. Further information is available on Cornerstone's website: www.cornerstoneresources.com.
Investors can access and join the following Cornerstone social media channels:
YouTube channel (http://www.youtube.com/user/CornerstoneResource)
The link to a recent Corporate presentation with narration is: http://rblcommunications.com/resources/CGP/1/CGPmay2011.html
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 www.sedar.com. 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.