Category: Uncategorized
- Published: 29 November -0001
Agreement Summary
The 50-50 Joint Venture will cover 51 mineral exploration licences totaling 1032 km2 in the province of Newfoundland and Labrador. Both companies contribute their respective mineral land holdings and have conjointly staked additional claims. Both companies will contribute equally to fund exploration programs. Primary exploration targets are Sediment-hosted Stratiform Copper (SSC) deposits analogous to those found in the prolific Zambian Copperbelt.
First year program includes an airborne magnetics and radiometrics survey and a two month field program. Cornerstone is the project operator. Major partner being sought.
The property covers a 100 km strike length of favourable stratigraphy considered highly prospective for hosting SSC-type deposits.
The companies are soliciting expressions of interest from major mining companies as prospective joint venture partners to undertake exploration on this large, highly prospective and under-explored property. View map at http://www.cornerstoneresources.com/s/Labrador.asp?ReportID=305332.
The Labrador Trough (or New Quebec Orogen) represents a 1600 km long by 160 km wide linear fold belt that comprises predominantly meta-sedimentary and volcanic rocks originally deposited in an Early to Middle Proterozoic continental-rift environment, the ideal geological setting for SSC-type deposits. The Labrador Trough represents one of the least explored SSC opportunities within this type of environment in the world today. Numerous copper occurrences throughout the property support the geological model for SSC-type deposits and indicate the potential for discovery of new mineralization is high.
Cornerstone has been exploring for SSC-type deposits for several years and as such its technical team has developed considerable expertise in these geological environments. Cornerstone has generated several SSC-type projects of merit in Newfoundland and New Brunswick and been successful in attracting senior joint venture partners such as Noranda and Phelps Dodge to finance the exploration of these projects (Princess, Redcliff, Codroy and Dorchester). In particular, Phelps Dodge (Freeport McMoran) has entered into three separate joint venture/earn-in agreements on three individual SSC-type projects. Cornerstone will utilize this comprehensive experience to prioritize targets and to manage and operate the exploration program on behalf of the alliance.
This press release was prepared by Mike Basha, PEng, PGeo, Cornerstone\'s Executive VP and a Qualified Person in accordance with National Instrument 43-101.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company with 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 operates exploration programs in Atlantic Canada and Ecuador.
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 www.sedar.com. For us, uncertainties arise from the behaviour of financial and metals markets 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.
On Behalf of the Board,
Colin B. McKenzie
President & CEO
Further information is available on the Cornerstone Web site at www.cornerstoneresources.com; via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it.; or toll free at 1-877-277-8377.
The common shares of the Company are currently listed on the TSXV in Canada (symbol CGP), the OTC in the USA (symbol CTNXF) and the Frankfurt Stock Exchange (symbol GWN)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
