Planned infill diamond drilling at the Little Deer copper deposit by the Company and 50% partner Thundermin Resources Inc. remains contingent on project financing. The drilling is designed to upgrade the Inferred Resources to the Indicated Resource category in order that a pre-feasibility study can be undertaken on the deposit.
The Company and Benton Resources Inc. signed a definitive option agreement respecting the Cape Ray project on December 19th, 2012. Under the terms of the agreement, Benton has the ability to earn an initial 70% interest in the property by spending CAN$2 million on exploration, and making payments of CAN$125,000 and 155,000 shares over 4 years. Benton can earn an additional 5% (taking their interest to 75%) by incurring an additional CAN$1 million in exploration expenditures at its sole election but such election must be made within a period not exceeding 18 months from the date that Benton's interest vests at 70%.
Since September 2012, Benton has carried out re-logging and re-sampling of historical drill core which has led to the identification of a new gold zone termed the "PW Zone", which they interpret to be a possible strike extension of the Windowglass Hill deposit (National Instrument 43-101 inferred resources of 1,810,000 tonnes grading 1.77 g/t gold and 11.28 g/t silver, containing 103,001 ounces of gold and 656,415 ounces of silver(1)) located 1.2 km to the southwest. Re-sampling of historical drill core is continuing, and in December upgrades were carried out on the approximately 20 km gravel access road to the project site. Planned work by Benton during 2013 includes establishing a picketed control grid, ground geophysical surveys and diamond drilling of high priority targets.
(1) NI 43-101 Technical Report entitled "Mineral Resource Estimate Technical Report for the Cape Ray Au-Ag Property, Isle Aux Morts Area, Newfoundland and Labrador, Canada, July 16th, 2012" was prepared by Mr. Paul Teniere, P.Geo., and Mr. Andrew Hilchey, P.Geo., of Mercator Geological Services Limited, both whom are independent Qualified Persons in accordance with NI 43-101. The technical report can be viewed on the Company's website at http://www.cornerstoneresources.com/i/pdf/Properties_CR_43-101.pdf and on SEDAR.
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. Commitments from JV partners constitute significant validation of the strength of Cornerstone's projects.
The technical information contained in this news release has been reviewed and approved by Terry Brace, P.Geo., Cornerstone's VP Exploration (Canadian projects) and Yvan Crepeau, P.Geo., President of Cornerstone Ecuador S.A. and Minera Cornerstone Chile Limitada (Ecuadorian and Chilean projects), both of whom are qualified persons in accordance with National Instrument 43-101.
Further information is available on Cornerstone's website: www.cornerstoneresources.com or for investor, corporate or media inquiries, please contact:
North America toll-free: 1 (877) 277-8377
The link to a recent Corporate presentation is:
Investors can also access Cornerstone on Twitter.
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,
Brooke Macdonald, President and 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.
Cornerstone Capital Resources Inc.
Toll Free: 1-877-277-8377
Most Popular Stories
- 2014 Will Be 'Breakthrough Year' for U.S., Obama Says
- Renewable Energy Group to Acquire Syntroleum
- Climate Change Isn't an Equal Opportunity Destroyer
- Ally Financial Settles Auto Loan Suit
- Kanye, Kardashians and Other Kooks: A Wacky, Tacky, Entertaining Year
- Covered California Lags on Hispanic Enrollment
- Luis Suarez Re-ups With Liverpool F.C.
- Little Risk of Deportation Under Obama
- Gay Athletes Part of U.S. Sochi Group
- Chris Christie Set to Sign Tuition Aid Bill