MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwire - June 11,2008) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (PINK SHEETS:CTNXF)(FRANKFURT:GWN) (BERLIN:GWN) and Altius Resources Inc. ("Altius") announce thatthey have signed a joint venture agreement to explore primarily forSediment-hosted Stratiform Copper (SSC) deposits in the Labrador Trough ofwestern Labrador and southeastern Quebec.
Agreement Summary
- The50-50 Joint Venture will cover 51 mineral exploration licences totaling 1032 km2in the province of Newfoundland and Labrador.
- Both companies contributetheir respective mineral land holdings and have conjointly staked additionalclaims.
- Both companies will contribute equally to fund explorationprograms.
- Primary exploration targets are Sediment-hosted StratiformCopper (SSC) deposits analogous to those found in the prolific ZambianCopperbelt.
- First year program includes an airborne magnetics andradiometrics survey and a two month field program.
- Cornerstone is theproject operator.
- Major partner being sought.
The propertycovers a 100 km strike length of favourable stratigraphy considered highlyprospective for hosting SSC-type deposits.
The companies are solicitingexpressions of interest from major mining companies as prospective joint venturepartners to undertake exploration on this large, highly prospective andunder-explored property. View map at
https://www.cornerstoneresources.com/s/Labrador.asp?ReportID=305332.
TheLabrador Trough (or New Quebec Orogen) represents a 1600 km long by 160 km widelinear fold belt that comprises predominantly meta-sedimentary and volcanicrocks originally deposited in an Early to Middle Proterozoic continental-riftenvironment, the ideal geological setting for SSC-type deposits. The LabradorTrough represents one of the least explored SSC opportunities within this typeof environment in the world today. Numerous copper occurrences throughout theproperty support the geological model for SSC-type deposits and indicate thepotential for discovery of new mineralization is high.
Cornerstone hasbeen exploring for SSC-type deposits for several years and as such its technicalteam has developed considerable expertise in these geological environments.Cornerstone has generated several SSC-type projects of merit in Newfoundland andNew Brunswick and been successful in attracting senior joint venture partnerssuch 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-inagreements on three individual SSC-type projects. Cornerstone will utilize thiscomprehensive experience to prioritize targets and to manage and operate theexploration program on behalf of the alliance.
This press release wasprepared by Mike Basha, PEng, PGeo, Cornerstone's Executive VP and a QualifiedPerson in accordance with National Instrument 43-101.
AboutCornerstone
Cornerstone Capital Resources Inc. is a mineral explorationcompany with a strong technical team that has proven its ability to identify,acquire and advance properties of merit. The company's business model is basedon generating exploration projects whose subsequent development is fundedprimarily through joint venture partnerships. The company operates explorationprograms in Atlantic Canada and Ecuador.
Cautionary Notice
Thisnews release may contain 'Forward-Looking Statements' that involve risks anduncertainties, such as statements of Cornerstone's plans, objectives,strategies, intentions and expectations. The words "potential," "anticipate,""forecast," "believe," "estimate," "expect," "may," "project," "plan," andsimilar expressions are intended to be among the statements that identify'Forward-Looking Statements.' Although Cornerstone believes that itsexpectations reflected in these 'Forward-Looking Statements' are reasonable,such statements may involve unknown risks, uncertainties and other factorsdisclosed 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 fromnumerous other matters of national, regional, and global scale, including thoseof an environmental, climatic, natural, political, economic, business,competitive, or regulatory nature. These uncertainties may cause our actualfuture results to be materially different than those expressed in ourForward-Looking Statements. Although Cornerstone believes the facts andinformation contained in this news release to be as correct and current aspossible, Cornerstone does not warrant or make any representation as to theaccuracy, validity or completeness of any facts or information contained hereinand these statements should not be relied upon as representing its viewssubsequent to the date of this news release. While Cornerstone anticipates thatsubsequent events may cause its views to change, it expressly disclaims anyobligation to update the Forward-Looking Statements contained herein.
OnBehalf of the Board,
Colin B. McKenzie, President & CEO
Thecommon shares of the Company are currently listed on the TSXV in Canada (symbolCGP), the OTC in the USA (symbol CTNXF) and the Frankfurt Stock Exchange (symbolGWN).
The TSX Venture Exchange does not accept responsibility for theadequacy or accuracy of this release.