In an era when wealth is viewed as even scarcer than usual, an extra emphasis is being placed on drawing such wealth out of the ground with sheer, brute hard work. Extracting value from the earth is what Newfoundland and Labrador-based Cornerstone Capital Resources (TSX: V.CGP, Stock Forum) is all about. Operating primarily in its own backyard – Canada’s youngest province – Cornerstone trades on the TSX Venture Exchange under the symbol CGP. The company has been in existence since the summer of 1999.
Cornerstone Capital Resources Inc., whose motto describes its objective of excellence in mineral exploration, boasts a strong and dedicated technical team who is focused on generating new projects that have great potential for discovery. This dedication has built a strong and diversified portfolio in not only Canada but also Ecuador. Cornerstone leverages its own exploration funding through joint venture and strategic partnerships, providing shareholders with potential for success at lower risk.
One of its Ecuadorian properties - La Plata, run by the company’s subsidiary in that South American country – was sold in April by Cornerstone to Sultana Del Condor Minera, SA, a privately held Ecuadorian mining company, for $675,000 U.S., in an agreement of purchase and sale targeted to close by May 15. The subsidiary had held a 70% interest in La Plata for the last four years.
More recently, in mid-May, CGP combined with its 50% joint venture partner, Toronto-based Thundermin ResourcesInc. (TSX: T.THR, Stock Forum), announced a major copper find in Newfoundland. The companies said they had intersected 6% copper over a core length of 3.8 metres on the Little Deer Copper Deposit within a wider mineralized interval that grades 2.5% copper over 12 metres.
Another hole on the property was found to have intersected 2.1% copper over a core length of 6.3 metres. To date, the copper mineralization in the Little Deer Deposit has been intersected over a strike length of approximately 1,050 metres and to a vertical depth of approximately 800 metres. Both partners look for Little Deer to be quite lucrative in the months and years to come.
Profits from these and various other projects remain things of the future. The 2008 financial statement showed a loss of $9.2 million Canadian, more than double the red ink reported the year before. The stock price realized a 52-week spike to 39 cents in mid-June of last year, plummeting to a low for the period of three cents. Despite the favourable news announced in May, the price refused to budge from its relative bargain status of six cents Canadian.