MOUNT PEARL, NEWFOUNDLAND--(Marketwire - Aug. 31, 2012) - Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (OTCBB:CTNXF) announced today that a National Instrument 43-101 ("NI 43-101") compliant Technical Report and Mineral Resource Estimate for its 100% owned Cape Ray gold-silver project, which was released on July 18, 2012, has been filed on SEDAR and posted to the Company's website at http://www.cornerstoneresources.com/s/Newfoundland.asp?ReportID=136411. The Cape Ray gold-silver project is located approximately 25 km northeast of Port aux Basques in southwestern Newfoundland.
The 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 Ténière, P.Geo., and Mr. Andrew Hilchey, P.Geo., of Mercator Geological Services Limited. Both Mr. Ténière and Mr. Hilchey are independent Qualified Persons in accordance with NI 43-101.
Cornerstone also announces that on August 27, 2012, it issued 1,960,784 shares at a price of $0.105 to SolGold plc ("SolGold") for total proceeds of $200,000. This issuance forms part of the definitive option agreement between SolGold and Cornerstone respecting the Cascabel gold-copper-silver property located in northern Ecuador, which was announced on July 24, 2012. The shares will have a hold period which expires December 28, 2012.
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.
Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results. 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.
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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.