First off, a big hello to everyone. I am new to HotCopper for IAU, but been holding it for a long time on the US Markets. I am from Canada, currently in Taiwan and trade on E*TRADE US market... Here is the latest I found from there, just thought I would share with everyone here, if you don't already know. I got on HotCopper a while ago with MMR, and really enjoyed people's comments and insights. Hope to find the same here. I am expecting this stock to get to around $2.30 very quickly.. and keep climbing based on the current drill. Impressed how quick they started and if all goes well they can acquire a 60% interest in this as well. THAT is good news!
1/11/2011 8:00:04 AM - Market Wire
MOUNT PEARL, NEWFOUNDLAND, Jan 11, 2011 (Marketwire via COMTEX News Network) --
Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) announced today that it has concluded a Definitive Agreement with its joint venture partner that will allow diamond drilling to commence immediately on the Gama Prospect, located in the NW portion of the Company's flagship Shyri Gold-Copper Project in southern Ecuador.
The Shyri Project is the subject of an Option Agreement with partner Intrepid Mines Ltd. ("Intrepid") (ASX-IAU, TSXV-IAU). As previously announced (see news release dated Oct 29, 2009), Intrepid has the option to acquire an initial 60% interest in Cornerstone's Shyri Project which is located in central Ecuador, approximately 350km south of Quito and 150km north of the border with Peru. Under the terms of the Agreement, Intrepid has the ability to earn an initial 60% interest in the Shyri property by spending $US 6.0 million dollars over 5 years, with a firm commitment of $US 1.0 million in the first year.
"We have consistently told shareholders that both Cornerstone and Intrepid would move quickly to a drilling program once approval was received from the Ecuadorian government," said Glen H. McKay, President & CEO, Cornerstone Capital Resources Inc. "The Agreement formalizes our intention to aggressively explore this highly prospective property. We expect to release results from the program on a consistent and timely basis."
Cornerstone is the operator of the exploration program. Technical teams from Cornerstone and Intrepid have worked closely together to define the current suite of drill targets and to plan the ongoing regional exploration program within the broader Shyri Project area.
Drill Program
Cornerstone and Intrepid have approved a Phase one 2,900 metre diamond drilling program comprising 11 holes over various targets defined on the basis of surface geochemistry, detailed geology, magnetics, and 3-D interpretation of Induced Polarization (IP) geophysical data.
The drill-hole program will target both high sulphidation gold systems, comparable to the nearby 3.4Moz Quimsacocha gold deposit, and porphyry copper-gold systems. The targets have not been previously drilled.
The drill program will test 7 targets over an area of 3 x 2 kilometers.
-- Target B is a coincident surface copper-gold-molybdenum geochemical anomaly with a well-defined annular magnetic signature, and IP chargeability and resistivity anomalies. The target model is a porphyry system with areas of high sulphidation overprint; -- Target C is a coincident silver-gold-mercury geochemical anomaly possibly representing a high level epithermal system; -- Target D is a coincident surface copper-gold-molybdenum geochemical anomaly and IP chargeability anomaly that may represent a porphyry system; -- Target E is a coincident surface copper-gold-molybdenum geochemical anomaly, IP chargeability anomaly, and geology that may represent the upper zones of a porphyry system; -- Target F is a coincident surface copper-gold-molybdenum geochemical anomaly with encouraging geology suggesting a porphyry environment. The IP geophysical coverage does not extend over this southern-most target area; -- One initial drill hole is proposed to test the mineralised Ermita Breccia. Rock chips returned up to 5.7g/t gold from the breccia that is interpreted to source a high sulphidation system at depth. -- One drill hole has been planned to test an interpreted flat lying high sulphidation system approximately 500m to the south of the Ermita Breccia.
The approved exploration program includes scope to test other targets that may emerge as a consequence of the results obtained during the planned drilling, including geophysical targets that are located to the north of Target B.
To view a map showing gold in soil anomalies and the location of drill holes and target designation please go to link http://www.cornerstoneresources.com/i/maps/properties_GAMADDH0111.jpg
This press release was approved by Colin B. McKenzie, P.Geo., a Cornerstone Director and a Qualified Person in accordance with National Instrument 43-101. Exploration work on the Shyri project is being carried out under the supervision of Yvan Crepeau, Geologist, MBA, CESA's Country Manager, Ecuador.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland & Labrador, Canada, with a diversified portfolio of projects in Canada and Ecuador 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.
Investors can access and join the following Cornerstone social media channels:
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.
On Behalf of the Board,
Glen H. McKay, President & CEO
SOURCE: Cornerstone Capital Resources Inc.
Cornerstone Capital Resources Inc. Martti Kangas, Investor Relations North America toll-free: 1 (877) 277-8377 Direct Line: 1 (647) 521-9261 [email protected] Cornerstone Capital Resources Inc. Paul Benwell / Pat Kairns Direct Line: 1 (514) 904-1333 www.cornerstoneresources.com Copyright (C) 2011 Marketwire. All rights reserved.
IAU Price at posting:
$2.05 Sentiment: Buy Disclosure: Held
(20min delay)