Mount Pearl, NL, Canada - March 4, 2008: Cornerstone Capital Resources Inc. (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced completion of the private placement announced October 19, 2007. The company is pleased to announce that the offering was fully subscribed for total proceeds of $1.0 million.
The financing consisted of a non-brokered private placement of 1,204,840 units. Each unit was priced at $0.83 per unit and consisted of one common share and one share purchase warrant entitling the holder to purchase one additional common share at a price of $1.00 for two years following the closing.
All shares issued pursuant to the placement will bear a legend restricting transfer until June 30th, 2008.
Newmont Mining Corporation of Canada Limited purchased all the available units as part of a definitive earn-in joint venture option agreement with Newmont Ventures Limited, a subsidiary of Newmont Mining Corpo ration (NYSE-NEM), with respect to the formation of a regional exploration alliance ("Alliance") to explore for gold in southern Ecuador. Cornerstone wishes to welcome Newmont as a shareholder and to express appreciation to all shareholders for their continued trust and confidence.
The proceeds of the private placement will be used by Cornerstone to fund the first phase of work under the Alliance agreement.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company with 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. In addition to Newmont, Cornerstone's current and past joint venture partners include Agnico Eagle, Celtic, Cash Minerals, Candente, Coastport, Cogitore, Falconbridge, Inmet, Kermode, Mount ain Lake, Moydow, Noranda, Phelps Dodge, and Thundermin.
On Behalf of the Board,
Glen H. McKay
President & CEO
Further information is available on the Cornerstone Web site at www.cornerstoneresources.com; via e-mail at communications@crigold.com; or toll free at 1-877-277-8377.
Renmark Financial Communications Inc.
Barbara Komorowski : bkomorowski@renmarkfinancial.com
Maurice Dagenais : mdagenais@renmarkfinancial.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com
The common shares of the Company are currently listed on the TSXV in Canada (symbol CGP), the OTC in the USA (symbol CTNXF) and the Frankfurt Stock Exchange (symbol GWN)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
