Cornerstone Files Upbeat Prelim Economic Assessment Of Little Deer Copper Deposit On SEDAR, Share Price Up More Than 10%
Cornerstone Capital Resources (CGP.V) and 50% joint venture partner Thundermin Resources Inc. announce that a National Instrument 43-101 compliant Technical Report and Preliminary Economic Assessment for the 100% owned Little Deer Copper Deposit which was released on November 1, 2011, has been filed on SEDAR and posted on each company's respective web site. The deposit is located approximately 10 km north of Springdale in north-central Newfoundland.
Brooke Macdonald, President of Cornerstone, said completion of the Little Deer PEA represents another significant milestone for the project, and indicates that the Deposit has the potential to be developed on an attractive economic basis at current metal prices. During 2012, Cornerstone and Thundermin will continue to advance the project towards the pre-feasibility stage through more advanced technical studies and an infill diamond drilling program designed to upgrade inferred resources to the indicated resources category.
Under the terms of its joint venture agreement with Cornerstone, Thundermin has the right to increase its interest in the Little Deer property to 75% by completing a feasibility study and by arranging 100% of the necessary bank financing required to place the property into commercial production.
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