Appleton Exploration Inc. Closes Final Tranche of Non-Brokered Private Placement

July 31, 2008 - Vancouver, British Columbia. Appleton Exploration Inc. (TSXV:AEX) reports the Company has closed the final tranche of a non-brokered private placement offering of 1,500,000 units, priced at $0.20 per unit, for gross proceeds of up to $300,000, previously announced on July 14, 2008. At the closing of the final tranche, the Company issued 150,000 units for proceeds of $30,000. Each unit is comprised of one common share and one warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $0.30 per share, prior to July 30, 2009. If at any time during the period of the warrant the 20 day weighted average of the market price of the shares exceeds $0.60 per share, the Company may request the exercise of the warrants.

Securities issued pursuant to the final tranche of the private placement are subject to a four month hold period until December 1, 2008.

Proceeds of the private placement financing will be used for exploration expenditures on the Company’s British Columbia projects and for general working capital.


On Behalf of the Board of Directors,
“R. Tim Henneberry”
R.Tim Henneberry, P.Geo.
President and CEO

For further information, please contact:
Tim Henneberry: (604) 694-0741

For Investor Relations Information contact:
Contact Financial Corp.
604.689.7422 | Toll Free 1.877.689.7411


R. Tim Henneberry, P.Geo. , President, CEO & Director of the Company, is the Qualified Person as defined in
National Instrument 43-101, who has reviewed and approved the technical content of this news release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

This website includes certain "forward-looking statements" such as estimates and statements that describe Cornerstone Metal Inc.’s property, future plans, objectives or goals. All statements in this website, other than statements of historical facts, that address future production, resource potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or developments to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, market prices, environmental conditions, judicial, regulatory and political developments, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions.