TSX.V: CCC

Appleton Makes Initial Payment on Manalo Gold Project and Closes $700,746 Non-Brokered Private Placement

April 2, 2009 - Vancouver, British Columbia. Appleton Exploration Inc. (AEX – TSX.V) reports that pursuant to an agreement whereby the Company may acquire up to a 100% interest in the Manalo Gold Project in Mali (news release dated February 20, 2009), the Company has paid the initial cash payment of US$25,000 and has issued 500,000 units to Delta Exploration Inc. Each unit is comprised of one common share and one share purchase warrant entitling the holder to acquire one additional common share of Appleton at an exercise price of $0.27 per share, prior to April 1, 2011. The securities are subject to a four month hold until August 2, 2009.

The Company also reports that it has closed a non-brokered private placement of 10,010,654 units, priced at $0.07 per unit for gross proceeds of $700,746. Each unit is comprised of one common share and one share purchase warrant entitling the holder to acquire one additional common share of Appleton, at an exercise price of $0.10 per share, prior to April 1, 2010. Securities issued pursuant to the private placement are subject to a four month hold until August 2, 2009. Finders’ fees totalling $65,575 have been paid in conjunction with the private placement. Proceeds of the private placement will be used for general working capital and for acquisition and exploration expenditures on the Manalo Gold Project.

 

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.