- Environmental license granted for Gama prospect in
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today
announced
that the Ministry of Environment (ME) of Ecuador has granted the formal
environmental license for all portions of the Loma Quinuas,
Aguarongos
and Gama Norte concessions which constitute the Gama prospect on
Cornerstone's flagship Shyri property. The license is
valid for the
4-year advanced exploration phase of the 3 concessions. A phase 1 2,900
metre, 11 hole drilling program
is currently ongoing on the Aguarongos
concession (see below).
As previously announced on January 4, 2011, Cornerstone was authorized
by the Ministry of Non-Renewable Natural Resources (MNRNR) to resume
exploration activities (including diamond drilling) on the Loma Quinuas
and Aguarongos concessions. Cornerstone's
Environmental Impact Study
(EIS) and an Environmental Management Plan (EMP) for Gama were both
approved prior to January 2011. Under the transitional rules of the
2009 Mining Law and Regulations, Cornerstone was permitted to conduct
exploration (including drilling) on Gama pending receipt of the formal
environmental license. The formal environmental license was granted by
ME following its approval in the first quarter of 2011 of an
Environmental Compliance Audit (ECA) and an Environmental Feasibility
Study (EFS) conducted on the 3 concessions. As a result of the issuance
of this environmental license by the ME, no further approvals from the
MNRNR are required to conduct drilling in the future on the 3
concessions.
The license does not cover the Vetas Grandes prospect (located on the
Shyri NW and Shyri Norte
concessions) or the Ca�aribamba prospect
(located on the Shyri Oeste
and Shyri concessions), for which separate
MNRNR and ME approvals are required.
"We are very pleased with the granting of this environmental license,
which demonstrates our stewardship of the environment and our
commitment to the communities in the area of our activities" said
Brooke Macdonald, Cornerstone's President. "We designed and implemented
a responsible Environmental Management Plan with the participation of
the communities and of the environmental authorities that will ensure
the sustainability of the project".
Phase 1 Drill Program
Cornerstone and Intrepid Mines Ltd (ASX-IAU, TSX-IAU) have approved an
11 hole, 2,900 metre diamond
drilling program targeting both high
sulphidation (HS) epithermal gold-silver and porphyry
copper-molybdenum-gold mineralization on the Gama prospect. The
drilling program and targets are described in news releases dated
January 11 and March 8, 2011. Drilling results from the first five
holes (GAD-11-001 to GAD-11-005), including a significant porphyry
gold-copper mineralized intercept, were released on May 31, 2011. Phase
1 drilling should be completed in July.
A map showing the location of targets and drill holes with respect to
gold-in-soil anomalies and interpreted faults is provided here:
http://www.cornerstoneresources.com/i/maps/properties_GAMADDH0611.jpg.
Qualified Person
Yvan Crepeau, M.Ba., P.Geo, President of Cornerstone Ecuador SA and a
qualified person in accordance with National Instrument 43-101, is
responsible for supervising the Gama drilling program and has reviewed
and approved the information contained in this news release.
Shyri Option Agreement
Intrepid Mines Limited ("Intrepid") is earning a 60% interest in the
Shyri gold-silver-copper property under an option
agreement signed with
Cornerstone in January 2011. Under the terms of the Agreement, Intrepid
has the ability to earn an initial 60% interest in the property by
spending $US 6.0 million dollars over 5 years, with a firm commitment
of $US 1.0 million in the first year. Intrepid may earn an additional
20% in specific project areas up to 5,000 hectares each. Upon
designation of a Project Area, Intrepid will make a $US 750,000 private
placement in Cornerstone. To earn the additional interest, Intrepid
will complete a bankable feasibility study or incur expenditures of $US
20 million, whichever comes first, and make a cash payment to
Cornerstone of up to $US 5.0 million based on the gold equivalent
ounces in the mineral reserve. There is no limit to the number of
Project Areas Intrepid may designate within the property and each
'stand-alone' Project Area requires the same earn-in requirements (see
news release dated Oct 29, 2009). Cornerstone is the project operator,
and manages the exploration programs in close consultation and planning
with Intrepid.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland and Labrador, Canada, with a
diversified portfolio of projects in Canada, Ecuador and Chile, 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. The company is
well funded and commitments from JV partners constitute significant
validation of the strength of Cornerstone's projects.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com or for investor, corporate or media
inquiries, please contact:
Investor Relations:
Email: communications@crigold.com
North America toll-free: 1 (877) 277-8377
Martti Kangas - Direct
Line: 1 (647) 521-9261
Paul Benwell / Pat Kairns -
Direct Line: 1 (514) 904-1333
Investors can access and join the following Cornerstone social media
channels:
Facebook (http://www.facebook.com/cornerstoneresourcesinc)
Twitter (http://twitter.com/Cornerstone_cgp)
YouTube channel (http://www.youtube.com/user/CornerstoneResource)
Flickr
(http://www.flickr.com/photos/cornerstoneresources)
The link to recent CEO audio interviews is:
http://www.cornerstoneresources.com/s/Interviews.asp
The link to a recent Corporate presentation with narration is:
http://rblcommunications.com/resources/CGP/1/CGPmay2011.html
Cautionary Notice:
This news release may contain 'Forward-Looking Statements' that involve
risks and uncertainties, such as statements of Cornerstone's plans,
objectives, strategies, intentions and expectations. The words
"potential," "anticipate," "forecast,"
"believe," "estimate," "expect,"
"may," "project," "plan," and similar expressions
are intended to be
among the statements that identify 'Forward-Looking Statements.'
Although Cornerstone believes that its expectations reflected in these
'Forward-Looking Statements' are reasonable, such statements may
involve unknown risks, uncertainties and other factors disclosed in our
regulatory filings, viewed on the SEDAR website at www.sedar.com. For
us, uncertainties arise from the behaviour of
financial and metals
markets, predicting natural geological phenomena and from numerous
other matters of national, regional, and global scale, including those
of an environmental, climatic, natural, political, economic, business,
competitive, or regulatory nature. These uncertainties may cause our
actual future results to be materially different than those expressed
in our Forward-Looking Statements. Although Cornerstone believes the
facts and information contained in this news release to be as correct
and current as possible, Cornerstone does not warrant or make any
representation as to the accuracy, validity or completeness of any
facts or information contained herein and these statements should not
be relied upon as representing its views subsequent to the date of this
news release. 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 except where
outcomes have varied materially from the original statements.
On Behalf of the Board,
Brooke Macdonald
President
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.