Re: News - Thursday, June 04, 2009
09-12 - Cornerstone to resume work on Macar� project, Ecuador
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) reports that it has approved a
budget and work plan for the resumption of exploration work in the
Macar� region, southern Ecuador, with Newmont Ventures Limited, a
subsidiary of Newmont Mining Corporation (NEM-NYSE). A regional program
of geochemical and geological surveying is expected to commence this
month as soon as field crews can be mobilized to the area. The new
mining law permits reconnaissance exploration in the search for new
mineral deposits to proceed without additional environmental approvals.
The project still requires approval of environmental management plans
to carry out early stage exploration within the 75 km2 covered by the
three Macar� concessions.
An alliance was formed between Cornerstone and Newmont on March 4, 2008
(see News Release 08-08, March 4, 2008) to carry out gold exploration
in a large region of southern Ecuador adjacent to the Peruvian border.
Cornerstone contributed its properties and existing exploration
database to the alliance. Newmont provided funding for the initial
phase of exploration through a private placement in Cornerstone. Under
the terms of the strategic alliance and option agreement, Cornerstone
has two years in which to spend $1,000,000 within the alliance's 1830
km2 area of influence (AOI). Following completion of the initial
program (Phase 1) Newmont then has the option to earn a 51% interest in
any mineral properties covered by the AOI by spending $3,000,000 (Phase
2) over a four year period.
The Macar� region is underlain by Cretaceous intermediate volcanic
rocks and high level granitic intrusions. Similarly aged
volcanic-intrusive sequences extend southwards into Peru where they are
also the focus of gold and base metal exploration programs.
Cornerstone, acting as project manager for the alliance, has expended
about $650,000 on Phase 1 exploration surveys within the Macar� AOI to
date. Exploration consisted of regional stream sediment geochemical
(Bulk Leach Extractable Gold - BLEG) surveys, geological mapping,
prospecting and rock sampling. The BLEG survey highlighted several
areas with anomalous gold in stream sediments. Within the AOI
Cornerstone geologists have also collected 57 rock samples with gold
values between 1 and 5 g/t, and 39 samples with gold ranging from 5 to
100 g/t from a total of 1393 samples.
The technical information in this news release was reviewed by Terry
Brace, P.Geo, Vice President Exploration for Cornerstone and a
Qualified Person as per National Instrument 43-101.
The company's annual general meeting was held in St. John's May 27,
2009. The Board of Directors was elected at the meeting and the
Shareholders' Rights Plan re-affirmed. The size of the Board remains
at seven with recent addition of Brooke Macdonald to the Board and
following Ian Slater's decision not to stand for re-election at the
AGM. The Board also approved an aggregate of 750,000 Cornerstone share
purchase options for issuance to directors and senior management on
June 2. The exercise price is $0.10 and the options expire June 2,
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland & Labrador, Canada, with a
diversified portfolio of projects in Canada and Ecuador 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.
Certain statements contained in this press release may be considered as
forward-looking. Such forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ materially
from estimated or implied results. While Cornerstone anticipates that
subsequent events may cause its views to change, it expressly disclaims
any obligation to update the forward-looking statements contained
On Behalf of the Board,
Colin B. McKenzie
President & CEO
Further information is available on the Cornerstone Web site at
www.cornerstoneresources.com; via e-mail at email@example.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.
Copyright (c) 2009 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
Message sent on Thu Jun 4, 2009 at 5:00:00 AM Pacific Time