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Re: News - Tuesday, March 30, 2010
10-05 - Cornerstone announces Phase II of Macar� Strategic
Alliance in Ecuador
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces that it has received
notification from Newmont Ventures Limited ("Newmont") that it will
proceed to Phase II of the Macar� Strategic Alliance by funding
additional regional exploration surveys within a large area of the
southern Ecuador province of Loja. Under the terms of the Strategic
Alliance and Option Agreement, Newmont and Cornerstone completed Phase
I exploration expenditures of $1,000,000 in January, 2010. Following a
field visit and review of Phase I results Newmont has agreed, subject
to amendments to the original agreement, to fund Phase II exploration
with Cornerstone continuing as project manager.
In Phase II, Newmont has the ability to earn a 51% interest in all
properties within the Macar� Area of Interest ("AOI") by spending
$3,000,000. However, the parties have agreed that in consideration for
funding an initial exploration program in 2010 of $300,000, Newmont
will receive an overall reduction to their Phase II earn-in commitment
of $600,000 in recognition of the current lack of final approvals to
re-initiate work on the Bellavista concession and the as yet uncertain
procedure for acquiring new concessions within the AOI. Newmont and
Cornerstone have also agreed to expand the AOI by a further 630 sq.km.
to approximately 2500 sq. km. in order to encompass new precious metal
targets identified in the recently completed reconnaissance program.
Colin McKenzie, Cornerstone's President & CEO, stated, "Newmont has
confirmed their interest in the highly prospective Macar� region and
Ecuador with their commitment to proceed to Phase II. We are extremely
pleased with their continued participation and our on-going role as
project manager for the alliance."
A work plan and budget for the next program is currently under review
and field activities are expected to begin next month with the
cessation of seasonal rains. The program will provide first pass
coverage of areas within the AOI which have not previously been
assessed and more detailed examination of precious and base metal
target areas highlighted by the 2009 field work. Concurrently,
Cornerstone continues to work with the Ecuadorian government to attain
the final permits for more focused exploration programs at Macar� and
Cornerstone's other Ecuadorian properties.
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 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.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com or for investor, corporate or media
inquiries, please contact:
Martti Kangas,
Investor Relations
North America toll-free: 1 (877) 277-8377
Direct Line: 1 (647) 521-9261
Email: communications@crigold.com
Cautionary Notice:
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
herein except where outcomes have varied materially from the original
statements.
On Behalf of the Board,
Colin B. McKenzie
President & CEO
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.
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Copyright (c) 2010 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
mailto:info@cornerstoneresources.com
Message sent on Tue Mar 30, 2010 at 5:15:00 AM Pacific Time
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Cornerstone Capital Resources Inc
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DEVELOPMENT STAGE |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cornerstone is a exploration company based in Canada. Cornerstone develops uranium in Canada, and holds various exploration projects in Canada, in Chile and in Ecuador. Its main asset in development is AILLIK in Canada and its main exploration properties are CHALEUR, ANAKTALIK, AUCOIN, LABRADOR TROUGH, VOISEY'S BAY PROPERTY, DEER LAKE PROJECT, DORCHESTER, GOSHEN, EL STRATO, LONG LAKE, NOTAKWANON LAKE, TRUE GRIT, CAPE RAY, COLCHESTER, CODROY PROJECT, LONG HARBOUR, OKAK, GARLAND, KAUK, KONRAD, NOEL PAUL'S BROOK, BOBBY'S POND, LITTLE DEER, CONEY ARM and INDIAN ARM in Canada, MACARA, BELLA MARIA, MONTERREY and SIERRAMIN in Ecuador and LA FORTUNA CHILE in Chile. Cornerstone is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.2 billions as of today (US$ 934.1 millions, € 880.3 millions). Its stock quote reached its lowest recent point on March 04, 2016 at CA$ 0.02, and its highest recent level on September 18, 2020 at CA$ 6.53. Cornerstone has 299 560 000 shares outstanding. |