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Re: News - Wednesday, August 17, 2011
11-27 - Environmental license granted for La Encrucijada project
in Ecuador
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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
environmental license for Cornerstone's La Encrucijada
gold-silver-copper project located in southern Ecuador (see news
releases of February 17, March 29 and June 28, 2011). The environmental
license is valid for the 4-year initial exploration phase of the
project which covers 8,085 hectares. A reconnaissance field program has
recently commenced, which includes geological mapping and prospecting
of the entire property, as well as a reassessment of previously defined
gold-silver anomalous areas. All project data will be integrated into
Cornerstone's regional database and a mineralization model defined.
Results of the initial reconnaissance work will be announced later this
fall.
"Previous results from La Encrucijada indicate that the property offers
excellent potential for hosting significant epithermal gold-silver and
porphyry copper-gold deposits" said Brooke Macdonald, Cornerstone's
President. "The current field program is the first step in advancing
the property to a drill-ready stage and a potential joint venture
partnership".
La Encrucijada project
The La Encrucijada project is located in Loja province in southern
Ecuador, approximately 70 km south of the city of Cuenca and midway
between Cornerstone's Shyri and Ca�a Brava properties. The property
lies within a northeast trending belt which hosts high-sulphidation
epithermal gold-silver systems and associated porphyry systems at
depth. It is underlain by flat-lying Tertiary intermediate to felsic
volcanic rocks which are locally intruded by diorite plugs. Extensive
areas of felsic hydrothermal breccias have been mapped in the central
part of the property, and porphyry-style potassic alteration underlies
silica-alunite advanced argillic alteration. Anomalous gold (>0.1 g/t
Au) and silver (>10 g/t Ag) is widespread throughout the area. Higher
grade gold (7 samples >1 g/t Au, up to 5.23 g/t Au) and silver (18
samples >30 g/t Ag, up to 1,110 g/t Ag) is commonly associated with
silica alteration and veins, as well as breccias and structures (faults
and mylonite zones). Very little work has been carried out on the
property. Channel sampling of rock outcrops by previous owners along
the Alumbre River, 2 km to the north, returned 110 m averaging 0.67 g/t
Au and 1.7 g/t Ag, including a higher grade 45 m-wide section averaging
0.95 g/t Au and 2.4 g/t Ag. A limited soil geochemistry survey (531
samples) has been carried out in the central part of the property.
Results define a northwest-striking gold and silver soil anomaly which
is more than 1 km in length, and is open to the southeast.
Three concessions (3,125 hectares) located in the central part of the
property are optioned from a 3rd party, with Cornerstone holding the
right to earn a 100% interest in return for cash payments of $60,000
per year beginning in year 4 and a final payment of $400,000 to
exercise the option. The option agreement had been in effect for 18
months when exploration work was suspended by the Mining Mandate.
Cornerstone owns a 100% interest in two additional concessions covering
49.6 km2 which surround and are contiguous with these optioned
concessions.
A map showing the location of the La Encrucijada project is provided
here:
(http://www.cornerstoneresources.com/i/maps/Properties_Ecuador_Overview.jpg).
Qualified Person
Yvan Crepeau, M.Ba., P.Geo., President of Cornerstone Ecuador S.A. and
a qualified person in accordance with National Instrument 43-101, is
responsible for supervising the exploration program at the La
Encrucijada project and has reviewed and approved the information
contained in this news release.
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 Ecuador, Chile, and Atlantic
Canada, 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.
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 a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0711_CRICorporate.pdf
The link to a virtual tour of drilling at the Gama prospect, Shyri
concession in Ecuador is:
http://www.youtube.com/watch?v=Ne8XSfgLwIM
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.
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Copyright (c) 2011 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 Wed Aug 17, 2011 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, € 818.3 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. |