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Re: News - Monday, July 23, 2012
12-15 - Cornerstone and SolGold Plc sign definitive option
agreement and announce $2.8 million first year exploration
program for the Cascabel gold-copper-silver property, Ecuador
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and SolGold Plc
(formerly Solomon Gold Plc) ("SolGold") (AIM code: SOLG) announce that
they have signed a definitive option agreement finalizing the terms of
an option/joint venture arrangement for Cornerstone's 100% owned 5,000
hectare Cascabel gold-copper-silver property in northern Ecuador and
replacing their letter of intent announced on April 10, 2012.
About Cascabel
The Cascabel property is located approximately 120 km north of Quito
and 20 km south of the Colombian border. Access is very good via a
paved road from the provincial capital city of Ibarra to San Lorenzo
city, on the Pacific coast, and secondary gravel roads to the central
part of the property. An environmental license for the initial
exploration phase was granted by the Ministry of Environment on July
12, 2011. Exploration work including geology, geochemistry, geophysics
and hand-dug trenching and pitting, is allowed for a 4-year period
under this environmental license.
Terms of the agreement, a description of the property and preliminary
exploration results were described in News Release 12-06, dated April
10, 2012. Maps showing the geology and exploration results to that date
may be viewed at www.cornerstoneresources.com.
Exploration program
Cornerstone and SolGold have agreed to an aggressive first year
exploration program totaling US$2.8M (covering the period May 2012
through April 2013), the first $800,000 of which is committed. This
staged program includes 1:25,000 scale reconnaissance geological
mapping, prospecting, stream sediment and rock sampling, and an
airborne magnetic and radiometric survey which will cover the entire
property. Detailed exploration will follow over the most prospective
areas. Identified targets will be prioritized for drill testing in late
2012, pending receipt of requisite permits. An Environmental Impact
Study required for advanced stage exploration (drilling) will be
carried out later this year and a community relations program is
currently being implemented.
Prospecting work began in May. A summary of exploration results will be
announced as soon as the program is completed and all data received and
compiled.
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. 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
The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0412_CRICorporate.pdf
Investors can also access Cornerstone on Twitter
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 and 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) 2012 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 Jul 24, 2012 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. |