Re: News - Tuesday, September 30, 2008
08-27 - Ecuador approves new constitution,
clears way for new
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNFN) expects official confirmation of
the approval of President Correa's constitution project within one to
two weeks. Exit polls following the September 28 referendum showed
overwhelming support in favour of the new constitution. Adoption of
the new constitution will clear the path for enactment of Ecuador's new
mining law by a congressional body which is expected to be sworn in by
mid October. Various
drafts of the new law have been circulating in
the country for some weeks, but the official version, which requires
approval by President Correa, has yet to be made public. Similarly, a
new code of regulations to administer the act has yet to have public
Cornerstone anticipates the government will act quickly to establish
the new rules for exploration and mining. President Correa has been a
consistent advocate for responsible mining as an integral part of
Ecuador's economic development. The new legislative body, the
"congressillo" should be in place by mid October, and it appears that
the government wants to deal with the new mining law on a priority
basis. There is then a 60 day period in which to complete the new
regulations, a schedule which may permit resumption of field activities
early in 2009. Cornerstone will provide further updates as new
information becomes available.
Cornerstone has maintained key staff in Ecuador during the mining
moratorium and is well-positioned to re-activate exploration programs
on its high potential Shyri project with partner Coastport Capital and
the Macara project with its strategic partner, Newmont. Cornerstone
also has excellent precious metal prospects on its 100%-owned Monterrey
and Bella Maria properties.
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.
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 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.
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 firstname.lastname@example.org;
or toll free at 1-877-277-8377.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Copyright (c) 2008 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
Message sent on Tue Sep 30, 2008 at 5:00:00 AM Pacific Time