Cornerstone earns a 100% interest in Sierramin projects in Ecuador
Mount Pearl, NL, Canada - January 28, 2008: Cornerstone Capital Resources Inc. (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces that Cornerstone Ecuador S.A. (CESA), its wholly owned Ecuador subsidiary, has earned a 100% interest in mineral concessions in southeastern Ecuador acquired from Sierra Minera (Sierramin) S.A., a private Ecuadorian mining and mineral exploration company. The concessions involved include the Shyri group of concessions on which the GAMA and other projects are located.
The Sierramin agreement, announced February 25, 2005, gave Cornerstone the right to acquire an undivided 100% interest in the properties by incurring exploration expenditures of US$1.15 million, making cash payments of US$200,000, and issuing Cornerstone Capital Resources shares to the value of US$200,000 over four years. Having met the expenditure requirements, Cornerstone accelerated the cash payments and share issuances and earned in as of December 31, 2007.
The Sierramin agreement also gave Cornerstone access to a detailed regional geochemical database comprised of over 5000 heavy mineral, BLEG, sand, silt and rock samples collected over approximately 5,500 km2 of southern Ecuador. The database had been generated in the mid to late 1990's at a cost of approximately US$1.6 million but had seen little follow-up.
Based on an evaluation of the database and an extensive exploration program conducted in 2005 and 2006 Cornerstone acquired additional concessions under the terms of the Sierramin agreement and now holds a total of 29 granted concessions totaling 734 km2 in area in southeastern Ecuador.
All the granted concessions referenced above are in good standing and are not affected by the order of the Government of Ecuador announced last week that revoked certain concessions for failure to pay annual patent fees.
In addition to the concessions acquired under the Sierramin agreement, CESA has submitted applications for 27 concessions covering areas in which it has carried out preliminary exploration work, conducted environmental impact assessments and community relations programs as required by Ecuadorian law. Cornerstone is awaiting Government decisions on these applications.
A concession that forms part of the La Plata VMS project in central Ecuador, but does not contain the core resource or area of highest exploration potential, may be affected by the Government of Ecuador's revocation order. Cornerstone has the right to earn a 70% interest in the La Plata project from Sultana del Condor Minera S.A. (Sultana). Cornerstone is seeking clarification on the status of the La Plata concession from Sultana.
About Cornerstone
Cornerstone's business model is based on maximizing the potential for exploration success with multiple high quality exploration projects that are financed primarily through joint venture partnerships and that have the potential to yield outstanding returns to the company and its shareholders. Current and past joint venture partners include Agnico Eagle, Celtic, Cash Minerals, Candente, Coastport, Cogitore, Falconbridge, Inmet, Kermode, Mountain Lake, Moydow, Newmont, Noranda, Phelps Dodge, and Thundermin.
On Behalf of the Board,
Glen H. McKay
President & CEO
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.
RENMARK FINANCIAL COMMUNICATIONS INC.
TINA CAMERON : TCAMERON@RENMARKFINANCIAL.COM
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TEL. : (514) 939-3989
FAX : (514) 939-3717
WWW.RENMARKFINANCIAL.COM
 
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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. |