Re: Press Releases - Monday, April 21, 2008
08-11 - Cornerstone Evaluates Impact of Mining Mandate in Ecuador
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is reviewing the mining mandate
adopted Friday by the Constitutional Assembly in Ecuador to determine
the mandate's impacts on the company's projects in the country.
Cornerstone operates in Ecuador through two wholly owned subsidiaries:
La Plata Minerales, S.A., which holds mineral rights covering the La
Plata volcanogenic massive sulphide prospect, and Cornerstone Ecuador,
S.A. ("CESA"), which holds Cornerstone's other concessions in the
Cornerstone understands that the mining mandate orders the expiration
of concessions that meet certain criteria, limits the number of
concessions that may be held by individual persons and companies, and
orders the suspension of all exploration and mineral development work
until a new legal framework for mining is approved. The mandate orders
further that the new legal framework is to be put in place within 180
days from the mandate's publication. The precise effects of these
measures on Cornerstone's projects have yet to be determined.
The suspension of activities means that Cornerstone will,
unfortunately, have to downsize its staff and undertake other measures
to minimize expenditures in Ecuador until such time as the status of
its concessions is clarified and the proposed new mining law is enacted
and put into effect. In the meantime, Cornerstone will be working with
its joint venture partners to ensure, as far as possible, that key
properties are preserved and that the integrity of projects is
We at Cornerstone, with other exploration and mining companies in
Ecuador, are registering our concerns with the Government of Ecuador
about the potential effects of the mining mandate.
Cornerstone Capital Resources Inc. is a mineral exploration company
with 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 operates exploration programs in Atlantic Canada and
In Canada, Cornerstone is in discussion with potential joint venture
partners on several projects. From its base in Ecuador, the company
is evaluating exploration opportunities in other Latin American
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 common shares of the Company are currently listed on the TSXV in
Canada (symbol CGP), the OTC in the USA (symbol CTNXF) and the
Frankfurt Stock Exchange (symbol GWN)
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 Mon Apr 21, 2008 at 4:45:00 AM Pacific Time