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Re: News - Thursday, March 18, 2010
10-04 - Cornerstone updates its exploration approval process in
Ecuador
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) through its Ecuador subsidiary,
Cornerstone Ecuador, S.A. ("CESA"), continues to advance through the
permitting process required under the new Mining and Environment Laws
to re-initiate exploration activities. Last fall CESA received
approval of its Preliminary Environmental Impact Studies ("EPIA's") for
all its concessions as well as approval of the more comprehensive
Environmental Impact Study ("EIA") for the Gama project within the
Shyri property (see NR10-01 for further information on Shyri), which is
required for the planned
Diamond drilling program. This month CESA
also received the pre-approval for a key water usage permit related to
the Gama project from SENAGUA, the new water control agency. The final
issue of this permit, which is required before surface waters can be
used in the planned drill program, should now be in a few days.
CESA continues to await approval of the Environmental Management Plans
(EMP's) for each concession as the last step in the environmental
permitting process. CESA submitted its EMP's to responsible
authorities for both environment and mining in August, 2009 and from
communications with the agencies understands that there is no further
technical information needed to fulfill the EMP requirements. Once
these are approved, the company is then obligated to participate in
community meetings with the government to publicize its projects before
re-initiating work.
Colin McKenzie, President & CEO, notes, "We believe we have met all
criteria for the permits needed to re-start our exploration work.
Unfortunately, as the government agencies adapt to the new laws and
regulations administering these permits, the process has been slow and
they have been unable to provide a completion schedule for the
applications. We are in the queue and expect to receive our final
go-ahead as the government works through its evaluation and review of
the sector's project proposals."
Also this month a delegation from Ecuador's government participated in
annual PDAC Convention including Vice Minister C. Bernal and head of
the new national mining company (ENAMI-EP), Sr. J. Cisneros. In an
address during Ecuador "day" the Vice Minister re-iterated the
government's desire for responsible mining and the need for companies
to respect the new regulatory system and its commitment to social
well-being and environmental protection that could be impacted by
mining activities. She also noted that the government is working on a
strategic development plan for the country and mining would be
considered in the context of overall land use and development goals.
Sr. Cisneros spoke about the terms of reference of the new state mining
company and noted that it was amenable to associations and partnerships
with private companies.
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 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.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com or for investor, corporate or media
inquiries, please contact:
Martti Kangas,
Investor Relations
North America toll-free: 1 (877) 277-8377
Direct Line: 1 (647) 521-9261
Email: communications@crigold.com
Cautionary Notice:
Certain statements contained in this press release may be considered as
forward-looking. Such forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ materially
from estimated or implied results. 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,
Colin B. McKenzie
President & 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) 2010 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 Thu Mar 18, 2010 at 5:05:00 AM Pacific Time
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