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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is pleased to announce that at a meeting held yesterday in Toronto, the Government of Ecuador confirmed that the Regulations to the Mining Law will be approved by November 4, 2009 and exploration work will then be allowed to resume.
This announcement was made by the Ecuadorian Vice-Minister of Strategic Sectors, Mr. Luis Roman and the Vice Minister of Non-Renewable Natural Resources (ex Ministry of Mines and Petroleum), Mrs. Carolina Bernal. Both Government representatives are part of an Ecuadorian delegation that met with their Canadian peers in Ottawa the previous day.
Cornerstone expects to receive approval of its environmental studies and updated environmental management plans shortly from the Ministry of Environment. These environmental studies are related to the four projects controlled and managed by its wholly-owned subsidiary, Cornerstone Ecuador S.A.; Shyri, Macara, Bella Maria and Monterrey.
Colin McKenzie, Cornerstone's President & CEO, stated "this important development paves the way for Cornerstone to resume work on its highly prospective properties and more importantly, will be the means to attract joint venture partners to assist us in advancing these projects."
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.
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.
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 communications@crigold.com; or toll free at 1-877-277-8377.
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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