2742 St. Joseph Blvd., Unit 200
Canada, K1C 1G5
| ||November 14, 2012|
12-24 - Cornerstone Recovers Rights to Caña Brava Gold-Silver Property, Ecuador
| ||Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced that it has received formal notification from the Ecuadorian Ministry of Non-Renewable Natural Resources (MNRNR) that its mineral rights to the Caña Brava concession have been restored, following the successful appeal by Cornerstone of a November 25, 2008 administrative ruling that sought to terminate Cornerstone's rights to the concession. In November 2008, Caña Brava was revoked as a result of having been mistakenly placed on a list of concessions whose owners allegedly had not filed their preliminary environmental impact statements (EIS) at the time the 2008 Mining Mandate (moratorium) was declared. Cornerstone appealed the revocation, and during the appeal process its preliminary EIS was approved by the Ministry of Environment in 2009. As a result of the current MNRNR ruling, Cornerstone will now be able to begin the process of obtaining and registering a new 25 year mining title under the 2009 Mining Law, securing the required terms of reference for an environmental license, and recommencing exploration activities at Caña Brava. |
Caña Brava Property
The Caña Brava property was optioned from a local prospector in 2007. It is located in south-central Ecuador in Loja province and covers an area of 11.5 km2. Caña Brava hosts two large epithermal high sulphidation (HS) gold-silver systems (2.5 by 2.0 km and 1.75 by 1.0 km) sitting above a possible gold-copper porphyry system at depth. Prospecting work carried out by Cornerstone prior to the 2008 Mining Mandate confirmed the potential of the property to host significant epithermal HS style of mineralization. An update of the exploration programs and results to date on the Caña Brava and Cornerstone's 100%-owned adjacent Monterrey property will be released shortly.
Maps showing the location of the Caña Brava Property can be viewed at http://cornerstoneresources.com/i/pdf/NR12-24LocMap.pdf.
Yvan Crepeau, M.Ba., P.Geo, President of Cornerstone Ecuador S.A. and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program and has reviewed and approved the technical information contained in this news release.
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, Ecuador and Chile, 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. Commitments from JV partners constitute significant validation of the strength of Cornerstone's projects.
Further information is available on Cornerstone's website: www.cornerstoneresources.com or for investor, corporate or media inquiries, please contact:
North America toll-free: 1 (877) 277-8377
The link to a recent Corporate presentation is: http://www.cornerstoneresources.com/i/pdf/Presentations_0912_CRICorporate.pdf
Investors can also access Cornerstone on Twitter
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, predicting natural geological phenomena 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 except where outcomes have varied materially from the original statements.
On Behalf of the Board,
President and CEO
Further information is available on the Cornerstone Web site at www.cornerstoneresources.com; via e-mail at email@example.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.
You can view the Next News item: Fri Dec 14, 2012, 12-25 - Cornerstone Announces Intrepid Termination of Option Agreement for Shyri Property, Ecuador
You can view the Previous News item: Thu Nov 8, 2012, 12-23 - Cornerstone Announces Completion of Airborne Geophysical Survey and Provides Update on the Cascabel Gold-Copper Porphyry Project, Ecuador
You can return to the main News page, or press the Back button on your browser.