2742 St. Joseph Blvd., Unit 200
Canada, K1C 1G5
| ||December 31, 2015|
15-27 - Cornerstone Appoints new CFO
| ||Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces that its Board of Directors has appointed Sabino Di Paola, CPA, CA, as its new Chief Financial Officer. Mr. Di Paola currently serves as the CFO of Everton Resources Inc., Melkior Resources Inc., and Majescor Resources Inc., publicly listed junior exploration companies with projects in Canada and abroad. He has close to ten years' experience in audit, finance and accounting while working as an auditor for PricewaterhouseCoopers and BDO Canada, has been involved with numerous financing and spin out transactions, and will be responsible for all aspects of financial reporting and corporate governance for Cornerstone.|
The Board wishes to express their sincere appreciation to Mr. David Loveys, who diligently served as the Company's CFO and Corporate Secretary until the recent closure of the Company's office in Mount Pearl, Newfoundland due to the need to reduce the Company's general & administrative expenses by outsourcing the accounting, financial reporting and public company compliance functions. In addition to the cost reductions in Newfoundland, the Company has outsourced its accounting function in Quito, Ecuador and temporarily reduced its Ecuador based staff until it is able to raise additional financing.
Data from the Company's Bella Maria, Vetas Grandes and Caña Brava drill-ready projects is currently being evaluated by potential partners. Field visits are scheduled for the the first quarter of 2016.
The Company continues to make progress in finalizing its strategic exploration alliance with Ecuador's state mining company ENAMI EP. A letter of intent was announced April 14, 2015, and we hope to have more to announce shortly. Cornerstone continues to entertain interest from prospective JV partners concerning prospects that may be generated from this alliance.
Drilling continues at the Cascabel copper gold project in northern Ecuador, where five high-priority porphyry centres are now recognized within the Cascabel project, and a total of ten porphyry targets identified to date in the Cascabel cluster. Significant copper-gold surface exploration results from rock have been obtained at the Aguiñaga and Trivino targets during the last few months.
SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A. ("ENSA"), an Ecuadorean company that holds 100% of the Cascabel concession in northern Ecuador. Cornerstone owns the remaining 15% of ENSA, which also holds the rights to the La Encrucijada gold-silver project. SolGold is funding 100% of the exploration at Cascabel and is the operator of the project. Cornerstone's 15% interest is financed through completion of a feasibility study. Cascabel is located in north-western Ecuador in an under-explored northern section of the richly endowed Andean Copper Belt, 60 km northeast of the undeveloped inferred resource of 982 million tons at 0.89% Cu Junin copper project (0.4% Cu cut-off grade; Micon International Co. Ltd. Technical Report for Ascendant Exploration SA, August 20, 2004, pages 28 & 29). Mineralization identified at the Junin copper project is not necessarily indicative of the mineralization on the Cascabel Property.
Solgold has reported it is planning a resource statement at Alpala, the most advanced target at Cascabel, by mid 2016, in addition to drill testing the other key targets at Aguiñaga, Tandayama America and Chinambicito on the Cascabel concession. By the end of 2016 SolGold is planning further metallurgical testing, and completion of early stage mine and plant design and a scoping study for an economic development at Cascabel. Solgold is investigating both high tonnage / low grade open cut and high grade low tonnage underground development as a block caving operation.
Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in 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 partnerships. Commitments from partners constitute significant validation of the strength of Cornerstone's projects.
Further information is available on Cornerstone's website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
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 firstname.lastname@example.org
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: Tue Feb 2, 2016, 16-01 - Cascabel Exploration Update -- Holes 13-16 Hole 13 returns 480m @ 0.46 % Cu and 0.22 g/t Au
You can view the Previous News item: Thu Dec 10, 2015, 15-26 - Cornerstone announces partial assays from Hole 13 at Alpala NW target at Cascabel project, Ecuador - Known Strike Length of Cu and Au Mineralization extended to >600m along Greater Alpala Trend
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