Cornerstone Recovers Rights to Caña Brava Gold-Silver Property, Ecuador
November 14 2012 - 8:00AM
Marketwired
Cornerstone Capital Resources Inc. ("Cornerstone") (TSX
VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (OTCBB: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 Cana 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 In November 2008, Cana Brava was revoked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 Cana Brava.
Cana Brava Property
The Cana 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. Cana 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 Cana Brava and
Cornerstone's 100%-owned adjacent Monterrey property will be
released shortly.
Maps showing the location of the Cana Brava Property can be
viewed at
http://cornerstoneresources.com/i/pdf/NR12-24LocMap.pdf.
Qualified Person
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.
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, 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:
Investor Relations:
Email: ir@cornerstoneresources.ca
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
Cautionary Notice
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,
Brooke Macdonald, President and 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.
Contacts: Cornerstone Capital Resources Inc. Toll Free:
1-877-277-8377communications@crigold.com
www.cornerstoneresources.com