Cornerstone Announces Termination of Macara Project (Ecuador) Strategic Alliance Agreement
MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwired - Sept. 18, 2015) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) announces that it has received a letter from Newmont Ventures Limited, a subsidiary of Newmont Mining Corp. ("Newmont") (NYSE:NEM), terminating the Strategic Alliance and Venture Agreement between them dated February 11, 2008 concerning the Macara project in southern Ecuador.
Due to the inability of the Company to acquire additional prospects in the area of interest of the Macara Strategic Alliance because the Ecuadorean government is not yet accepting applications for mineral rights there, earlier this year Newmont and Cornerstone decided to relinquish the Bella Vista property, which was the only surviving property in the Strategic Alliance since the 2008 Mining Mandate (moratorium).
Cornerstone completed $1,000,000 of reconnaissance exploration within the 2500 km2 area of influence from 2007 to 2009. Regional prospecting and sampling (more than 3000 samples) defined 16 prospective gold-copper targets to be followed up once mineral properties are made available by the Ministry of Mining.
Other News (Miocene Project, Chile)
On May 19, 2015, the Company reported that during 2014 it sought a judicial declaration of its better right to disputed mineral rights over 300 hectares of highly prospective ground strategically located adjacent to its Miocene project in Chile along a well defined epithermal mineralization trend, that it had obtained a decision confirming its rights, but that the trial judge's decision had been appealed by an interested third party. The Company has lost the appeal, and abandoned its claim to the mineral rights over the 300 hectares that were in dispute. The Company still retains priority rights over approximately 10,200 hectares of highly prospective ground at the Miocene Project.
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 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.
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
Further information is available on the Cornerstone Web site at www.cornerstoneresources.com; via e-mail at ir@cornerstoneresources.ca; 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.
Contact
For investor, corporate or media inquiries, please contact:
Investor Relations
North America toll-free: 1 (877) 277-8377
ir@cornerstoneresources.ca
www.cornerstoneresources.com