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Re: News - Tuesday, May 26, 2009
09-11 - Cornerstone update on recommencement of work in Ecuador
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces that on Friday, May
22, the Ecuador Ministry of Mines and Petroleum (MMP) and Ministry of
the Environment (MAE) issued an "Instructivo" that provides a general
framework for the recommencement of exploration and mining activities
by concession holders. The Instructivo requires companies to have an
approved environmental impact assessment (EIA) or preliminary
assessment (EPIA) with an environmental management plan (EMP). For
previously approved environmental studies or EIA's/EPIA's that were
submitted but not approved, it is understood that the MAE will review
and re-certify the environmental management plan or recommend
amendments that will update the EMP. A final notification of approval
will then be issued by the MMP. Cornerstone does not anticipate a
lengthy process to receive the recommencement notification since EIA's
or EPIA's were either approved or submitted for approval on most of its
concessions prior to the Mining Mandate in April, 2008.
Cornerstone renewed all of its strategic properties before the end of
March, 2009 as required by the new mining law. Seven non-strategic
parcels were relinquished at the time. Cornerstone currently holds
100% interest in 16 concessions totaling 42,341 ha distributed in the
following project areas
(http://www.cornerstoneresources.com/s/Ecuador.asp?ReportID=136195):
Shyri 10 concessions 30,283 ha
Macar� (Newmont alliance) 3 concessions 7,532 ha
Ca�a Brava 2 concessions 3,125 ha
Bella Maria 1 concession 1,401 ha
Cornerstone President & CEO, Colin McKenzie, commented, "we are very
pleased to have the administrative framework in place to facilitate the
resumption of exploration work on our portfolio of high potential gold
properties. Ecuador has a world class mineral endowment and we look
forward to working with the government and contributing to the
development of responsible mining in Ecuador."
Shyri Update
The large and highly prospective Shyri property is located in the
altiplano of Azuay province, about 25 km west of Cuenca. The property
encompasses three excellent gold prospects, Gama, Vetas Grandes, and
Ca�aribamba. It is strategically located between the 3.4 million ounce
Quimsacocha gold deposit to the east and the Rio Blanco gold deposit to
the northwest. The last exploration work carried out on the property,
including soil and rock geochemical surveys, alteration studies and
magnetic and IP geophysical surveys, was completed in 2007. Work was
halted in the second half of that year to allow for completion of
environmental studies and community consultations. Although
environmental studies for the initial drill program were completed and
awaiting final approval in early 2008, further work was suspended by
the declaration of the Mining Mandate in April, 2008.
The Gama prospect comprises an extensive, high sulphidation alteration
system related to two high level, porphyry-type intrusions. The
prospect shows strongly zoned alteration centred on the intrusions and
localized at the 3600 m elevation, the same elevation as the nearby
Quimsacocha deposit. Anomalous gold values in rocks and soils
associated with a suite of metals typically found with the high
sulphidation deposits in porphyry environments occur over at least 3
km's north-south. The IP survey also highlighted zones of high
resistivity along the north-south trend, potentially indicative of the
silicic alteration which typically hosts significant gold
mineralization in these systems as is the case at Quimsacocha.
Cornerstone discovered the Vetas Grandes mineralization in 2005, 20 km
south of Gama. The prospect comprises multiple, ENE trending
epithermal quartz veins within a zone at least 2 km long and 1.5 km
wide. The geology is similar to the nearby Rio Blanco deposit which
hosts 0.8 million ounces of gold. Veins are exposed over a vertical
relief of 300 m and show a range of gold values and geochemical
signatures. Bonanza grade material appears to be localized at vein
intersections and where veins outcrop around the 3220 m elevation. At
this level there is evidence of boiling accompanied by the highest gold
values in surface samples.
The Ca�aribamba prospect represents an intermediate sulphidation,
disseminated and vein-type gold system situated in a diatreme complex.
Geologically it appears to be analogous to large, diatreme-hosted gold
deposits in Rosia Montana, Romania and Kelian, Indonesia. The area has
a history of artisanal mining of high grade veins over at least 300 m
of elevation and in the 1970's four short drill holes were completed on
one of the four recognized vein systems. Work by Cornerstone expanded
known mineralization another 500 m east with the discovery of the
Guabisay structure where a 4.5 m channel sample within a
fault-controlled breccia zone carried 32.2 g Au/t. Cornerstone also
completed extensive geological, geochemical and geophysical (IP)
surveys in this area and outlined several high priority targets
unrelated to the known mineralized zones.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland & 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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Copyright (c) 2009 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
mailto:info@cornerstoneresources.com
Message sent on Tue May 26, 2009 at 5:15:00 AM Pacific Time
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Cornerstone est une société d’exploration minière basée au Canada. Cornerstone est en développement de projets d'uranium au Canada, et détient divers projets d'exploration au Canada, au Chili et en Equateur. Son principal projet en développement est AILLIK au Canada et ses principaux projets en exploration sont CHALEUR, ANAKTALIK, AUCOIN, LABRADOR TROUGH, VOISEY'S BAY PROPERTY, DEER LAKE PROJECT, DORCHESTER, GOSHEN, EL STRATO, LONG LAKE, NOTAKWANON LAKE, TRUE GRIT, CAPE RAY, COLCHESTER, CODROY PROJECT, LONG HARBOUR, OKAK, GARLAND, KAUK, KONRAD, NOEL PAUL'S BROOK, BOBBY'S POND, LITTLE DEER, CONEY ARM et INDIAN ARM au Canada, MACARA, BELLA MARIA, MONTERREY et SIERRAMIN en Equateur et LA FORTUNA CHILE au Chili. Cornerstone est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 185,0 millions (147,9 millions US$, 139,4 millions €). La valeur de son action a atteint son plus bas niveau récent le 04 mars 2016 à 0,02 , et son plus haut niveau récent le 18 septembre 2020 à 6,53 . Cornerstone possède 47 442 200 actions en circulation. |