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Re: News - Thursday, July 03, 2014
14-17 - Cornerstone reduces Miocene (Chile) Property Work
Commitments
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone" or "the Company") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF)
announces that it has further amended the Miocene (Chile) Property
Agreement (see news releases dated February 22, 2011 and May 8, 2014),
to reduce the $5 million in required exploration expenditures to $2.5
million. The Miocene Project can be viewed on the Cornerstone web site
at http://www.cornerstoneresources.com/s/Chile.asp?ReportID=450381
Under the amended Agreement dated June 27, 2014, Cornerstone now has
the right to acquire an undivided 100% interest in any concessions
acquired using a proprietary database within the Miocene Project area
in return for the following consideration (all references to $ are to
Canadian $):
On or before Cash Securities Exploration or Other Work Commitments
April 28, 2012 (Paid) $20,000 Common Shares valued at $20,000 Nil
April 28, 2013 Nil (deferred) Nil (deferred) Nil
April 28, 2014 (Paid) $20,000 Common Shares valued at $20,000 Nil
April 28, 2015 $30,000 Common Shares valued at $30,000 $250,000
April 28, 2016 $60,000 Common Shares valued at $60,000 $250,000
April 28, 2017 $120,000 Common Shares valued at $120,000 $500,000
April 28, 2018 Nil Nil $750,000
April 28, 2019 Nil Nil $750,000
The acquisition is subject to a 2.0% Net Smelter Royalty ("NSR"),
one-half (1.0%) of which can be purchased by Cornerstone at any time
for $1,000,000.
So far, mineral concession applications covering a total of 14,111
hectares (141.1 km2) have been filed which encompass highly prospective
ground within the Miocene Project area. Cornerstone has already
incurred almost $700,000 in qualified exploration expenditures on the
Miocene Project and after the work planned for later this year is
completed (see below) will have spent over $1 million, satisfying the
exploration work commitment through April 28, 2017. The Company is
continuing to seek a partner to help advance exploration on this
exciting early-stage project.
The Miocene Project
The Miocene Project, held by Cornerstone's Chilean subsidiary Minera
Cornerstone Chile Limitada (MCCL), is located in the Regions of Atacama
and Antofagasta of northern Chile, and is targeting epithermal
gold-silver and porphyry gold-copper deposits along the interpreted
northern extension of the Maricunga magmatic belt which hosts several
world-class gold deposits.
A regional exploration program was completed on the Miocene Project
during the first half of 2012. Alteration mapping using Aster (Advanced
Spaceborne Thermal Emission and Reflection Radiometer) satellite
imagery, combined with historical airborne magnetic survey data and
regional geological and structural data, was used to define prospective
areas for ground follow up. Reconnaissance geological mapping at a
scale of 1:25,000, rock sampling and widely spaced soil sampling (2,000
m by 500 m and 1,000 m by 250 m) were carried out over a large area of
70,000 hectares (70 km2) covering exposed and altered bedrock and
adjacent soil and gravel-covered pampas. Soil samples were analyzed
utilizing a combination of analytical techniques designed to detect
deep and/or buried mineralization. Geological mapping and spectrometry
work better defined the alteration zones (type, size and distribution)
that were identified by the Aster satellite imagery. Geochemical
anomalies were defined for base metals, precious metals and pathfinder
elements associated with porphyry gold-copper and epithermal
gold-silver styles of mineralization.
Some of the Miocene concessions lie adjacent to Mirasol Resources
Ltd.'s newly discovered epithermal high sulphidation Titan and Atlas
prospects, where significant gold and silver assay results have been
outlined by trenching and reverse circulation drilling. Cornerstone
holds a strong land position in this part of the Miocene Belt including
approximately 14,000 hectares in the same district. The Company is
encouraged by early results from Mirasol's Titan and Atlas projects,
which serve to support the conceptual model utilized in acquiring the
Miocene concessions.
The Company will re-commence exploration in November 2014 at Miocene
(during the Austral summer). Work planned includes detailed satellite
imagery, a 4-5 months field program to complete prospecting work,
systematic rock and soil sampling over prospective geology/alteration
followed by trenching and ground geophysical surveys where appropriate,
to define drill targets.
Qualified Person:
Yvan Crepeau, MBA, P.Geo., Cornerstone's Vice President, Exploration
and a qualified person in accordance with National Instrument 43-101,
is responsible for supervising the exploration program at the Miocene
Project and has reviewed and approved the information contained in this
news release.
About Cornerstone:
Cornerstone Capital Resources Inc. is a well-funded 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 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 and on Twitter. For investor, corporate or
media inquiries, please contact:
Investor Relations:
Email: ir@cornerstoneresources.ca
North America toll-free: 1 (877) 277-8377
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 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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EN DÉVELOPPEMENT |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
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. |