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Cornerstone Announces Termination of Macara Project (Ecuador) Strategic Alliance Agreement

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Cornerstone Announces Termination of Macara Project (Ecuador) Strategic Alliance Agreement

 

 

 

 

 

Cornerstone Capital Resources Inc. (TSX-V:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (OTCBB:CTNXF) announces that it has received a letter from Newmont Ventures Limited, a subsidiary of Newmont Mining Corporation (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.

Posted September 21, 2015

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