Cornerstone Capital Resources Inc. (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced that it has offered to sell its 50% participating interest in the Little Deer Joint Venture copper property located near Springdale, Newfoundland to its joint venture partner in the project, Thundermin Resources Inc.
The purchase price is $550,000.00, consisting of $200,000.00 in cash on closing and $350,000.00 in common shares of Thundermin to be issued on closing, plus a 0.75% interest in net smelter returns on Cornerstone’s proportionate share of all products provided that Thundermin may, at its sole option, purchase, free from all encumbrances: (a) at any time, 0.5% of the NSR royalty for $500,000.00; and (b) at any time after the completion of the project’s feasibility study, 0.25% for the fair market value to be determined in accordance with said feasibility study. Should Thundermin fail to exercise its right to purchase Cornerstone’s 50% interest by September 15, 2013, then Cornerstone may sell that interest to a third party for the same financial consideration and the purchaser will be bound by the terms and conditions of the current Thundermin – Cornerstone Joint Venture Agreement.
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.
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We acknowledge the [financial] support of the Government of Canada.