Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc.

November 05, 2009 08:00 ET

Cornerstone Capital Resources Inc.: Ecuador Mining Regulations Signed Into Law

MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 5, 2009) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN) (PINK SHEETS:CTNXF) confirms that President Correa signed the Mining Regulations into law yesterday in a ceremony in Zaruma, El Oro province. This is the final regulatory hurdle to the re-initiation of exploration and mining development in the country. The Ministry of Non-Renewable Natural Resources (formerly Ministry of Mines and Petroleum) is expected to prioritize final approvals for the major development projects such as Fruta del Norte, Mirador and Quimsacocha, following which projects such as Cornerstone's should receive final approvals.

The company received formal notification on October 19th from the Ministry of Environment that its Preliminary Environmental Impact Assessments were approved for 13 of its 16 concessions. The remaining 3 are still under review. Acceptance of the related Environmental Management Plans, which is the final environmental approval issued by the Ministry of Environment, is expected shortly. Cornerstone is also in the process of acquiring a water usage permit from SENAGUA, the new water regulatory agency, which is required before drilling can proceed on the Shyri property. Cornerstone's water permit application is approximately half way through a process which typically takes 60 days.

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 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

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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