OTTAWA, ONTARIO--(Marketwired - Aug. 10, 2016) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) announces that following the Company's annual general meeting on August 9, 2016, the Board of Directors has appointed Colin McKenzie as Chairman, and two former directors, John Fleming and Don Worth, have moved to the Company's Advisory Board.
Welcoming the appointment, President & CEO Brooke Macdonald commented: "Having Colin, a respected and seasoned industry professional with experience in Latin America and Ecuador, as Chairman is an important step for the company for the next stage of its development. He brings the knowledge and skills necessary to ensure that we realize the potential of our current broad portfolio of projects and take full advantage of new opportunities. The Board of Directors would like to express its gratitude to former Chairman John Fleming and former director Don Worth for their significant contributions in guiding the Company through a challenging period of cost cutting and helping re-focus it on our projects in Ecuador and Chile, and we hope to continue to benefit from their experience as members of the Advisory Board."
Colin McKenzie has over 30 years' experience in major exploration projects and business development in Canada and internationally. Colin has been a director of Cornerstone since 2006 and served as President & CEO from 2008 to 2010. From 2004 to 2008, Colin was Vice President, Exploration for Skye Resources, engaged in the development of nickel laterite deposits in Guatemala. Before joining Skye, he was Director, Exploration for Inco, where he was in charge of exploration in Latin America as well as responsible for generating new business opportunities from Inco's portfolio of non-core exploration properties. From 1996 to 2000 he was Vice President, Exploration for Voisey's Bay Nickel, responsible for managing exploration and resource evaluation of the Voisey's Bay deposits. Prior to that he held increasingly senior exploration positions with Rio Algom and at BP Mining, where he was credited with the discovery of the Hope Brook gold deposit. Colin holds B.Sc., (Honours) and M.Sc., degrees in Geology from Dalhousie University.
The Board of Directors of the Company has approved the granting of 2.9 million incentive stock options to directors, officers, consultants and employees of the Company effective August 9, 2016. These options have been priced at $0.11 and have an expiry date of August 8, 2021. As per the Company's approved Stock Option Plan, these options vest in three equal tranches over an eighteen-month period from the date of issue.
Cornerstone Capital Resources Inc. is a well-funded mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, and a proven 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.
Further information is available on Cornerstone's website: www.cornerstoneresources.com and on Twitter.
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
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