MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Oct. 15, 2013) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP) (OTCBB:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) announces that, further to its news release of September 17, 2013, it has completed the sale of its 50 per cent interest in the Little Deer underground copper project located in Newfoundland to Rambler Metals and Mining Canada Limited, a 100% owned subsidiary of Rambler Metals and Mining PLC (AIM:RMM) (TSX VENTURE:RAB) ('Rambler'). The purchase price paid for Cornerstone's 50 per cent interest was CAD$550,000, consisting of CAD$200,000 in cash and CAD$350,000 in common shares of Rambler to be issued within 90 days of closing and after release of Rambler's year-end result on 29 October 2013. In addition, the purchase price consists of a 0.75 per cent net smelter return (NSR) on Rambler's proportionate share of all products derived from the Little Deer Project subject to a buyback of 0.5 per cent of the NSR for CAD$500,000 at anytime; and the remaining 0.25 per cent of the NSR for fair market value as determined by the economics of the Little Deer Project's feasibility study, at any time, following the completion of the feasibility study.
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 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.
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 email@example.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.