MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwired - Aug. 22, 2013) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(OTCBB:CTNXF)(FRANKFURT:GWN)(BERLIN:GWN) today announced that it has received approval of the Environmental Impact Assessment (EIA) for the Cascabel copper-gold property from the Ecuadorian Ministry of Environment (ME), paving the way for drilling to commence as soon as the formal environmental license is issued. The ME usually issues a formal environmental license two weeks following EIA approval, so the Company's best estimate currently is that drilling will commence in early September. SolGold Plc holds a 30% interest and can earn up to 85% of Exploraciones Novomining S.A. (ENSA), the local subsidiary of Cornerstone which holds the Cascabel concession. Please see http://www.cornerstoneresources.com/i/pdf/NR13-15Figures.pdf.
Brooke Macdonald, Cornerstone CEO, said: "We are anxious to drill the Alpala prospect in the centre of this 5,000 hectare concession, to follow up on the excellent and widespread copper and gold stockwork mineralization outcropping at surface and shown in multiple channel samples, including Trench TR46, which encountered 45.64m @ 0.59% copper and 0.81 g/t gold at surface, and Trench TR56, which encountered 56.93m @ 0.34% copper and 1.16 g/t gold at surface. Alpala is only one of several large anomalies at Cascabel, which has the potential to host a major porphyry deposit."
Water permits
On July 26, the Ecuadorian Water Agency SENAGUA approved five water permits for the advanced stage exploration program at Cascabel. These water permits are strategically located within the concession and will allow drilling at the Alpala, Q. Tandayama-America, Aguinaga and Q. Moran targets. Water concessions are valid for ten years and the volume of water authorized for each of them is sufficient to operate 2 to 3 rigs.
Mobilization of Drill Rig To Hole 1
Recently the Company mobilized the drill rig some 5 kilometres to the Alpala field camp in preparation for the commencement of drilling. The Company will mobilize the drill rig and associated equipment a further 600 metres from the Alpala field camp to the Drill Hole 1 pad immediately upon receipt of the environmental license by the ME.
Location of Drill Holes 1 and 2
Figure 1 shows the location of planned drill holes CSD-13-001 and CSD-13-002 at Alpala. These first two drill holes will be drilled at a 60-degree dip towards the southwest and west respectively to intersect a northwest-trending set of sheeted and stockwork quartz veins within a dacite porphyry intrusion. The first hole will drill under Trench TR46 (Figure 1). The second hole will drill under Trench TR56 (Figure 1). The holes are currently planned to drill to 300m and 250m depth respectively, however if the holes end in mineralization and/or significant alteration, the Company will continue to deepen both holes beyond their initial target depth.
Qualified Person:
Yvan Crepeau, MBA, P.Geo., Cornerstone's Vice President, Exploration and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Cascabel project and has reviewed and approved the information contained in this news release.
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, 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 or for investor, corporate or media inquiries, please contact:
Investor Relations:
Email: ir@cornerstoneresources.ca
North America toll-free: 1 (877) 277-8377
The link to a recent Corporate presentation is: http://www.cornerstoneresources.com/i/pdf/Presentations_0912_CRICorporate.pdf
Investors can also access Cornerstone on Twitter at http://twitter.com/Cornerstone_cgp.
Cautionary Notice:
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
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.
Contact Information:
Toll-Free at 1-877-277-8377
communications@crigold.com
www.cornerstoneresources.com