Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc.

May 17, 2010 08:00 ET

Cornerstone Reports Significant Progress on Ecuador Permits

MOUNT PEARL, NEWFOUNDLAND--(Marketwire - May 17, 2010) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) reports that it has been issued a number of key permits needed to re-start exploration activities in Ecuador. During the first two weeks of May, Cornerstone received new titles under the January 2009 mining law to 13 of its mineral concessions including the 10 Shyri properties under option to Intrepid Mines Ltd. (see news release October 29, 2009). 

Also issued by the Ecuador Ministry of Environment during this period were the approval of the Environmental Management Plan for the Gama property, part of the Shyri project, and a water permit for drilling at Gama. Cornerstone representatives are meeting with the regulators this week to determine any final steps required to initiate exploration work and will provide updates of further developments. While the permitting process has been a lengthy one under an array of new laws and regulations in Ecuador, the company is encouraged that it is progressing within the current legal framework and expects to have its final permissions in the near future.

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.

Further information is available on Cornerstone's website: or for investor, corporate or media inquiries, please see contact information. 

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 except where outcomes have varied materially from the original statements.

On Behalf of the Board,

Colin B. McKenzie, President & 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.

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