Cornerstone Capital Resources Inc.

Cornerstone Capital Resources Inc.

March 18, 2010 08:00 ET

Cornerstone Updates Its Exploration Approval Process in Ecuador

MOUNT PEARL, NEWFOUNDLAND--(Marketwire - March 18, 2010) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) through its Ecuador subsidiary, Cornerstone Ecuador, S.A. ("CESA"), continues to advance through the permitting process required under the new Mining and Environment Laws to re-initiate exploration activities. Last fall CESA received approval of its Preliminary Environmental Impact Studies ("EPIA's") for all its concessions as well as approval of the more comprehensive Environmental Impact Study ("EIA") for the Gama project within the Shyri property (see NR10-01 for further information on Shyri), which is required for the planned diamond drilling program. This month CESA also received the pre-approval for a key water usage permit related to the Gama project from SENAGUA, the new water control agency. The final issue of this permit, which is required before surface waters can be used in the planned drill program, should now be in a few days.

CESA continues to await approval of the Environmental Management Plans (EMP's) for each concession as the last step in the environmental permitting process. CESA submitted its EMP's to responsible authorities for both environment and mining in August, 2009 and from communications with the agencies understands that there is no further technical information needed to fulfill the EMP requirements. Once these are approved, the company is then obligated to participate in community meetings with the government to publicize its projects before re-initiating work.

Colin McKenzie, President & CEO, notes, "We believe we have met all criteria for the permits needed to re-start our exploration work. Unfortunately, as the government agencies adapt to the new laws and regulations administering these permits, the process has been slow and they have been unable to provide a completion schedule for the applications. We are in the queue and expect to receive our final go-ahead as the government works through its evaluation and review of the sector's project proposals."

Also this month a delegation from Ecuador's government participated in annual PDAC Convention including Vice Minister C. Bernal and head of the new national mining company (ENAMI-EP), Sr. J. Cisneros. In an address during Ecuador "day" the Vice Minister re-iterated the government's desire for responsible mining and the need for companies to respect the new regulatory system and its commitment to social well-being and environmental protection that could be impacted by mining activities. She also noted that the government is working on a strategic development plan for the country and mining would be considered in the context of overall land use and development goals. Sr. Cisneros spoke about the terms of reference of the new state mining company and noted that it was amenable to associations and partnerships with private companies.

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 contact the number below.

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.

Contact Information

  • Cornerstone Capital Resources Inc.
    Martti Kangas
    Investor Relations
    North America toll-free: 1 (877) 277-8377
    Direct Line: 1 (647) 521-9261