Cornerstone Capital Resources Inc.
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Cornerstone Capital Resources Inc.

March 06, 2017 08:08 ET

ENAMI and Cornerstone awarded new concessions near Cascabel

OTTAWA, ONTARIO--(Marketwired - March 6, 2017) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (OTCBB:CTNXF) announces its joint venture partner, Ecuador State Mining Company ENAMI EP, has been granted a number of mineral concessions in Imbabura and Carchi provinces in the same area as the Cascabel and the Llurimagua concessions, for exploration by the ENAMI- CESA strategic exploration joint venture. Eight concession titles totaling more than 37,182 hectares were granted on March 3rd by the Ministry of Mining. It is expected that additional titles in northwest Ecuador will be granted in the coming weeks.

A location map of the new concessions plus the areas under application that are still pending can be seen in PDF format by accessing the version of this release on the Company's website (www.cornerstoneresources.com) or by clicking on the link below:

http://www.cornerstoneresources.com/i/pdf/NR17-06Figures.pdf.

About the Cornerstone - ENAMI generative exploration joint venture

On June 14, 2016, Cornerstone announced that its Ecuadorean subsidiary, CESA, had signed a definitive agreement (the "Agreement") with Ecuador's State Mining Company, Empresa Nacional Minera ("ENAMI EP"), replacing a letter of intent announced April 14, 2015, and creating a structure to jointly prospect and explore for mineral deposits in Ecuador. The principal terms of the Agreement can be read at www.cornerstoneresources.com/i/pdf/NR16-12EnamiTerms.pdf.

Brooke Macdonald, Cornerstone's CEO, said: "We are pleased to be working with our partner ENAMI and its management and technical teams in exploring these first eight mining titles in the highly prospective and newly discovered Cascabel porphyry copper-gold district of northwest Ecuador. We believe there are more large porphyry copper-gold and copper-molybdenum deposits to be found in this mineralized belt. This is an exciting time for Cornerstone and ENAMI".

About the New Concessions

Four claim blocks totalling 62,000 hectares have been identified by CESA, applied for and included within the ENAMI-CESA agreement in northern Ecuador. A thorough compilation program using both public and Cornerstone's proprietary data has been used to define anomalous areas typical of porphyry and large epithermal mineralized systems. Aeromagnetic surveys helped to define geology, alteration and significant structures. Geochemical and geophysical responses were calibrated over known deposits (Cascabel Cu-Au porphyry and Llurimagua Cu-Mo porphyry) and known mineralized prospects in the region. The highest ranked anomalies, those showing similar responses to Cascabel and Llurimagua, in terms of local geological and structural environments, elements, size, distribution and intensities, were selected and concessions applied for.

The eight concession titles granted are within the areas called Espejo (3), east of Cascabel, Playa Rica (3) and Rio Magdalena (2), both to the southwest of Cascabel.

The concessions are subject to the usual rules under the Ecuadorian Mining Law, including an initial exploration period of four years, followed by four years for advanced exploration (including drilling), followed by two years for pre-feasibility, definition drilling and and feasibility studies, which two-years period may be extended for a final two years prior to exploitation (mine development).

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 programs for Cornerstone and has reviewed and approved the information contained in this news release.

About Cornerstone:

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.

Exploraciones Novomining S.A. ("ENSA"), an Ecuadorean company owned by SolGold Plc and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold's fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA. SolGold Plc is funding 100% of the exploration at Cascabel and is the operator of the project.

Further information is available on Cornerstone's website: www.cornerstoneresources.com and on Twitter.

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,

Hugh 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

  • For investor, corporate or media inquiries, please contact:
    Investor Relations
    Mario Drolet
    (514) 904-1333
    Mario@mi3.ca