Cornerstone Capital Resources Inc.
PINK SHEETS : CTNXF
TSX VENTURE : CGP
FRANKFURT : GWN
BERLIN : GWN

Cornerstone Capital Resources Inc.

February 24, 2011 08:00 ET

H. Brooke Macdonald Appointed President of Cornerstone

MOUNT PEARL, NEWFOUNDLAND--(Marketwire - Feb. 24, 2011) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) today announced the following appointments effective immediately:

  • H. Brooke Macdonald has been appointed President, replacing Glen H. McKay in that role.
  • Glen H. McKay will continue as Executive Vice Chairman and CEO.

Welcoming the appointments, outgoing President Glen H. McKay commented: "Having Brooke, a respected and seasoned industry professional, as President is an important step for the company for the next stage of its development. He brings the experience, knowledge and skills necessary to ensure that we realize the potential of our current broad portfolio of projects and take full advantage of new opportunities. As we enlarge our portfolio of projects in Ecuador and expand into other jurisdictions in Latin America, Brooke's intimate knowledge of the region and his fluency in Spanish are critically needed assets at this time. I am very pleased that Brooke is joining our senior management team at this very important time."

H. Brooke Macdonald is an executive specializing in contract negotiations, direct foreign investment and joint ventures in Latin America, and has been a Cornerstone Director since 2009. He graduated from Queen's University, Kingston, Ontario, in 1982 with an L.L.B., was admitted to the British Columbia Bar in 1984 and to the New York Bar in 2002. His experience includes time as an associate at the Caracas office of international law firm Baker & McKenzie, and almost nine years as an executive with global mining company Placer Dome Inc. (later acquired by Barrick Gold Corp.), first as their legal counsel for exploration in Latin America and later as President of Placer Dome de Venezuela C.A. More recently, he was Vice President Legal Affairs of Skye Resources Inc., a Vancouver based TSX listed company developing the Fenix nickel laterite project in Guatemala, until its takeover by HudBay Minerals in August 2008.

John Fleming, Board Chair said: "I am very pleased that Glen McKay is staying on as CEO which will ensure that Cornerstone continues to benefit from the leadership and business acumen of the person who has led the company's development since its beginning in 1997. Mr. McKay has served the company in several capacities and has been an invaluable resource as we developed Cornerstone from a fledgling exploration company operating entirely in Newfoundland to an international entity recognized for the high caliber of its work. The team of McKay and Macdonald brings strength to Cornerstone that is essential for the future growth of our company."

The Company today issued 1,250,000 stock options to purchase shares in Cornerstone to an Insider. The pricing and expiry of the options are as per company policy and as permitted by the TSX Venture Exchange. The options are priced at yesterday's closing price of the company's shares trading on the TSXV.

To listen to an interview with CEO Glen H. McKay about today's news and an update on Gama click on this link; http://corporateinterviews.com/interviews/CornerstoneFeb2011/CGP24feb2011.html

Other News:

The Board of Directors of the Company has re-approved the Shareholder Rights Plan for another two year period ending December 20, 2012.

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. The company is well funded and commitments from JV partners constitute significant validation of the strength of Cornerstone's projects. 

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.

Further information is available on Cornerstone's website: www.cornerstoneresources.com or for investor, corporate or media inquiries, please contact the undersigned.

Investors can access and join the following Cornerstone social media channels:

Facebook (http://www.facebook.com/pages/Cornerstone-Resources-Inc/152481978112151)

Twitter (http://twitter.com/Cornerstone_cgp)

YouTube channel (http://www.youtube.com/user/CornerstoneResource)

Flickr (http://www.flickr.com/photos/cornerstoneresources)

The direct link to a recent CEO video interview is:

http://www.cornerstoneresources.com/i/media/SHCornerstone.asx

The link to other CEO audio interviews is:

http://www.cornerstoneresources.com/s/Interviews.asp

The link to a recent Corporate presentation with narration is:

http://www.cornerstoneresources.com/s/Presentations.asp

On Behalf of the Board,

John Fleming, Chairman

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
    1 (647) 521-9261
    North America toll-free: 1 (877) 277-8377
    or
    Cornerstone Capital Resources Inc.
    Paul Benwell / Pat Kairns
    1 (514) 904-1333
    North America toll-free: 1 (877) 277-8377
    communications@crigold.com
    www.cornerstoneresources.com