Post by soonerlew on Oct 19, 2007 22:23:09 GMT -5
www.resourceinvestor.com/pebble.asp?relid=36964
Cornerstone and Newmont Propose to Form a
Strategic Exploration Alliance in Southern Ecuador
Mount Pearl, NL, Canada, October 19, 2007 - Cornerstone Capital Resources Inc. (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced that it has agreed on non-binding commercial terms with respect to the formation of a regional exploration alliance ("Alliance") with Newmont Ventures Limited ("Newmont") to explore for a variety of gold deposit types in southern Ecuador.
Summary
• The Alliance to cover an area of approximately 1800 km2 in Loja Province, Southern Ecuador
• Cornerstone controls 600 km2 of concessions in the Alliance Area of Influence (AOI)
• Alliance funding to include private placement in Cornerstone by Newmont
• Up to $4 million exploration expenditures in two stages over 6 years anticipated if Newmont elects to earn-in
• Earn-in/Joint Venture commercial terms pre-established
• Cornerstone to operate initial phase of program
Since inception of the Ecuador initiative in 2005, Cornerstone has compiled a significant geological and geochemical database for Ecuador and through in-house regional target generation has identified the Macara project area as highly prospective for a variety of gold exploration concepts. Cornerstone will utilize this comprehensive regional experience to prioritize targets and to manage and operate the initial exploration program on behalf of the Alliance. Cornerstone will have access to Newmont's proprietary exploration technologies, including discovery-proven ultra-low detection geochemical and geophysical techniques, as well as the specialist technical expertise of the world’s second largest gold producer.
The full terms of the proposed Alliance including commercial terms of the Earn-in Joint Venture option will be announced upon final approval by the Technical Committee of the initial program and budget, and approval and execution of the definitive agreement.
Regional Exploration Alliance
The proposed Alliance will cover an area of approximately 1800 km2 encompassing Cornerstone's Macara project area, where Cornerstone holds or has applications pending for 600 km2 of mineral concessions. View map at www.cornerstoneresources.com/s/Ecuador.asp?ReportID=136201. The Rinconada concession, which is within the Macara project area, as well as rights to a regional geochemical database, were acquired in 2005 as part of Cornerstone’s initial acquisition from Sierra Minera SA (Sierramin), a private Ecuadorian mining and exploration group owned by Mr Allen Brown Hidalgo, under an agreement that gives Cornerstone Ecuador SA the right to acquire a 100% interest in it and several other mineral projects.
Newmont will not, by virtue of its participation in the Alliance, earn any interest in any existing Cornerstone properties. However, it will have the right to earn an interest in the Cornerstone properties within the project AOI through a separate earn-in and joint venture option agreement with pre-established commercial terms.
Funding
Terms of the Alliance include expenditures of up to $4.0 million in two exploration phases. Newmont shall complete a Private Placement of US$1 million for units of Cornerstone at a per unit price equal to the maximum of 30, 60, 90 or 180 days TSX Venture Exchange trading volume weighted average share price plus 20%. Full details will be announced upon final approval and execution of the definitive agreement.
"We are extremely pleased with the prospect of entering into a long term alliance with a company of Newmont's global expertise" stated Glen H. McKay, Cornerstone's President & CEO. "It is a considerable vote of confidence that Newmont has chosen Cornerstone as a strategic partner and should give shareholders confidence in the Company’s ability to create mining opportunities of interest to major companies. The Alliance will also enable Cornerstone to leverage its exploration assets and focus on new opportunities, some of which it hopes to be in a position to announce in the near future."
This press release was prepared by Mike Basha, PEng, PGeo, Cornerstone's Vice President Exploration and a Qualified Person in accordance with National Instrument 43-101.
About Cornerstone Capital Resources Inc.
Cornerstone is currently exploring projects in Canada and Ecuador. It is actively evaluating new gold, copper, uranium and nickel projects, while continuing to maintain an ongoing pipeline of prospects. Ten of the Company’s thirty four projects are currently under joint venture agreements and ongoing negotiations may result in new agreements in the near future.
Cornerstone Capital Resources Inc. is a mineral exploration company with 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. Cornerstone’s current and past joint venture partners include Agnico Eagle, Celtic, Cash Minerals, Candente, Coastport, Cogitore, Falconbridge, Inmet, Kermode, Mountain Lake, Moydow, Newmont, Noranda, Phelps Dodge, and Thundermin.
On Behalf of the Board,
Glen H. McKay
President & CEO
Further information is available on the Cornerstone Web site at http://www.cornerstoneresources.com; via e-mail at communications@crigold.com; or toll free at 1-877-277-8377.
Renmark Financial Communications Inc.
Tina Cameron : tcameron@renmarkfinancial.com
Maurice Dagenais : mdagenais@renmarkfinancial.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com
The common shares of the Company are currently listed on the TSXV in Canada (symbol CGP), the OTC in the USA (symbol CTNXF)
and the Frankfurt Stock Exchange (symbol GWN)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cornerstone and Newmont Propose to Form a
Strategic Exploration Alliance in Southern Ecuador
Mount Pearl, NL, Canada, October 19, 2007 - Cornerstone Capital Resources Inc. (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced that it has agreed on non-binding commercial terms with respect to the formation of a regional exploration alliance ("Alliance") with Newmont Ventures Limited ("Newmont") to explore for a variety of gold deposit types in southern Ecuador.
Summary
• The Alliance to cover an area of approximately 1800 km2 in Loja Province, Southern Ecuador
• Cornerstone controls 600 km2 of concessions in the Alliance Area of Influence (AOI)
• Alliance funding to include private placement in Cornerstone by Newmont
• Up to $4 million exploration expenditures in two stages over 6 years anticipated if Newmont elects to earn-in
• Earn-in/Joint Venture commercial terms pre-established
• Cornerstone to operate initial phase of program
Since inception of the Ecuador initiative in 2005, Cornerstone has compiled a significant geological and geochemical database for Ecuador and through in-house regional target generation has identified the Macara project area as highly prospective for a variety of gold exploration concepts. Cornerstone will utilize this comprehensive regional experience to prioritize targets and to manage and operate the initial exploration program on behalf of the Alliance. Cornerstone will have access to Newmont's proprietary exploration technologies, including discovery-proven ultra-low detection geochemical and geophysical techniques, as well as the specialist technical expertise of the world’s second largest gold producer.
The full terms of the proposed Alliance including commercial terms of the Earn-in Joint Venture option will be announced upon final approval by the Technical Committee of the initial program and budget, and approval and execution of the definitive agreement.
Regional Exploration Alliance
The proposed Alliance will cover an area of approximately 1800 km2 encompassing Cornerstone's Macara project area, where Cornerstone holds or has applications pending for 600 km2 of mineral concessions. View map at www.cornerstoneresources.com/s/Ecuador.asp?ReportID=136201. The Rinconada concession, which is within the Macara project area, as well as rights to a regional geochemical database, were acquired in 2005 as part of Cornerstone’s initial acquisition from Sierra Minera SA (Sierramin), a private Ecuadorian mining and exploration group owned by Mr Allen Brown Hidalgo, under an agreement that gives Cornerstone Ecuador SA the right to acquire a 100% interest in it and several other mineral projects.
Newmont will not, by virtue of its participation in the Alliance, earn any interest in any existing Cornerstone properties. However, it will have the right to earn an interest in the Cornerstone properties within the project AOI through a separate earn-in and joint venture option agreement with pre-established commercial terms.
Funding
Terms of the Alliance include expenditures of up to $4.0 million in two exploration phases. Newmont shall complete a Private Placement of US$1 million for units of Cornerstone at a per unit price equal to the maximum of 30, 60, 90 or 180 days TSX Venture Exchange trading volume weighted average share price plus 20%. Full details will be announced upon final approval and execution of the definitive agreement.
"We are extremely pleased with the prospect of entering into a long term alliance with a company of Newmont's global expertise" stated Glen H. McKay, Cornerstone's President & CEO. "It is a considerable vote of confidence that Newmont has chosen Cornerstone as a strategic partner and should give shareholders confidence in the Company’s ability to create mining opportunities of interest to major companies. The Alliance will also enable Cornerstone to leverage its exploration assets and focus on new opportunities, some of which it hopes to be in a position to announce in the near future."
This press release was prepared by Mike Basha, PEng, PGeo, Cornerstone's Vice President Exploration and a Qualified Person in accordance with National Instrument 43-101.
About Cornerstone Capital Resources Inc.
Cornerstone is currently exploring projects in Canada and Ecuador. It is actively evaluating new gold, copper, uranium and nickel projects, while continuing to maintain an ongoing pipeline of prospects. Ten of the Company’s thirty four projects are currently under joint venture agreements and ongoing negotiations may result in new agreements in the near future.
Cornerstone Capital Resources Inc. is a mineral exploration company with 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. Cornerstone’s current and past joint venture partners include Agnico Eagle, Celtic, Cash Minerals, Candente, Coastport, Cogitore, Falconbridge, Inmet, Kermode, Mountain Lake, Moydow, Newmont, Noranda, Phelps Dodge, and Thundermin.
On Behalf of the Board,
Glen H. McKay
President & CEO
Further information is available on the Cornerstone Web site at http://www.cornerstoneresources.com; via e-mail at communications@crigold.com; or toll free at 1-877-277-8377.
Renmark Financial Communications Inc.
Tina Cameron : tcameron@renmarkfinancial.com
Maurice Dagenais : mdagenais@renmarkfinancial.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com
The common shares of the Company are currently listed on the TSXV in Canada (symbol CGP), the OTC in the USA (symbol CTNXF)
and the Frankfurt Stock Exchange (symbol GWN)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.