Cornerstone Announces Phase II of Macará Strategic Alliance in Ecuador
MOUNT PEARL, NEWFOUNDLAND--(Marketwire - March 30, 2010) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) announces that it has received notification from Newmont Ventures Limited ("Newmont") that it will proceed to Phase II of the Macará Strategic Alliance by funding additional regional exploration surveys within a large area of the southern Ecuador province of Loja. Under the terms of the Strategic Alliance and Option Agreement, Newmont and Cornerstone completed Phase I exploration expenditures of $1,000,000 in January, 2010. Following a field visit and review of Phase I results Newmont has agreed, subject to amendments to the original agreement, to fund Phase II exploration with Cornerstone continuing as project manager.
In Phase II, Newmont has the ability to earn a 51% interest in all properties within the Macará Area of Interest ("AOI") by spending $3,000,000. However, the parties have agreed that in consideration for funding an initial exploration program in 2010 of $300,000, Newmont will receive an overall reduction to their Phase II earn-in commitment of $600,000 in recognition of the current lack of final approvals to re-initiate work on the Bellavista concession and the as yet uncertain procedure for acquiring new concessions within the AOI. Newmont and Cornerstone have also agreed to expand the AOI by a further 630 sq.km. to approximately 2500 sq. km. in order to encompass new precious metal targets identified in the recently completed reconnaissance program.
Colin McKenzie, Cornerstone's President & CEO, stated, "Newmont has confirmed their interest in the highly prospective Macará region and Ecuador with their commitment to proceed to Phase II. We are extremely pleased with their continued participation and our on-going role as project manager for the alliance."
A work plan and budget for the next program is currently under review and field activities are expected to begin next month with the cessation of seasonal rains. The program will provide first pass coverage of areas within the AOI which have not previously been assessed and more detailed examination of precious and base metal target areas highlighted by the 2009 field work. Concurrently, Cornerstone continues to work with the Ecuadorian government to attain the final permits for more focused exploration programs at Macará and Cornerstone's other Ecuadorian properties.
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.
marketwire.com |
