Cornerstone and Newmont Announce Force Majeure in Ecuador
Wed Apr 30, 8:00 AM
ca.news.finance.yahoo.com
MOUNT PEARL, NEWFOUNDLAND--(Marketwire - April 30, 2008) - Cornerstone Capital Resources Inc. (TSX VENTURE: CGP.V) (PINK SHEETS: CTNXF.PK) (FRANKFURT: GWN.F) (BERLIN: GWN.BE), in consultation with its strategic alliance partner Newmont Ventures Limited, a subsidiary of Newmont Mining Corporation, has provided notice of force majeure on the Macara Project in southern Ecuador. The Macara properties comprise 4 legally granted concessions and 17 concession applications in process. All properties are in the early stages of exploration and evaluation. The event of force majeure is the result of the issuance by Ecuador's Constituent Assembly of the mining mandate on April 18, 2008. Among its provisions, the mandate placed a moratorium on exploration and mineral development activities for up to 180 days.
The declaration of force majeure is a legal requirement under the terms of the Cornerstone - Newmont agreement in order to suspend exploration work and expenditures during the moratorium. The partners will continue to work together to understand the impact of the mining mandate on their plans for the Macara Project. Cornerstone will continue to represent the interests of the alliance in Ecuador and work with the government to develop a new framework for responsible mining.
About Cornerstone
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. The company operates exploration programs in Atlantic Canada and Ecuador.
On Behalf of the Board,
Colin B. McKenzie, President & CEO
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.
Contacts
Colin B. McKenzie
Cornerstone Capital Resources Inc.
President & CEO
(709) 745-8377 or Toll Free: 1-877-277-8377
Email: communications@crigold.com
Website: www.cornerstoneresources.com |
