Cornerstone Capital Res. (CGP-V) Ecuador Constitutional Court Reaffirms Revocation of the Environmental Permit for Early Stage Exploration at the Rio Magdalena Project within the ENAMI EP Strategic Exploration Alliance in NW Ecuador
Jan 3rd 2021 - NR
Cornerstone Capital Res. announces that, further to its news release dated December 2, 2021: newsletter.adnetcms.com it was notified today of a final decision by Ecuador’s Constitutional Court dated December 21, 2021 in response to ENAMI’s December 6th petition for clarification (recurso de aclaración y ampliación) of parts of the decision referred to in the December 2, 2021 news release.
The final decision of the Constitutional Court reaffirms the revocation of the environmental permit (registro ambiental) for the Rio Magdalena Project.
Cornerstone is consulting with legal counsel to determine what rights and remedies Cornerstone may have, including under the 1996 Canada-Ecuador Bilateral Investment Treaty, unilaterally terminated by Ecuador in 2018 but which has a 15 year survival/sunset clause.
Cornerstone will provide an update after such consultations.
About the ENAMI EP - Cornerstone Strategic Exploration Alliance (SEA)
On June 14, 2016, Cornerstone announced that its Ecuadorean subsidiary, Cornerstone Ecuador S.A. (“CESA”), had signed a Spanish language Agreement, or Acuerdo de Colaboración e Inversión para el Desarrollo Conjunto de Proyectos de Exploración Minera with Ecuador’s State Mining Company, Empresa Nacional Minera Empresa Pública (“ENAMI EP”), creating a structure to jointly prospect and explore for mineral deposits in Ecuador (the “ENAMI-CESA Strategic Exploration Alliance” or “SEA”).
The Espejo, Rio Magdalena, and Playa Rica blocks were identified and ranked by Cornerstone in 2015-2016 as highly prospective after an exhaustive analysis of public and private information available at the time, reserved by CESA after the opening of the cadastral map and then the reservations were transferred to ENAMI for inclusion in the SEA.
On March 6, 2017, Cornerstone announced that ENAMI had been granted a number of mineral concessions in Imbabura and Carchi provinces in the same area as the Cascabel (SolGold/Cornerstone) and Llurimagua (Codelco/Enami) concessions, for exploration by the SEA. Nine concession titles totaling around 42,000 hectares were granted in 2017 by the Ministry of Mining (now the Ministry of Energy and Non-Renewable Natural Resources).
For more information about the ENAMI-CESA SEA, please see Cornerstone news release 16-12 dated June 14, 2016 newsletter.adnetcms.com
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador. Cornerstone has a 20.8% direct and indirect interest in Cascabel comprised of (i) a direct 15% interest in the project financed through to completion of a feasibility study and repayable at Libor plus 2% out of 90% of its share of the earnings or dividends from an operation at Cascabel, plus (ii) an indirect interest comprised of 6.86% of the shares of joint venture partner and project operator SolGold Plc. Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned by SolGold 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.
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 program at the Rio Magdalena project for Cornerstone and has reviewed and approved the information contained in this news release.
Investor Inquiries
Further information is available on Cornerstone’s website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact ir@cornerstoneresources.ca, or:
Investor Relations:
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
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On behalf of the Board,
Brooke Macdonald
President and CEO |
