Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News :

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
The feature you requested does not exist. However, we suggest the following feature:

Cornerstone Capital Resources Inc. - New Ecuadorian Government policy announced that could pave way for drilling to begin earlier at Bramaderos project in Ecuador

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/18/2018 | 11:03am CEST

Ottawa - Cornerstone Capital Resources Inc. ('Cornerstone' or 'the Company') (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is pleased to announce an initiative by the Ecuadorian government to allow for 'scout (reconnaissance) drilling' within exploration concessions.

The initiative was announced by a representative of the Ecuadorian Ministry of Energy and Non-Renewable Natural Resources (MERNNR) during a presentation on July 10th at the 'Investing in LATAM Mining Summit' in Santiago, Chile. The representative said that as part of the initiative, MERNNR was studying a proposal that would allow scout drilling to take place on exploration concessions during the 4-year Initial Exploration Phase through a simplified permitting process.

Expedited administrative process (environmental 'registration' as opposed to 'license')

The Bramaderos project, which is a joint venture between Sunstone Metals Inc. and Cornerstone Capital Resources (TSXV: CGP), is currently covered by an exploration concession and has been awaiting the issuance of an environmental license to allow drilling to start. Under existing rules, an environmental license is granted after approval of an environmental impact assessment (EIA). Sunstone and Cornerstone filed their EIA in early 2018, and are awaiting comments from the Ministry of Environment (ME). Due to the large number of EIA approval applications in Ecuador as a result of greatly increased exploration activity in that country, the EIA approval process can take several months to complete. If scout drilling during the initial exploration phase is permitted this would allow phase 1 drilling to begin before an environmental license is granted.

Further clarity is being sought on the implementation of the scout drilling process and the implications for commencement of drilling at Bramaderos.

Access tracks for the proposed phase 1 drilling have been completed, as well as preparations for core handling facilities, fuel storage, and an exploration camp to manage the significantly increased number of employees and contractors on the project.

About Bramaderos

The Bramaderos concession is owned by Cornerstone subsidiary La Plata Minerales S.A. ('PLAMIN'), which has signed a binding letter of intent with Sunstone Metals Ltd. (formerly Avalon Minerals Ltd.) (ASX: STM), whereby Sunstone has the right to earn a 51% interest in the project by spending US$3.4 million over 3 years to complete a phase 1 drill program. If this first option is earned, Sunstone can go to 70% by funding a bankable feasibility study, and can go to 80% by financing 100% of the cost of construction of a mine and mill.

About Cornerstone

Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including in the Cascabel gold-enriched copper porphyry joint venture in north west Ecuador. Exploraciones Novomining S.A. ('ENSA'), an Ecuadorean company owned by SolGold Plc 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. SolGold Plc is funding 100% of the exploration at Cascabel and is the operator of the project.

Pursuant to the previously announced plan of arrangement, Cornerstone will spin off all of its assets except for its interests in the Cascabel concession in Ecuador, shares of SolGold plc and the joint venture with Ecuadorian state mining company ENAMI EP into a new company called Cornerstone Exploration Inc. Cornerstone Exploration will own the drill ready Bella Maria, Shyri NW (Vetas Grandes) and Bramaderos properties in Ecuador, an option to own 100% of the drill ready Cana Brava property in Ecuador, the Tioloma property surrounding Cana Brava, the applications for new properties in Ecuador made by Cornerstone subsidiary La Plata Minerales S.A., and the Miocene property in Chile, in addition to Cornerstone's generative exploration databases for Ecuador and Chile. Cornerstone will be re-named Cascabel Gold & Copper Inc. ('Cascabel Gold & Copper').

The plan of arrangement to spinoff Cornerstone Exploration Inc. is proceeding in the ordinary course, pending TSXV approval. We previously estimated completion of the transaction by end of June, but it now looks like completion will occur in July 2018.

Contact:

Mario Drolet

Tel: (514) 904-1333

Email: [email protected]

Cautionary Notice

This news release may contain 'Forward-Looking Statements' that involve risks and uncertainties, such as statements of Cornerstone's plans, objectives, strategies, intentions and expectations. The words 'potential,' 'anticipate,' 'forecast,' 'believe,' 'estimate,' 'expect,' 'may,' 'project,' 'plan,' and similar expressions are intended to be among the statements that identify 'Forward-Looking Statements.' Although Cornerstone believes that its expectations reflected in these 'Forward-Looking Statements' are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behaviour of financial and metals markets, predicting natural geological phenomena and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements. Although Cornerstone believes the facts and information contained in this news release to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views after the date of this news release. 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 except where outcomes have varied materially from the original statements.

(C) 2018 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
CORNERSTONE CAPITAL RESOURCES INC. --End-of-day quote.
SOLGOLD PLC 0.52% 25.08 Delayed Quote.-15.42%
SUNSTONE METALS LTD 2.63% 0.039 End-of-day quote.26.67%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
11:03aCornerstone Capital Resources Inc. - New Ecuadorian Government policy announced that could pave way for drilling to begin earlier at Bramaderos project in Ecuador
AQ
11:03aBUXTON RESOURCES : Drilling Commences at Merlin Prospect Double Magic Project
AQ
11:03aAMERICAN LITHIUM : Updates Activities at 22,323 Acre FLV Nevada Prospect
AQ
11:03aMINERAL HILL INDUSTRIES : Amended non-brokered private placement
AQ
11:03aSAIPEM : And curtiss-wright sign a strategic partnership for a new technology for subsea pumps
AQ
11:03aNORANDA INCOME FUND : to host second quarter conference call on July 24, 2018
AQ
11:03aTEN METALS : Completes Earn-In at Kluane PGE-Ni-Cu Project and Acquires Additional Adjacent Properties
AQ
11:03aPARETEUM : Awarded $4 Million Contract by Tier 1 Asia-Pacific Network Operator
AQ
11:03aINTERNATIONAL LITHIU : m Corp - Turning Strategy into Reality
AQ
11:03aAERIS RESOURCES : Torrens project update
AQ
Latest news
Advertisement