Canada and Ecuador
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Message: Update on Recommencement of Work in Ecuador
| May 26, 2009 | |
| Cornerstone Update on Recommencement of Work in Ecuador | |
|
MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwire - May 26, 2009) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (PINK SHEETS:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) announces that on Friday, May 22, the Ecuador Ministry of Mines and Petroleum (MMP) and Ministry of the Environment (MAE) issued an "Instructivo" that provides a general framework for the recommencement of exploration and mining activities by concession holders. The Instructivo requires companies to have an approved environmental impact assessment (EIA) or preliminary assessment (EPIA) with an environmental management plan (EMP). For previously approved environmental studies or EIA's/EPIA's that were submitted but not approved, it is understood that the MAE will review and re-certify the environmental management plan or recommend amendments that will update the EMP. A final notification of approval will then be issued by the MMP. Cornerstone does not anticipate a lengthy process to receive the recommencement notification since EIA's or EPIA's were either approved or submitted for approval on most of its concessions prior to the Mining Mandate in April, 2008. Cornerstone renewed all of its strategic properties before the end of March, 2009 as required by the new mining law. Seven non-strategic parcels were relinquished at the time. Cornerstone currently holds 100% interest in 16 concessions totaling 42,341 ha distributed in the following project areas (http://www.cornerstoneresources.com/... ): Shyri 10 concessions 30,283 ha Macara (Newmont alliance) 3 concessions 7,532 ha Cana Brava 2 concessions 3,125 ha Bella Maria 1 concession 1,401 ha Shyri Update The large and highly prospective Shyri property is located in the altiplano of Azuay province, about 25 km west of Cuenca. The property encompasses three excellent gold prospects, Gama, Vetas Grandes, and Canaribamba. It is strategically located between the 3.4 million ounce Quimsacocha gold deposit to the east and the Rio Blanco gold deposit to the northwest. The last exploration work carried out on the property, including soil and rock geochemical surveys, alteration studies and magnetic and IP geophysical surveys, was completed in 2007. Work was halted in the second half of that year to allow for completion of environmental studies and community consultations. Although environmental studies for the initial drill program were completed and awaiting final approval in early 2008, further work was suspended by the declaration of the Mining Mandate in April, 2008. The Gama prospect comprises an extensive, high sulphidation alteration system related to two high level, porphyry-type intrusions. The prospect shows strongly zoned alteration centred on the intrusions and localized at the 3600 m elevation, the same elevation as the nearby Quimsacocha deposit. Anomalous gold values in rocks and soils associated with a suite of metals typically found with the high sulphidation deposits in porphyry environments occur over at least 3 km's north-south. The IP survey also highlighted zones of high resistivity along the north-south trend, potentially indicative of the silicic alteration which typically hosts significant gold mineralization in these systems as is the case at Quimsacocha. Cornerstone discovered the Vetas Grandes mineralization in 2005, 20 km south of Gama. The prospect comprises multiple, ENE trending epithermal quartz veins within a zone at least 2 km long and 1.5 km wide. The geology is similar to the nearby Rio Blanco deposit which hosts 0.8 million ounces of gold. Veins are exposed over a vertical relief of 300 m and show a range of gold values and geochemical signatures. Bonanza grade material appears to be localized at vein intersections and where veins outcrop around the 3220 m elevation. At this level there is evidence of boiling accompanied by the highest gold values in surface samples. The Canaribamba prospect represents an intermediate sulphidation, disseminated and vein-type gold system situated in a diatreme complex. Geologically it appears to be analogous to large, diatreme-hosted gold deposits in Rosia Montana, Romania and Kelian, Indonesia. The area has a history of artisanal mining of high grade veins over at least 300 m of elevation and in the 1970's four short drill holes were completed on one of the four recognized vein systems. Work by Cornerstone expanded known mineralization another 500 m east with the discovery of the Guabisay structure where a 4.5 m channel sample within a fault-controlled breccia zone carried 32.2 g Au/t. Cornerstone also completed extensive geological, geochemical and geophysical (IP) surveys in this area and outlined several high priority targets unrelated to the known mineralized zones. About Cornerstone Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland & 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. |
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