Cornerstone Files Amended Technical Report for Cascabel (Alpala Deposit) Preliminary Economic Assessment
OTTAWA, Nov. 20, 2019 (GLOBE NEWSWIRE) — Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces that as a result of a review by staff of the Ontario Securities Commission (“OSC”) the Company is issuing the following news release regarding its technical disclosure made with respect to the Alpala Project in Ecuador.
Specifically, with regards to the Technical Report titled “Cascabel Project, Northern Ecuador, Alpala Copper-Gold-Silver Deposit, NI 43-101 Technical Report on Preliminary Economic Assessment” which has an effective date March 25, 2019 and which was first announced in a news release dated May 20, 2019, the Company wishes to announce the filing of an amended Technical Report which incorporates certain revisions to the originally filed report, including:
(i) inclusion of an updated Qualified Person (QP) certificate from lead consultants Wood showing Mr Peter Gron’s updated status as Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM);
(ii) inclusion of an “Important Notice” provided by Wood in replacement of the Disclaimer in the original document;
(iii) amendment to the reliance on experts references to include references to other experts concerning Items 3.3 (Mining) and 3.4 (Mineral Processing and Infrastructure) now described in Item 2.6 (Information Source References);
(iv) additional information with respect to the key assumptions to support the basis for the cut-off grade used in resource estimates set out in the report; and
(v) the inclusion of a spider sensitivity diagram covering ±25% variations in copper price, gold price, discount rate, Capex and Opex (at 5% intervals).
An revised report incorporating the above-noted amendments has been filed on SEDAR and is available under the profile of the Company and on the Company’s web site. The May 20, 2019 news release summarizing the PEA results can be viewed at: http://www.cornerstoneresources.com/s/NewsReleases.asp?ReportID=850697
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 north west Ecuador. Cornerstone has a 22.8% 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 9.2% of the shares of joint venture partner and project operator SolGold Plc. Exploraciones Novomining S.A. (“ENSA”), an Ecuadorean 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.
Further information is available on Cornerstone’s website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
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This news release may contain ‘Forward-Looking Statements’ that involve risks and uncertainties, such as statements of Cornerstone’s beliefs, plans, objectives, strategies, intentions and expectations. The words “potential,” “anticipate,” “forecast,” “believe,” “estimate,” “intend”, “trends”, “indicate”, “expect,” “may,” “should,” “could”, “project,” “plan,” or the negative or other variations of these words 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.
On Behalf of the Board,
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.