Cascabel (Alpala Deposit) Update
12 March 2020 - 1:41AM
Cornerstone Capital Resources Inc. (“Cornerstone” or “the
Company”) (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is
pleased to provide the following update on its Cascabel joint
venture in Ecuador:
Alpala Pre-Feasibility and Proposed
Feasibility Study Programs
Cascabel project operator and joint venture
partner SolGold Plc has reported today it is pressing forward with
work on the Pre-Feasibility Study (PFS) together with work streams
to acquire further information for completion of the proposed
Definitive Feasibility Study (DFS). Currently, subject to funding
and land acquisition programs, these studies are scheduled for
completion by Q3, 2020 for the PSF and by end Q1, 2021 for the
DFS.
Work is currently focusing on eight main areas
of investigation, being:
1. Completion and independent certification of
mineral resource estimate (MRE #3) expected within 4 weeks;2.
Geotechnical studies (ongoing and progressing towards DFS
Standards);3. Surface logistic facilities including identifying and
securing suitable tailings dam disposal sites for the life of mine
for the Alpala Project;4. Port access and infrastructure for future
copper concentrate production streams;5. Power supply and hydro
co-generation options;6. Revised metallurgy studies and gold and
copper concentrate marketing studies with a focus on development
funding advances;7. Alpala financial model evaluation settings,
including selection of future Ecuadorean sovereign royalty rates,
and taxation rates to account for Ecuadorean policies including
rebates for in-country capital reinvestment programs and selection
of various mine development funding strategies; and8. Social and
Economic Impact Study finalization to provide a basis for
Ecuadorean assessment of the project impact nationally.
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 north west Ecuador. Cornerstone has a
22.2% 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 8.5% 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:
Investor Relations: Mario Drolet; Email: Mario@mi3.ca; Tel.
(514) 904-1333
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Cautionary Notice: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, Brooke Macdonald 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.
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