Welcome!

News Feed Item

Cornerstone Reduces Miocene (Chile) Property Work Commitments

MOUNT PEARL, NEWFOUNDLAND -- (Marketwired) -- 07/03/14 -- Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE: CGP)(OTCBB: CTNXF)(FRANKFURT: GWN)(BERLIN: GWN) announces that it has further amended the Miocene (Chile) Property Agreement (see news releases dated February 22, 2011 and May 8, 2014), to reduce the $5 million in required exploration expenditures to $2.5 million. The Miocene Project can be viewed on the Cornerstone web site at http://www.cornerstoneresources.com/s/Chile.asp?ReportID=450381.

Under the amended Agreement dated June 27, 2014, Cornerstone now has the right to acquire an undivided 100% interest in any concessions acquired using a proprietary database within the Miocene Project area in return for the following consideration (all references to $ are to Canadian $):


---------------------------------------------------------------------------
                                                         Exploration or
                                                         Other Work
On or before     Cash           Securities               Commitments
---------------------------------------------------------------------------
April 28, 2012   $20,000        Common Shares valued at  Nil
(Paid)                          $20,000
---------------------------------------------------------------------------
April 28, 2013   Nil (deferred) Nil (deferred)           Nil
---------------------------------------------------------------------------
April 28, 2014   $20,000        Common Shares valued at  Nil
(Paid)                          $20,000
---------------------------------------------------------------------------
April 28, 2015   $30,000        Common Shares valued at  $250,000
                                $30,000
---------------------------------------------------------------------------
April 28, 2016   $60,000        Common Shares valued at  $250,000
                                $60,000
---------------------------------------------------------------------------
April 28, 2017   $120,000       Common Shares valued at  $500,000
                                $120,000
---------------------------------------------------------------------------
April 28, 2018   Nil            Nil                      $750,000
---------------------------------------------------------------------------
April 28, 2019   Nil            Nil                      $750,000
---------------------------------------------------------------------------

The acquisition is subject to a 2.0% Net Smelter Royalty ("NSR"), one-half (1.0%) of which can be purchased by Cornerstone at any time for $1,000,000.

So far, mineral concession applications covering a total of 14,111 hectares (141.1 km2) have been filed which encompass highly prospective ground within the Miocene Project area. Cornerstone has already incurred almost $700,000 in qualified exploration expenditures on the Miocene Project and after the work planned for later this year is completed (see below) will have spent over $1 million, satisfying the exploration work commitment through April 28, 2017. The Company is continuing to seek a partner to help advance exploration on this exciting early-stage project.

The Miocene Project

The Miocene Project, held by Cornerstone's Chilean subsidiary Minera Cornerstone Chile Limitada (MCCL), is located in the Regions of Atacama and Antofagasta of northern Chile, and is targeting epithermal gold-silver and porphyry gold-copper deposits along the interpreted northern extension of the Maricunga magmatic belt which hosts several world-class gold deposits.

A regional exploration program was completed on the Miocene Project during the first half of 2012. Alteration mapping using Aster (Advanced Spaceborne Thermal Emission and Reflection Radiometer) satellite imagery, combined with historical airborne magnetic survey data and regional geological and structural data, was used to define prospective areas for ground follow up. Reconnaissance geological mapping at a scale of 1:25,000, rock sampling and widely spaced soil sampling (2,000 m by 500 m and 1,000 m by 250 m) were carried out over a large area of 70,000 hectares (70 km2) covering exposed and altered bedrock and adjacent soil and gravel-covered pampas. Soil samples were analyzed utilizing a combination of analytical techniques designed to detect deep and/or buried mineralization. Geological mapping and spectrometry work better defined the alteration zones (type, size and distribution) that were identified by the Aster satellite imagery. Geochemical anomalies were defined for base metals, precious metals and pathfinder elements associated with porphyry gold-copper and epithermal gold-silver styles of mineralization.

Some of the Miocene concessions lie adjacent to Mirasol Resources Ltd.'s newly discovered epithermal high sulphidation Titan and Atlas prospects, where significant gold and silver assay results have been outlined by trenching and reverse circulation drilling. Cornerstone holds a strong land position in this part of the Miocene Belt including approximately 14,000 hectares in the same district. The Company is encouraged by early results from Mirasol's Titan and Atlas projects, which serve to support the conceptual model utilized in acquiring the Miocene concessions.

The Company will re-commence exploration in November 2014 at Miocene (during the Austral summer). Work planned includes detailed satellite imagery, a 4-5 months field program to complete prospecting work, systematic rock and soil sampling over prospective geology/alteration followed by trenching and ground geophysical surveys where appropriate, to define drill targets.

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 Miocene Project and has reviewed and approved the information contained in this news release.

About Cornerstone:

Cornerstone Capital Resources Inc. is a well-funded mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in Ecuador and Chile, 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. Commitments from JV partners constitute significant validation of the strength of Cornerstone's projects.

Further information is available on Cornerstone's website: www.cornerstoneresources.com and on Twitter.

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 subsequent to 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...