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Message: Cornerstone Updates Mining Law in Ecuador
| March 3, 2009 |
| Cornerstone Updates Mining Law in Ecuador |
| MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwire - March 3, 2009) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (PINK SHEETS:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) reports that the government of Ecuador presented at a public meeting yesterday in Toronto, Canada the conditions for immediate resumption of work on exploration and mining projects in Ecuador. The government announcement by Dr. Jose Serrano Delgado, sub-secretary of mines, also declared the provisions of the Mining Mandate, the interim legislation which suspended exploration and mining activities in April, 2008, were "completed" and henceforth mineral concessions would be administered by the new mining law. Dr. Serrano noted that concession holders will receive letters from the Ministry formally allowing the resumption of work. Cornerstone welcomes the prompt action by the government of Ecuador to institute the new mining law and restore confidence in the country's mining sector. The government is showing a willingness to co-operate with the industry to ensure pre-Mining Mandate environmental and community work will not be invalidated by the application of the new mining law. They have also promised a stream-line process for approvals under the new regulatory framework. Cornerstone will continue to provide news as it becomes available. 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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