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Message: Signs Letter of Intent on Sale of La Plata Interest
| April 28, 2009 |
| Cornerstone Signs Letter of Intent on Sale of La Plata Interest |
| MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwire - April 28, 2009) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (PINK SHEETS:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) announces that the company has signed a letter of intent to sell its interests in the La Plata property to Sultana Del Condor Minera, SA, a privately held Ecuadorian mining company, for $US 675,000. The agreement of purchase and sale is targeted to close by May 15, 2009. The purchase payments will be made over a period of 18 months. Cornerstone's subsidiary, La Plata Minerales, acquired an option to gain a 70% working interest or royalty in the La Plata property from Sultana Del Condor Minera, SA in 2005 pursuant to a schedule of exploration expenditures and advance royalty payments. While La Plata Minerales maintained its rights with respect to the property through December, 2007, further work on the project has been under suspension following the issuance of the Mining Mandate in April, 2008. Cornerstone is divesting of the non-core, base metals property in order to focus efforts in Ecuador on its wholly-owned gold properties, including Shyri, Bella Maria and Monterrey. 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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