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Re: News - Friday, October 24, 2008
08-28 - Cornerstone updates timing of new mining law in Ecuador ====================================...
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNFN) reports that remarks by Ecuador's new Minister of Mines and Petroleum, Sr. Derlis Palacios, indicate the new mining law should be enacted by early January 2009.
The appointment of Sr. Palacios to replace outgoing Minister Galo Chiriboga was announced earlier this month. Speaking to a group of geologists and engineers in Cuenca last week, Minister Palacios said that the new mining law would be "socialized"; that is, available for public review and comment, over the next three to four weeks before being submitted to the "congresillo" (the transitional legislative
assembly) for final passing into law. The final draft law is expected to be available for consultation on the Ministry's website October 28.
In the meantime, a director of the Ministry confirmed on October 22 that the Mining Mandate issued on April 18 this year will continue until January 2, 2009 at which time its original term of 180 working days will expire. Cornerstone will provide further updates as new information becomes available.
Cornerstone has maintained key staff in Ecuador during the mining moratorium and is well-positioned to re-activate exploration programs on its high potential Shyri project with partner Coastport Capital Inc.
and the Macara project with its strategic partner, Newmont Mining Corporation. Cornerstone also has excellent precious metal prospects on its 100%-owned Monterrey and Bella Maria properties.
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.
Cautionary Notice:
Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results. 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.
On Behalf of the Board,
Colin B. McKenzie
President & CEO
