Cornerstone says new mining law approved in Ecuador

2009-01-13 12:27 ET - News Release

Mr. Colin McKenzie reports

CORNERSTONE CAPITAL RESOURCES INC.: NEW MINING LAW APPROVED IN ECUADOR

Cornerstone Capital Resources Inc. has learned that the second debate on the new mining law was unexpectedly held in the legislative commission (congress) yesterday and the law was approved by a vote of 50 to 15.

Cornerstone understands there were 11 revisions made to the statute during the debate; however, these have yet to be made public.

The law now goes to the executive branch, which has 10 days in which to approve or veto the legislation.

Following approval by the president, the law will be published in the government register, a process which should be completed before the end of the month.

Cornerstone believes this is a key event in the reactivation of exploration and mining activities in Ecuador, and demonstrative of the government's commitment to fostering a responsible mining industry in the country. Nevertheless, there remain other administrative and regulatory hurdles to clear before work can recommence. These include enactment of new mining regulations to administer the law and clarification of environmental permitting procedures. Cornerstone will issue updates as the regulatory issues are resolved.

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