Post by sandi66 on Nov 8, 2007 9:48:29 GMT -5
Re: Thursday, November 08, 2007
Cornerstone Monthly Review
=======================================================================
Dear Shareholder or Subscriber,
We are very pleased to report on progress on our advanced and generative projects. In addition to JV funded drilling projects Cornerstone and/or its partners have been active on other JV projects and several new, generative projects.
Ecuador:
We start off this month in the South. After months of uncertainty we are very pleased that there appears to be a basis for confidence that the situation is improving and will continue on that path for the mining and exploration sector in Ecuador. You may find the article at
www.ecuadorminingnews.com/news.php?id=68 of interest. In it President Correa is reported to have said, "Yes to mining, but with the adequate controls, with the adequate community consultations, respecting the community, the environment and the state," This indicates that if these four points are fulfilled, mining will be welcomed in Ecuador. Another article on the subject can be found at www.easybourse.com/Website/dynamic/News.php?NewsID=335540
This is very good news for companies such as Cornerstone. We have worked hard to perform beyond compliance in all these areas and we believe that we are recognized within Ecuador for having done so. We won't be surprised if events in the country, such as protests by anti-mining groups or project delays, cause further negative press but the consistent message from relevant government authorities are that mining development, in company with other forms of economic development, is welcome as long as it is carried out in an appropriate manner. We are confident that our projects will meet or exceed those standards and controls.
Shyri Gold project in Ecuador which is under JV with Coastport Capital.
-- A 15,000 m drill program has been planned and will commence upon receipt of drill permits. Cornerstone has initiated and is progressing through the process required to obtain drill permits and we will issue a News Release when they are obtained. (Location -- contiguous with Iamgold's Quimsacocha gold project in Ecuador, which hosts 3.4 million oz. gold)
www.cornerstoneresources.com/s/Ecuador.asp?ReportID=136203
La Plata VMS project in Ecuador which, until recently was under JV with Coastport. Cornerstone has the right to earn a 51% interest in La Plata by issuing US$125,000 and a number of Cornerstone shares to a value of US$125,000. -- A field program designed to further assess several untested coincident geophysical and geochemical anomalies was completed this summer. A positive report by Cornerstone's VMS consultant, Dr. Jim Franklin, based on the work of Bruce Mitton, Cornerstone's Exploration Manager for Canada, is under consideration. If a decision to reactivate the drilling program is made, the timing of the resumption of the remaining 4,585 m from the Phase Two 8,000 m program will be subject to equipment availability. We are also entertaining expressions of interest from four potential JV partners. (Location -- Macuchi Zn-Cu-Pb-Au-Ag Mining District in Ecuador)
www.cornerstoneresources.com/s/Ecuador.asp?ReportID=136199
Macara Gold project in Ecuador. -- Upon execution of the definitive agreement, Newmont, www.newmont.com/en/index.asp, will do a $1M private placement in Cornerstone priced at a premium to market. These funds will be spent on a Phase I program evaluating a large prospective area of Southern Ecuador for gold. If they elect to go into Phase II they then can earn 51% by spending $3M over 4 years on any projects that Cornerstone identifies within the Macara project area that meets their bar. Cornerstone will have access to Newmont technologies that have proven mine-finding capabilities. (Location -- Southern Ecuador extending to the Peru border) www.cornerstoneresources.com/s/Ecuador.asp?ReportID=136201. This map will also help you to see the Macara project geographically in relation to other projects in Ecuador.
We are very pleased with this deal for these reasons:
1. By choosing to partner with Cornerstone it's an endorsement of Cornerstone in Ecuador. Cornerstone is their partner of choice.
2. It's an endorsement of Cornerstone's technical abilities to generate high quality early stage exploration projects.
3. It suggests they are impressed with Cornerstone's operating capabilities in Ecuador. This is significant because Cornerstone has
been there only since 2005.
4. It's an endorsement of the technical merits of the Macara project.
5. The $1M financing with a 20% premium (it will be done at approx
$0.83) is an endorsement of Cornerstone corporately, and what Cornerstone has in the pipeline, especially upcoming drilling on the Shyri gold project which is in Ecuador and near to Iamgold's Quimsacocha project.
6. It's an endorsement of Ecuador's mineral potential.
7. It's a positive statement about the political risk and the future of mining in Ecuador.
8. They are the first major producer to enter Ecuador in this cycle and they are doing it with Cornerstone.
In addition to work on the these projects, Cornerstone has initiated work programs on several 100% owned properties in Ecuador, including the Caymatan Gold-Silver project, aimed at advancing the properties to the joint venture stage. We are also active acquiring other projects of merit, which will be reported on in due course.
. Cornerstone has concession holdings in southern Ecuador comprising more than 130,000 ha. In addition, we have a database comprising more than 5000 BLEG, sand, silt, HM, samples covering over 550,000 ha in several areas considered highly prospective for epithermal and porphyry deposits. The database was instrumental in generating our Shyri and Macara projects. We are in the process of developing a comprehensive regional program to use these data to develop new projects.
www.cornerstoneresources.com/s/Ecuador.asp?ReportID=136195
Cornerstone Monthly Review
=======================================================================
Dear Shareholder or Subscriber,
We are very pleased to report on progress on our advanced and generative projects. In addition to JV funded drilling projects Cornerstone and/or its partners have been active on other JV projects and several new, generative projects.
Ecuador:
We start off this month in the South. After months of uncertainty we are very pleased that there appears to be a basis for confidence that the situation is improving and will continue on that path for the mining and exploration sector in Ecuador. You may find the article at
www.ecuadorminingnews.com/news.php?id=68 of interest. In it President Correa is reported to have said, "Yes to mining, but with the adequate controls, with the adequate community consultations, respecting the community, the environment and the state," This indicates that if these four points are fulfilled, mining will be welcomed in Ecuador. Another article on the subject can be found at www.easybourse.com/Website/dynamic/News.php?NewsID=335540
This is very good news for companies such as Cornerstone. We have worked hard to perform beyond compliance in all these areas and we believe that we are recognized within Ecuador for having done so. We won't be surprised if events in the country, such as protests by anti-mining groups or project delays, cause further negative press but the consistent message from relevant government authorities are that mining development, in company with other forms of economic development, is welcome as long as it is carried out in an appropriate manner. We are confident that our projects will meet or exceed those standards and controls.
Shyri Gold project in Ecuador which is under JV with Coastport Capital.
-- A 15,000 m drill program has been planned and will commence upon receipt of drill permits. Cornerstone has initiated and is progressing through the process required to obtain drill permits and we will issue a News Release when they are obtained. (Location -- contiguous with Iamgold's Quimsacocha gold project in Ecuador, which hosts 3.4 million oz. gold)
www.cornerstoneresources.com/s/Ecuador.asp?ReportID=136203
La Plata VMS project in Ecuador which, until recently was under JV with Coastport. Cornerstone has the right to earn a 51% interest in La Plata by issuing US$125,000 and a number of Cornerstone shares to a value of US$125,000. -- A field program designed to further assess several untested coincident geophysical and geochemical anomalies was completed this summer. A positive report by Cornerstone's VMS consultant, Dr. Jim Franklin, based on the work of Bruce Mitton, Cornerstone's Exploration Manager for Canada, is under consideration. If a decision to reactivate the drilling program is made, the timing of the resumption of the remaining 4,585 m from the Phase Two 8,000 m program will be subject to equipment availability. We are also entertaining expressions of interest from four potential JV partners. (Location -- Macuchi Zn-Cu-Pb-Au-Ag Mining District in Ecuador)
www.cornerstoneresources.com/s/Ecuador.asp?ReportID=136199
Macara Gold project in Ecuador. -- Upon execution of the definitive agreement, Newmont, www.newmont.com/en/index.asp, will do a $1M private placement in Cornerstone priced at a premium to market. These funds will be spent on a Phase I program evaluating a large prospective area of Southern Ecuador for gold. If they elect to go into Phase II they then can earn 51% by spending $3M over 4 years on any projects that Cornerstone identifies within the Macara project area that meets their bar. Cornerstone will have access to Newmont technologies that have proven mine-finding capabilities. (Location -- Southern Ecuador extending to the Peru border) www.cornerstoneresources.com/s/Ecuador.asp?ReportID=136201. This map will also help you to see the Macara project geographically in relation to other projects in Ecuador.
We are very pleased with this deal for these reasons:
1. By choosing to partner with Cornerstone it's an endorsement of Cornerstone in Ecuador. Cornerstone is their partner of choice.
2. It's an endorsement of Cornerstone's technical abilities to generate high quality early stage exploration projects.
3. It suggests they are impressed with Cornerstone's operating capabilities in Ecuador. This is significant because Cornerstone has
been there only since 2005.
4. It's an endorsement of the technical merits of the Macara project.
5. The $1M financing with a 20% premium (it will be done at approx
$0.83) is an endorsement of Cornerstone corporately, and what Cornerstone has in the pipeline, especially upcoming drilling on the Shyri gold project which is in Ecuador and near to Iamgold's Quimsacocha project.
6. It's an endorsement of Ecuador's mineral potential.
7. It's a positive statement about the political risk and the future of mining in Ecuador.
8. They are the first major producer to enter Ecuador in this cycle and they are doing it with Cornerstone.
In addition to work on the these projects, Cornerstone has initiated work programs on several 100% owned properties in Ecuador, including the Caymatan Gold-Silver project, aimed at advancing the properties to the joint venture stage. We are also active acquiring other projects of merit, which will be reported on in due course.
. Cornerstone has concession holdings in southern Ecuador comprising more than 130,000 ha. In addition, we have a database comprising more than 5000 BLEG, sand, silt, HM, samples covering over 550,000 ha in several areas considered highly prospective for epithermal and porphyry deposits. The database was instrumental in generating our Shyri and Macara projects. We are in the process of developing a comprehensive regional program to use these data to develop new projects.
www.cornerstoneresources.com/s/Ecuador.asp?ReportID=136195