MOUNT PEARL, NEWFOUNDLAND -- (Marketwired) -- 07/04/13 -- Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE: CGP) (OTCBB: CTNXF) (FRANKFURT: GWN) (BERLIN: GWN) today announced that it has amended its original agreement dated December 19, 2012 with Benton Resources Inc. ("Benton") which will allow Benton to purchase a 100% interest in the Cape Ray Gold project located on the south west coast of Newfoundland. Benton can purchase the project by making a one-time payment of $200,000 cash and by issuing 350,000 common shares of Benton. Cornerstone will also retain a 0.25% NSR which will result in there being a total of 2% NSR on the project of which Benton has the right to purchase back 1% for $1 million dollars. The amendment is subject to regulatory approval.
In other news, Cornerstone also announced that it has granted 50,000 incentive stock options to acquire Cornerstone common shares at a price of $0.10 per share to a consultant to the Company who also serves as an officer of one of Cornerstone's subsidiary companies. The options have a 5-year term and vest over 18 months in accordance with the Company's Stock Option Plan.
Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in Canada, Ecuador and Chile, 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. Commitments from JV partners constitute significant validation of the strength of Cornerstone's projects.
Further information is available on Cornerstone's website: www.cornerstoneresources.com or for investor, corporate or media inquiries, please contact:
North America toll-free: 1 (877) 277-8377
The link to a recent Corporate presentation is: http://www.cornerstoneresources.com/i/pdf/Presentations_0912_CRICorporate.pdf
Investors can also access Cornerstone on Twitter.
This news release may contain 'Forward-Looking Statements' that involve risks and uncertainties, such as statements of Cornerstone's plans, objectives, strategies, intentions and expectations. The words "potential," "anticipate," "forecast," "believe," "estimate," "expect," "may," "project," "plan," and similar expressions are intended to be among the statements that identify 'Forward-Looking Statements.' Although Cornerstone believes that its expectations reflected in these 'Forward-Looking Statements' are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behaviour of financial and metals markets, predicting natural geological phenomena and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements. Although Cornerstone believes the facts and information contained in this news release to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views subsequent to the date of this news release. 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 except where outcomes have varied materially from the original statements.
On Behalf of the Board,
Brooke Macdonald, President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cornerstone Capital Resources Inc.
Toll Free at 1-877-277-8377
Most Popular Stories
- Small-Business Loans Fueling Economic Growth
- Gasoline Costs Drive Consumer Price Increases
- Tesco Head Steps Down After Profit Warning
- Illegal Immigration Near Historic Low, Despite What You May Have Heard
- Want a Job? Try Minneapolis
- Comic-Con Offers Toy Designers a Chance to Go Wild
- Russians Fed Steady Diet of Conspiracy Theories
- Google Chrome Bug Draining Batteries: Report
- Saudi Arabia Will Open Stock Market to Foreigners
- Startup Makes It Easier to Buy American