Cornerstone Capital Resources Comments on Share Price Activity
TSX VENTURE: CGP
OTTAWA, May 30, 2019 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) comments on media reports regarding a potential referendum on mining in the provinces in which its Cascabel project and Cornerstone’s strategic alliance with State Mining Company ENAMI EP are located.
Under Ecuadorean law individuals may put forward petitions to the Constitutional Court for the inclusion of specific questions in a future vote. If that question is viewed as valid and constitutionally legal by the Constitutional Court the next phase is for the petitioning party to gain 10% of the signatures of the voting population of the provinces involved.
On May 27th, certain individuals from small communities up around the Cascabel project and other projects in NW Ecuador petitioned the Ecuadorian Constitutional Court in Quito to rule on whether they may legally hold a referendum to ask the question: “Are you in favour of mining in your communities?”
There is a hearing on the petition June 5th at the Court in Quito, and a decision will be issued within 20 days from the filing of the petition, i.e., by June 24th. Lawyers for the companies potentially affected together with lawyers from state mining company ENAMI (which has concessions in the area), the Ministry of Energy & Non-Renewable Natural Resources (MERNNR), and the Solicitor General’s Office are coordinating their intervention in the proceeding and are also enlisting the support of the local communities that would be affected.
The lawyers agree that the Court should deny the petition because these kinds of referendums are unconstitutional to decide matters that are the purview of the National Government, such as mining.
In the unlikely event the Constitutional Court were to approve the referendum, the question would then have to be approved by the Electoral Council in order to be included on future ballot papers for the provinces specified.
With strong support from the government and local communities, Cornerstone does not expect approval to be forthcoming from the Court.
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including in the Cascabel gold-enriched copper porphyry joint venture in north west Ecuador. Exploraciones Novomining S.A. (“ENSA”), an Ecuadorean company owned by SolGold Plc and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold’s fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA. SolGold Plc is funding 100% of the exploration at Cascabel and is the operator of the project.
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On Behalf of the Board,
President and CEO
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