Cornerstone Reports on Decision of Ecuador Constitutional Court
TSX VENTURE: CGP
OTTAWA, June 20, 2019 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) reports that, further to its news release dated June 6, 2019 regarding a potential referendum on mining in four parishes in which its Cascabel joint venture with SolGold Plc and its strategic exploration alliance with Ecuadorian State Mining Company ENAMI EP are located, the decision of the Constitutional Court in Quito was issued today.
Although the full decision has not yet been published and analyzed by Cornerstone and its legal advisors, the holding of the Court has been released and can be summarized as follows:
By a unanimous unappealable decision, the Court ruled that the petition be dismissed because the question was not properly stated, i.e., it was imprecise and failed to include, among other things, introductory recitals and failed to satisfy other Constitutional requirements. The Court did not enter into an examination of the merits of the case.
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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