Cornerstone Capital Resources Inc. (
TSX: V.CGP,
Stock Forum) said that it has received from the Ecuadorian Ministry of Environment the four-year environmental license for the advanced exploration stage of the Cascabel copper-gold property, located in Imbabura Province in northern Ecuador, approximately 120 kilometres north of Quito.
The company will now begin preparing drill pads and mobilizing the drill rig and associated equipment the last 600 metres from the Alpala prospect field camp to the Drill Hole 1 pad.
According to the
Cornerstone Capital Resources press release, drilling is expected to commence in the first week of September.
SolGold Plc holds a 30% interest and can earn up to 85% of Exploraciones Novomining S.A. (ENSA), the local subsidiary of Cornerstone that holds the Cascabel concession.
Cornerstone is a mineral exploration 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.
On Monday morning, Cornerstone was trading at $0.08 a share. The company had a market cap of $12.2 million, based on 151.9 million shares outstanding.