Cornerstone Capital Resources Inc V.CGP

News - CGP earns 100% in on Ecuador claims

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2008-01-28 08:30 ET - News Release Mr. Glen McKay reports CORNERSTONE EARNS A 100% INTEREST IN SIERRAMIN PROJECTS IN ECUADOR Cornerstone Ecuador SA (CESA), Cornerstone Capital Resources Inc.'s wholly owned Ecuador subsidiary, has earned a 100-per-cent interest in mineral concessions in southeastern Ecuador acquired from Sierra Minera (Sierramin) SA, a private Ecuadorian mining and mineral exploration company. The concessions involved include the Shyri group of concessions on which the Gama and other projects are located. The Sierramin agreement, announced in Stockwatch on Feb. 25, 2005, gave Cornerstone the right to acquire an undivided 100-per-cent interest in the properties by incurring exploration expenditures of $1.15-million (U.S.), making cash payments of $200,000 (U.S.), and issuing Cornerstone Capital Resources shares to the value of $200,000 (U.S.) over four years. Having met the expenditure requirements, Cornerstone accelerated the cash payments and share issuances and earned in as of Dec. 31, 2007.